One of the most immediate consequences of a short sale is its impact on your credit score. When you sell your home for less than the amount owed on your mortgage, the lender reports the debt as "settled" or "paid less than the full amount," which can significantly lower your credit score.
What’s Ahead For Mortgage Rates This Week – November 20, 2023
There's a consistent trend of inflation slowing down which brings a greater potential for the end of any rate hikes from the Federal Reserve, signaling a soft-landing for the economy which has been touted by Jerome Powell. With a soft landing, it does also signal a strong potential for the Federal Reserve to begin lowering rates in the coming future.
Financing Your Oasis with a Construction Loan for Swimming Pools and Spas
Installing a swimming pool, hot tub, or water feature in your backyard can significantly enhance your home's value and your quality of life. Financing these projects through construction loans provides a practical and structured way to fund your dream outdoor oasis.
Comparing Temporary and Permanent Mortgage Buydowns
t's important to note that while a temporary buydown can lower monthly payments during the buydown period, it does not reduce the total amount of interest paid over the life of the loan. In fact, the total interest paid over the life of the loan may be higher due to the upfront fee paid to fund the buydown.
Speed Your Mortgage Approval up by Following This Checklist
Being unprepared and not having your finances in order will make it even more stressful. Here are a few quick ways if you're looking to speed up your mortgage approval process, here's a checklist to help you prepare.
Which Big Tax Breaks Are Available From Home Credits
Property Tax Deduction: Homeowners can deduct the amount they pay in property taxes on their primary residence and any other real estate they own. The property tax deduction is an itemized deduction and can help reduce your taxable income.
What’s Ahead For Mortgage Rates This Week – November 13, 2023
The week following the FOMC rate decision meetings are typically very light, with the two most influential releases being the University of Michigan Consumer Sentiment and the weekly Job Claims reports. The more positive news is mortgage lending rates have been on the decline in the last two weeks.
How to Go From Renting to Owning a Home
Going from renting to owning a home can be a significant financial and personal milestone, but it requires careful planning and preparation. Here are some steps to take to make the transition from renting to owning:
Determine your budget: Calculate your current expenses and income to determine how much you can afford to spend on a home. Consider factors such as down payment, closing costs, monthly mortgage payments, property taxes, and homeowner’s insurance.
Save for a down payment: A down payment is typically required when purchasing a home, and the larger the down payment, the lower your monthly mortgage payments will be. Aim to save at least 20% of the home’s purchase price to avoid paying private mortgage insurance (PMI).
Mortgage Rate Locks: When and How to Secure a Favorable Rate
Securing a mortgage to purchase your dream home is a significant financial decision. One of the essential aspects of this process is locking in a favorable mortgage rate. A mortgage rate lock ensures that the interest rate on your loan remains the same for a specified period, protecting you from potential rate fluctuations. We will explore when it’s best to lock in a mortgage rate and provide a step-by-step guide on how to do it.
When to Lock in Your Mortgage Rate
The perfect time to lock in your mortgage rate depends on various factors, and it’s not an exact science. Here are some key considerations to keep in mind:
Understanding Assumable Mortgage Loans
Mortgage loans are an essential aspect of financing the purchase of a property. Among the various types of mortgages available, one option that may be advantageous for both buyers and sellers is an assumable mortgage loan.
An assumable mortgage loan is a type of home loan agreement that allows a homebuyer to assume the existing mortgage of the seller when purchasing a property. In other words, the buyer takes over the seller’s mortgage terms and conditions, including the interest rate, repayment schedule, and remaining balance.
