Buying A Home

mortgage update summer 2021

Mortgage Update Summer 2021

Now is Your Unique Opportunity to Cash Out Earlier this year, rates started moving higher because of inflation fears. Since that time, the Federal Reserve is done a good job of telegraphing that this inflationary pressure we are feeling is likely transitory. Because of this, investors have become comfortable with this synopsis and rates have …

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What Credit Score Do You Need for a Mortgage?

What Credit Score Do You Need for a Mortgage?

According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be …

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Are We In A Housing Market Bubble?

Are We In A Housing Market Bubble?

Lately, I have been getting this question quite a bit; do you think that we are in a housing bubble? I have been in this business for a long time, including the run-up to the last financial crisis and now watching the lowest inventory levels we have seen in several decades resulting in bidding wars. …

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Big Hit to Second Home & Investment Mortgages

Fannie Mae announced on March 10 that they are limiting new loan secured by second homes or investment properties to 7% of the overall loans they purchase. What does this mean to borrowers seeking investment/2nd home mortgages? Turns out, it means A LOT. While Fannie Mae did not add any new “loan level pricing adjustments” …

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Spring Homebuying 2021

Spring Homebuying Season & Interest Rates Outlook

Interest Rates Are Rising – What is the Short-Term Outlook? We are approaching the one-year mark since we all were shut down seemingly out of nowhere. Rates plummeted and have stayed ridiculously low for almost a year now. And while this was great news for people that were buying the home or looking to save …

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Do I Really Need a 20% Down Payment to Buy a Home?

Do I Really Need a 20% Down Payment to Buy a Home?

Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there’s still a common myth that you have to …

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True Cost of Buying a Home

The True Cost of Buying a Home

As you begin to consider purchasing a new home one of the first things you should do is get an idea of what “the numbers” will look like.  Ultimately the 2 most important numbers will be (1) the monthly payment and (2) how much money you will need at closing, but there are a lot …

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Why Working from Home May Spark Your Next Move

If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond. While the pandemic continues, …

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two big myths in the homebuying process

Two Big Myths in the Homebuying Process

The 2020 Millennial Home Buyer Report shows how this generation is not really any different from previous ones when it comes to homeownership goals: “The majority of millennials not only want to own a home, but 84% of millennials in 2019 considered it a major part of the American Dream.” Unfortunately, the myths surrounding the barriers to …

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