With both CPI and PPI reports well within expectations, there is a favorable reception across the broader market spectrum that these reports are a strong sign that the Federal Reverse will begin rate cuts in 2024. A soft landing for the economy is the primary goal of the Federal Reserve, and it would seem their measures have had the intended impact with the Jobless claims seeing a recent new low and many of the primary economic signals pointing to a stable 2024. Consumer Price Index The numbers: The cost of living rose a scant 0.1% in November thanks to lower oil prices, but another key measure of inflation showed higher costs of other goods and services such as rent and used cars. After … [Continue Reading...]
The journey to homeownership is a thrilling adventure, but it comes with its fair share of challenges. One crucial aspect that can significantly influence the mortgage process is the appraisal value of your prospective home. The appraisal value plays a pivotal role in determining the amount a lender is willing to extend to you, making it essential to understand its impact. We will explore the intricacies of how appraisal values can affect your mortgage and provide valuable tips on handling discrepancies. Understanding Appraisal Value:An appraisal is an unbiased estimate of a property's fair market value conducted by a licensed appraiser. Lenders use this assessment to ensure they aren't … [Continue Reading...]
There are few things better than finding your dream home and being able to afford it, but simply because you've found the perfect place doesn't mean you should stretch the truth. It might seem tempting to polish your mortgage application a little in the hopes of making a better impression, but here are a few reasons why you should stick to the truth when signing off on your home. Your Credit History Tells All It can be tempting to bump up your salary or make some hefty deposits into your savings account. However, lenders will be taking a look at your financial history by way of your bank statements, credit report, and paystubs so they're likely to discover any erroneous details. If you're … [Continue Reading...]
When you've finally found the home you're looking for at the right price, it's easy to think that the hard part is over; however, there's still a lot to do in order to ensure your purchase goes through without a hitch. If you're tying up the loose ends on your home purchase, here are some things you should do to avoid any unnecessary delays. Hire A Legal Professional However much research you may have done in regards to buying a home, there's still a lot of legal jargon in the closing documents that can be difficult for most people to understand. Instead of doing guesswork, you may want to use an attorney who will take the difficulty out of the documents for you so there will be no holdups … [Continue Reading...]
Pre-approval and pre-qualification are terms commonly used in the context of mortgage loans, but they can also apply to other types of loans. While they sound similar, they have different meanings and implications in the loan application process: Pre-qualification: Definition: Pre-qualification is a preliminary assessment of a borrower's financial situation based on information provided by the borrower. It does not involve a thorough analysis of the borrower's credit report or an in-depth look at their ability to borrow. Process: To get pre-qualified, a borrower typically provides information such as income, debt, and assets to a lender or uses an online tool. The lender uses this … [Continue Reading...]
This will be another light week before the next large releases of the CPI and PPI data. The overall unemployment numbers have been trending lower which will likely leave the Federal Reserve board in a state of suspension. They have made many assertive statements they do not intend to cut rates soon, but the signs of a soft landing for the economy are numerous, leading to much speculation about impending rate cuts. As a general indicator, lending partners have seen a near 6 week-to-week decline in lending rates. The largest data releases this week are the U.S. Unemployment Reports and Non-Farm Payroll data releases. Non-farm Payrolls & Unemployment Rate Total non-farm payroll employment … [Continue Reading...]
