Last week’s scheduled economic reporting focused on inflation with monthly and year-over-year readings on overall and core inflation. Federal Reserve Chair Jerome Powell was confirmed for a second term as Federal Reserve chair. The University of Michigan released its monthly survey on consumer sentiment and weekly readings on mortgage rates and jobless claims were also released. Inflation Rises in December; Nears Fastest Growth Pace in 40 Years Year-over-year inflation rose to a pace of seven percent in December and approached its fastest growth rate in 40 years according to the Bureau of Labor Statistics. Analysts expected year-over-year inflationary growth of seven percent as … [Continue Reading...]
A home is an investment, so it is important to treat it as such. The best time to capitalize on a home's value is when it is sold. Therefore, it is important to take care of it with some simple home maintenance tips. There is a common misconception that if something is working well, it does not need to be fixed; however, it is always better to prevent problems from happening than to fix them after they have appeared. The average homeowner should spend between one and four percent of a home’s value per year to keep it in excellent condition. There are several key home maintenance tips that homeowners need to keep in mind. Paint The Interior And Exterior There is never a second … [Continue Reading...]
If you're planning to remodel or renovate your home in the near future - whether to provide a better living environment or as part of a house flip - you'll need to find a way to pay for your home improvements. There are several different possible sources of renovation money, each with their own advantages and disadvantages. One option that is gaining popularity is mortgage refinancing. How does mortgage refinancing work, and how does it compare to other renovation financing options? How can you use a mortgage refinance to get the most out of your renovation? Here's what you need to know. Home Improvement Investments: Which Renovations Generate The Best Returns? If you're considering a … [Continue Reading...]
Smart homebuyers know that mortgage rates and terms can vary widely among lenders. While your credit score and history will influence what rates and terms you’re offered, there’s a wide range of flexibility, which means shopping around for a pre-approval makes sense. At the same time, it’s important to minimize credit inquiries to protect your credit rating. What is Mortgage Pre-Approval? Mortgage pre-approval is often mistaken for mortgage pre-qualification. Pre-qualification is a process whereby the borrower personally submits their financial information to the lender. Pre-approval is the process whereby the lender does their own vetting regarding the income, debt and … [Continue Reading...]
When delving into the world of real estate and investment property, there are many terms that will come up that require further explanation. Whether you've never heard the phrase 'home equity' before or you have a little familiarity, here are the ins and out of what it means and how this asset can help your financial outlook. All About Home Equity Essentially, home equity refers to your portion of the value of your home, and the amount of this figure is important because it is included among your assets when determining your net worth. If this sounds confusing, think of it this way: if you have completely paid off the cost of your home, the value of your home equity is this total amount. Of … [Continue Reading...]
Last week’s economic reporting included readings on construction spending and labor sector readings on jobs and unemployment. Weekly reports on mortgage rates and jobless claims were also released. Construction Spending Unchanged, Falls Short of Expectations The Commerce Department reported that construction spending rose by 0.4 percent in November to a seasonally-adjusted annual pace of $1.63 trillion and 9.30 percent year-over-year, Residential construction spending drove spending higher; month-to-month spending rose by 0.90 percent in November and was 16 percent higher year-over-year. Analysts expected overall construction spending to rise by 0.70 percent from October to … [Continue Reading...]