Credit inquiries, also known as credit pulls or checks, are a standard part of assessing creditworthiness. However, not all credit inquiries are the same. They fall into two main categories: hard and soft credit inquiries.
5 Financial Tasks to Tackle Before the New Year
As the year draws to a close, it's the perfect time to take stock of your financial health and set yourself up for success in the coming year. You can create a solid foundation to achieve your goals by focusing on key areas. Here are five important financial tasks to consider before the new year begins.
Will Refinancing Impact Your Credit?
Refinancing a mortgage can provide significant financial benefits, such as lowering your interest rate or accessing home equity. However, it's important to understand how the process may temporarily affect your credit score.
What’s Ahead For Mortgage Rates This Week – December 9th, 2024
With the CPI and PPI scheduled for release in the upcoming week, the previous week was lightly peppered with a small amount of impactful financial data releases. The highlight was the S&P Manufacturing PMI, which reported final numbers for the year showing better-than-expected improvements in the manufacturing sector. Unemployment data also aligned with expectations, reinforcing the likelihood of a Federal Reserve rate cut remaining on track. Lastly, the Consumer Credit Report had the expected jump just before the Holiday Season as consumers relied on credit to make holiday purchases for the end of the year.
Why Refinancing Your Mortgage Before the Year Ends Is a Great Option
As the year comes to a close, it's the perfect time to consider refinancing your mortgage. Whether you've been thinking about lowering your monthly payment, securing a better interest rate, or tapping into your home's equity, refinancing can offer many benefits.
The Role of the Appraisal Contingency in Real Estate Contracts
When you're buying a home, one important component of the real estate contract is the appraisal contingency. This clause protects the buyer in case the property's appraisal comes in lower than the agreed-upon sale price.
Mortgage Assistance Programs and Government and Nonprofit Options
Purchasing a home is a significant financial milestone, but for many potential buyers, the upfront costs and down payment can be a barrier. Fortunately, there are a variety of mortgage assistance programs available through government agencies and nonprofit organizations to help low- and moderate-income homebuyers achieve their dream of homeownership.
Steps to Prepare for Future Home Financing and Year-End Financial Checklist
As the year draws to a close, it's the perfect time to take a step back and review your financial health, especially if you plan to purchase a home next year. Whether you're a first-time buyer or looking to upgrade, proper preparation can make all the difference when securing a mortgage with favorable terms.
What’s Ahead For Mortgage Rates This Week – December 2nd, 2024
Leading off with the FOMC Minutes, the Federal Reserve has stated once again they will maintain a "gradual" approach to cutting interest rates, which has aligned with their goals of meeting their target 2% inflation goal. The PCE Index release numbers, the Federal Reserve's preferred inflation indicator, have shown everything is within expectations. So while the rate cuts may be a gradual process, there is much optimism that they are coming. Following those reports were the Personal Income Spending, GDP Estimates, and Consumer Confidence pending the holidays. Both the Persona Income and Spending have shown very strong results ahead of the holidays with the income beating expectations. This is met by extremely strong confidence coming from consumers as we see a 16-month high. This is finally corroborated by the GDP revisions which have shown the economy has shown steady growth for the entirety of the year.
What You Can Do Now to Prepare for Mortgage Rate Drops
As we move into the last month of 2024, many potential homebuyers are eagerly awaiting a drop in mortgage rates. With inflation numbers looking promising, there's hope that the Federal Reserve will lower the federal funds rate, which typically drives mortgage rates down as well. If you're planning to buy a home or refinance when rates drop, now is the perfect time to start preparing.
