Blog - Page 74 of 126

12 Jun 2023

What’s Ahead For Mortgage Rates This Week – June 12, 2023

Financial Reports

Last week’s scheduled economic news included results from Fannie Mae’s National Housing Survey and weekly readings on mortgage rates and jobless claims. Fannie Mae Survey Shows Lower Home Buyer Confidence in May Fannie Mae reported lower home buyer confidence in housing market conditions in May. High home prices and rising mortgage rates challenged prospective home buyers while providing favorable conditions for sellers. 65 percent of consumers surveyed for Fannie Mae’s Home Purchase Sentiment Index believed that it was a good time to sell their homes as compared to 62 percent of consumers surveyed in April. This was the highest consumer…

09 Jun 2023

By Tawnya King

Will Pre-Approval for a Mortgage Hurt My Credit Score?

Mortgage

Obtaining a pre-approval for a mortgage is an important step when you're planning to buy a home. It gives you an idea of how much you can afford, helps streamline the home-buying process, and strengthens your position as a serious buyer. However, many people worry that the pre-approval process might negatively impact their credit score. In this blog post, we'll dive into the details to determine whether or not a pre-approval for a mortgage will hurt your credit. Understanding Credit Inquiries To understand how pre-approval affects your credit, we need to discuss credit inquiries. When you apply for credit, such…

08 Jun 2023

By Tawnya King

Buying in a New Community: How to Meet and Make Friends with Your New Neighbors

Home Buyer Tips

One of the stresses of moving to a new area is giving up the familiarity that you have with your old neighbors and starting from scratch. Whether you've just moved to a different locale or you're planning to relocate in the near future, there are some easy ways that you can make a home of your new neighborhood right from the start. Stand Up and Smile While there are neighborhoods where people are definitely friendlier than others, by making your presence positively known you can make an instant impression on those that live around you. When you're walking around the…

07 Jun 2023

By Tawnya King

What You Need To Know About Your Home Appraisal And Your Mortgage

Mortgage

When buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted. Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing. It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that appraisal is a crucial step to getting financing. Here is what buyers need…

06 Jun 2023

By Tawnya King

Most Renters Are Paying Far More Than Their Landlord’s Mortgage

Mortgage

It is not uncommon for renters to pay more in rent than their landlord's mortgage payment. This is because landlords are typically looking to make a profit on their rental properties, and they will often set their rent prices based on market rates rather than the cost of their mortgage. There are several reasons why renters often pay more than a mortgage payment: Renters are not building equity: When you make a mortgage payment, you are building equity in your home. Equity is the value of your home that you actually own. As you pay down your mortgage, you own…

02 Jun 2023

By Tawnya King

S&P Case-Shiller Home Price Indices Show Mixed Readings in March

Financial Reports

March readings for the S&P Case-Shiller National Home Price Index showed that month-to-month home prices rose by 0.40 percent in March. The 20-City Home Price Index, which is considered a benchmark indicator by U.S. real estate professionals, rose by 0.50 percent month-to-month in March but posted a negative reading of -1.10 percent year-over-year. Analysts said that the slim supply of homes for sale drove up prices as demand for homes exceeded available inventory. Homeowners took a “wait and see” position as mortgage rates rose and concerns over the economy persisted. Those who refinanced their mortgages to low rates during the…

01 Jun 2023

By Tawnya King

Does My Current Debt Affect Getting A New Mortgage?

Mortgage

When you apply for a new mortgage, the lender will evaluate your creditworthiness to determine whether to approve your application and what terms and interest rate to offer you. Your existing debt can affect your creditworthiness in several ways: Debt-to-income ratio (DTI): Your DTI ratio is the percentage of your monthly income that goes towards paying off debt. Lenders typically want to see a DTI ratio of 43% or less, meaning your debt payments don't exceed 43% of your gross monthly income. If your existing debt is high, your DTI ratio will be high, and lenders may view you as…