If you’re just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage lock. For those who don’t like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision.
Last week’s scheduled economic reports included readings on inflation, Fed Chair Jerome Powell’s testimony before the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released.
Mortgages are expensive, and closing costs only add to the financial burden that homebuyers face. But with a little knowledge, you can pinpoint places to save on your mortgage closing costs and keep more money in your pocket. When you’re negotiating your next mortgage, use these tips to reduce required closing costs and keep more of your hard-earned money.
Curb appeal is important in the home sales process, and this is because it will impact the overall first impression that potential home buyers have about the property. Some homeowners can easily spend a small fortune and a considerable amount of time improving curb appeal, but others may be looking for faster and easier results. The good news is that boosting curb appeal is easy and affordable to do when these three tips are followed.
There are many people who are currently looking to purchase a home while interest rates are relatively low; however, there are many homeowners who feel like they do not have a strong level of financial understanding when it comes to the process of purchasing a home.
The current housing demand is unparalleled and because of this demand, home prices are skyrocketing. Nonetheless, people continue to shop for homes. Low-interest rates and high demand combined with supply chain issues are stunting the homebuilding industry, creating a perfect storm for an unprecedented housing market. In addition, there are many millennials who are looking for homes right now as well. Why is this the case?
Last week’s scheduled economic reporting included readings from the Fed’s Federal Open Market Committee, news on changing FHA home loan requirements for borrowers with student loans, and reporting on job openings. Weekly reports on mortgage rates and jobless claims were also released.
There are two broad categories of mortgages. The first is government mortgages, which include USDA, FHA, and VA loans. These loans are backed and insured by the United States government. The other category is conventional mortgages. These are mortgages that are insured by private lenders, such as banks and credit unions. What are the differences between these two loan options?
Because mortgage rates are still hovering near record lows, many homeowners are considering refinancing to a lower interest rate. This is a great way for homeowners to shorten the term of the loan, reduce the size of their monthly payments, and access cash for a home improvement project. On the other hand, there are some situations where it might be too soon to refinance an existing mortgage. What are a few factors to consider?
When a homeowner makes the decision to upgrade flooring in one area of the home or throughout the entire space, there are numerous materials that may be considered. While each material option has its unique benefits and advantages, many are drawn to hardwood flooring as an option.
