Do High Interest Rates Mean Cheaper Houses?
The housing market has never been as hot as the last couple of years. A combination of a low inventory, supply chain issues, and high demand has sent prices through the figurative roof at a record pace. No longer bound to downtown offices, remote workers can save thousands on housing costs by migrating to the… Read more
Federal Reserve Raises Interest Rates for First Time Since 2018 to Combat Inflation
In March, interest rates were increased – with six more increases scheduled before year end – marking the most aggressive pace in over 15 years. The Federal Reserve hopes to thwart rising inflation, which is at its highest levels in four decades. Rising to a point between .25 percent and .5 percent, the benchmark federal-funds… Read more
Securing an Energy-Efficient Mortgage
There are plenty of reasons to have an energy-efficient home, one of which includes lower electrical bills. The Energy Efficient Mortgage (EEM) program from Fannie Mae, titled HomeStyle®, is a great way to go green, but what does it consist of, exactly? Read on to find out. Energy-Efficient Mortgages are used to finance houses that… Read more
Home Equity 101
The word “equity” is synonymous with home loans, but many people aren’t fully aware of what the term means. Have questions? We’ve got answers. Read on to learn everything you need to know about home equity. Home equity is an asset; a part of your property that you own, it can fluctuate based on the… Read more
Understanding DTI
Mortgage companies often require specific documents to analyze the borrower’s financial situation prior to approval. One of the most important aspects of getting approved for a mortgage is your credit score, which shows how well the borrower can meet their financial obligations. In addition to considering your credit score, lenders look at the borrower’s DTI… Read more
Home Prices Rise Fastest in Four Decades
Prices for homes have been rising for a while now, and a new report indicates that they have been growing fastest since the past four decades. CoreLogic released a new report that outlines how home prices have risen by 18 percent from October 2020 to October 2021. The Federal Housing Finance Agency House Price Index… Read more
All About Open Houses
What’s an open house? We’re not talking about graduation parties here; instead, we are referring to homes on the market. Open houses are public, informal events hosted by real estate agents or sellers. Typically lasting between one- to three hours, the doors are quite literally “open” for people to browse the house at their leisure.… Read more
What are No-Doc Loans?
Borrowers looking to get approved for a mortgage and cannot show income verification are perfect candidates for no-doc loans. This type of mortgage loan does not require tax returns or income verification. To qualify for a no-doc mortgage loan, borrowers have to show adequate credit history, real estate investment experience, and liquid assets, which are… Read more
Using Gift Money for a Down Payment
Did you recently receive a monetary gift and want to use it toward a down payment? That extra cash might be helpful when exploring options in making that initial up-front parital payment. Gift money could be the extra boost you need to achieve homeownership. Gift money can come from relatives, defined as the borrower’s spouse,… Read more
What is a Homeowners Association (HOA)?
The term HOA stands for Homeowners Association, which you might have heard in passing conversations or in real estate discussions. HOAs affect homeowners in many ways. If you are looking to purchase a home with an HOA, you might want to brush up on your knowledge to learn how it will affect you. HOAs are… Read more