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20 Jul 2021
By noelkelman

The Pros and Cons of Mortgage Rate Locks

Home Mortgage Tips, ,
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 rate 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. What Is A Rate Lock? For many people who are buying a home, the idea of interest rates can make the heart race a…
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19 Jul 2021
By noelkelman

What’s Ahead For Mortgage Rates This Week – July 19, 2021

Financial Reports, ,
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. Consumer Price Index: June Inflation Grows at Fastest Pace Since 2008 June’s Consumer Price Index showed the fastest pace of inflationary growth in 13 years; inflation grew by 5.40 percent on a seasonally-adjusted annual basis. Used car sales accounted for one-third of the growth, but prices also rose for clothes, food, energy, and travel/hospitality. The year-over-year inflation rate for May was…
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16 Jul 2021
By noelkelman

Five Required Mortgage Closing Costs – And A Few Tips On How To Minimize Them

Home Mortgage Tips, ,
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. Title Insurance: Request The Simultaneous Issue Rate Title insurance is an important add-on that no buyer should go without. At the time of closing, there may be a variety of title problems that could arise, such as like encroachments, easements, unpaid…
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15 Jul 2021
By noelkelman

Boost Your Home’s Curb Appeal and Get a Quick Sale with These 3 Tips

Home Seller Tips, ,
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. Spruce Up The Front Door The front door and patio area are focal points for those driving by the home, and this area receives even…
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14 Jul 2021
By noelkelman

Down Payment Assistance Programs May Make Homeownership More Affordable

Mortgage, ,
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. If homeowners don’t have the financial knowledge base to effectively evaluate their options, they might have trouble figuring out what they can truly afford. For example, how much money do homeowners need to save for a down payment? There are a lot of down payment assistance programs available at local, state, and regional levels.…
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13 Jul 2021
By noelkelman

The Younger Generation is Looking To Buy Houses

Mortgage, ,
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? Interest Rates Are At Record Lows One of the biggest reasons why so many younger people are looking to buy a home is that low-interest rates make them more affordable. As a result, people…
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12 Jul 2021
By noelkelman

What’s Ahead For Mortgage Rates This Week – July 12, 2021

Financial Reports, ,
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. FOMC Minutes Show Fed’s Reluctance to Raise Target Rate The Federal Open Market Committee of the Federal Reserve released minutes of its meeting held via teleconferencing on June 15 and 16. The Committee resumed its consideration of creating “domestic and foreign repurchase agencies that would have a backdrop role in fostering implementation and support of monetary policy and…
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09 Jul 2021
By noelkelman

A Review Of Government Vs Conventional Mortgages

Mortgage, ,
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? Government Mortgages The qualifications for government mortgages are usually more lenient than conventional loans. For example, FHA mortgages are usually backed by the Federal Housing Administration. FHA loans could be a smart option for borrowers who might not be able…
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