When someone is interested in buying a home, there are a number of factors that people need to consider. Some of these include the budget, the size of the home, and the mortgage interest rates. The mortgage rate is going to play a tremendous role in whether or not someone is going to be able to afford their dream home. For this reason, it is critical for everyone to know how a mortgage rate is determined. There are a number of factors in someone's financial history that are going to impact the mortgage rate the lender offers. The Credit Score One of the most important factors that a lender is going to consider is someone's credit score. A credit score is a reflection of someone's risk … [Continue Reading...]
Last week’s economic news included readings from Case-Shiller Home Price Indices, readings on new and pending home sales and weekly readings on mortgage rates and new jobless claims. The holiday break on Thursday and Friday curtailed some economic reports. Case-Shiller Reports Uptick in September Home Prices Home prices rose 0.10 percent to a year-over-year growth rate of 3.20 percent in September. Rates of home price growth showed a new geographic trend with smaller cities showing higher home price growth than the coastal cities that dominated rapid home price growth in recent years. Homebuyers seeking affordable options turned inland and southward where home prices are less … [Continue Reading...]
There are a lot of steps that people need to take when buying a home. One of the most common issues that people discuss is the down payment. Most banks will require a down payment so that they aren't the only ones taking on the risk of buying a home. The common question people have is how much of a down payment they should apply. The Rule Of Thumb Most people have heard about placing 20 percent down on a house as a solid rule of thumb. This number has been passed down from prior generations who purchased houses with similar down payments. On the other hand, the price of housing has risen over the past few decades and this down payment might not be possible for some people. While 20 percent … [Continue Reading...]
A mortgage is a significant responsibility. For this reason, many people have someone co-sign with them on their mortgage. Before agreeing to co-sign on any mortgage, it is important to ask the right questions. There are several crucial questions that everyone should ask before they co-sign on someone else's mortgage. What Does It Mean To Co-Sign On A Mortgage? Before signing that piece of paper, it is important to understand the responsibilities involved. Co-signing on a mortgage is a little bit different than co-signing for a credit card. The person who is buying the home, the primary signer, lives in the property in question. The co-signer, typically, does not. On the other hand, both … [Continue Reading...]
Those who are looking at buying a home need to think about whether or not they are truly ready for this responsibility. When someone takes out a mortgage, this is frequently the largest loan someone will ever apply for in their life. Furthermore, owning a home also means homeowners insurance, real estate taxes, home maintenance, and home repairs. There are a few signs that signal someone is not ready to buy a home. Identifying and rectifying these situations ahead of time will ensure that someone is the right position to take on the responsibility of homeownership. Too Much Debt One of the biggest signs that someone is not ready is own a home is too much personal debt. A mortgage is another … [Continue Reading...]
Last week’s scheduled economic news releases included readings on builder sentiment from the National Association of Home Builders and. Commerce Department data on housing starts and building permits issued. The National Association of Realtors® reported on sales of previously owned homes and the University of Michigan issued its monthly report on consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released. NAHB: Builder Sentiment Dips in November Home builders were less optimistic about housing market conditions in November; the National Association of Home Builders Housing Market Index dipped by one point to an index reading of 70 for November. … [Continue Reading...]
