Last week’s economic reporting included readings from the National Association of Home Builders on national and regional U.S. housing markets. The National Association of Realtors® reported on sales of previously-owned homes, and the Commerce Department released readings on building permits issued and housing starts. Weekly readings on mortgage rates and jobless claims were also released. NAHB: Home Builder Confidence in Housing Market Falls for 10th Consecutive Month The National Association of Home Builders reported that home builder confidence in the U.S housing market fell for the 8th consecutive month in October; the organization described the situation as … [Continue Reading...]
If your financial situation has changed, you might be interested in refinancing your mortgage. In general, refinancing means that you will replace your current mortgage with a new one. The process of refinancing is similar to the process of applying for a mortgage, but you need to think about your goals during the refinancing process. That way, you can put yourself in the best financial position to be successful. Why RefinanceYour Mortgage? There are several reasons why you might be interested in refinancing your mortgage. For example, you might want to tap into the equity in your home to cover another major financial expense. Or, if interest rates have gone down since you first took out … [Continue Reading...]
Flooding can happen in any location at any time. Even though many people associate floods with coastal properties, flooding can take place inland as well. That is why you always need to take a look at the map to figure out whether your property is located in a flood zone. There are some situations where your lender might require you to purchase flood insurance. What do you need to know? What Is Protected And What Is Not? When you purchase flood insurance, there are three broad components that you should examine. You need to check and see whether the policy covers the building, the contents of your home, and potential replacement expenses. Flood insurance policies generally insure any … [Continue Reading...]
The housing market today is very competitive, and you might be wondering how you can get your offer accepted. If the seller has multiple offers on the table, it can be a bit of a challenge. Many people assume that the best way to get an offer accepted is to offer the most money. Even though that is certainly helpful, there are several other tips you should follow to make sure your offer is the one the seller picks. Get Pre-Approved For A Mortgage First, you must make sure that you get pre-approved for a mortgage. Unless you are paying cash for the home, you should talk to a local loan officer to get a pre-approval letter. You don't have to go with that company once the dust settles, but you … [Continue Reading...]
Last week’s economic reporting included readings on month-to-month and year-over-year inflation and the minutes of the most recent meeting of the Federal Reserve’s Federal Open Market Committee. The University of Michigan published its preliminary consumer sentiment reading and weekly reports on mortgage rates and jobless claims were also released. September Inflation Readings Provide No Relief Inflation rose by a month-to-month pace of 0.40 percent in September as costs for staples including rent, food, and medical care increased. The Fed raised its target interest rate by 0.75 percent. Year-over-year inflation rose by 7.20 percent; this was the highest growth reading … [Continue Reading...]
If you are interested in purchasing a house, you need to review all of the offers available. The vast majority of loan officers are going to talk about something called qualifying mortgages, which is usually shortened to QM. You may be asking, what is a non-qualifying mortgage? This is usually shortened to Non-QM, and it simply means that the loan does not conform with the rules and regulations put in place by the Consumer Financial Protection Bureau, usually shortened to CFPB. What are the differences between a QM and Non-QM mortgage, and which one is right for your needs? A Qualified Mortgage Generally Provides More Protection In general, a qualified mortgage (QM) typically provides you … [Continue Reading...]
