Apr 13, 2021 | For Buyers, Home Financing, Market Trends, Real Estate
Home prices have been against buyers for a while now, but soon, rates won’t be on their side either. We saw rates hit new record lows on 14 separate occasions in 2020, but the limbo game seems to be over. Buyers waiting to see if rates will dip back down in the coming...
Apr 9, 2021 | For Buyers, For Homeowners, Home Financing, Market Trends, Real Estate
Last month, total mortgage application volume fell by 1.4%, while refinance applications plummeted by 40%. Freddie Mac reported that the benchmark for a 30-year fixed-rate mortgage had ratcheted up to 2.97% – still historically low. For context, last year at...
Apr 8, 2021 | For Buyers, Home Financing, Market Trends, Real Estate, Rent vs Own
First-time homebuyers with little or no credit have what some call a “thin file.” But it may not prevent them from getting approved for a mortgage. Most are eligible for FHA loans and can even get conventional mortgages if they prove steady income, assets, and a...
Apr 2, 2021 | For Buyers, For Sellers, Home Financing, Real Estate, Rent vs Own
The Federal Housing Finance Agency (FHFA) is extending lighter appraisal and employment verification rules for Fannie Mae and Freddie Mac. Because the pandemic made it harder for appraisers to enter houses, FHFA authorized mor drive-by and desktop appraisals. It will...
Mar 29, 2021 | For Buyers, Home Financing, Market Trends, Real Estate
In 49 states, women pay higher mortgage rates than men – on average, paying 8 to 10 points higher. That translates to nearly $7,000 more over the life of the mortgage. If a homebuyer has received only one preapproval, but has not spoken with more than one loan...
Mar 26, 2021 | For Buyers, Home Financing, Real Estate
Fueled by FOMO, some buyers skip steps in their eagerness to strike while the iron is hot. Experts caution borrowers to buy a home that’s right in as many ways as possible, including financially. Principal and interest are only a portion of a home’s cost. Standard...
