If you're in the process of buying a new home, you've likely heard the term "closing costs" in regards to the many different fees and taxes that you'll be required to pay during the purchase process. In this post we'll look at a number of these closing costs and what you will be expected to pay when you buy that next dream home. Taking out a Mortgage? There Will Be Fees Attached If you're taking out a mortgage to finance the cost of buying your home you'll end up incurring a variety of fees. Nearly all lenders will charge a mortgage application fee, which covers the cost of processing your application and all of the necessary paperwork. You'll likely have to pay for a professional appraisal … [Continue Reading...]
When it comes to home improvement in 2020, many people are spending more time in their homes than they ever have in the past. With kids attending school from home and people working from home, many homeowners are looking at ways to potentially improve the qualities of their homes through home improvement projects. With fall right around the corner, it is a great idea to take a closer look at some projects that can help homeowners stay safe while also saving money this winter. Do Not Neglect The HVAC System One of the most important points that all homeowners need to keep in mind involves the HVAC system. The HVAC system is one of the most important systems in the home, particularly during … [Continue Reading...]
Last week’s economic news included readings from Case-Shiller Home Price Indices, along with Commerce Department readings on public and private-sector job growth and the University of Michigan’s Consumer Sentiment Index. Weekly reports on jobless claims and mortgage rates were also released. Case-Shiller: Home Price Growth Ramps Up as Demand for Homes Increases July home prices rose at a year-over-year rate of 4.80 percent in July as compared to June’s reading of 4.40 percent. Shortages of available homes were driven by demand. Homebuyers were looking for larger homes to accommodate working from home and also wanted to leave congested urban areas. Home prices in … [Continue Reading...]
Most people have heard the saying that it might be a good idea to refinance if mortgage rates drop. For those who might not know, refinancing is essentially taking out a new loan to replace the old one because the new loan has a lower interest rate. This could shorten the time span of a long time and reduce monthly payments, or save money on the total cost of the home. At the same time, refinancing is not right for everyone. How can homeowners determine if refinancing is right for them? Do They Qualify? Just because there are lower interest rates available does not mean that homeowners are going to qualify. It is important for homeowners to make sure they qualify for lower interest … [Continue Reading...]
Home price growth fueled by high demand for single-family homes was higher in July according to Case-Shiller’s National Home Price Index. Analysts said that millennials seeking to purchase homes and the continued exodus from large urban areas propelled rising home prices. Home prices grew fastest in the West and Southeastern regions. While home prices grew moderately before the pandemic, high unemployment has not impeded rapid home price growth since the pandemic. Low mortgage rates and more demand for homes overcame consumers’ concerns about jobs and the economy. Analysts said that rapidly rising home prices could benefit homeowners struggling with mortgage payments as … [Continue Reading...]
Owning a home comes with a lot of joy and responsibility. Many homeowners are looking for improvement projects that they can do themselves. There are a few options that rise to the surface. Take a look at some of the fun projects that most homeowners can do at home! Perform Routine Maintenance on the HVAC System One of the top projects that homeowners can perform involves routine HVAC maintenance. In order to make sure the HVAC system is running appropriately, it is important to service it regularly. Even though there are a few tasks that have to be left to those with the right training, there are other tasks that the homeowners can do themselves. This includes wiping off the breaker, … [Continue Reading...]
