Author: Mortgage Blog Content
20
Sep
2021
Last week’s scheduled economic reporting included readings on consumer prices, retail sales, and the University of Michigan’s preliminary Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released. Consumer Price Growth Slows in August The Consumer Price Index reported that consumer prices grew by 0.30 percent in August as compared to July’s consumer price growth pace of 0.50 percent. Core consumer prices, which exclude volatile food and fuel sectors, also slowed in August to a pace of 0.10 percent as compared to July’s reading of 0.30 percent growth. Used-car prices fell for the first time in six months but remained 32 percent higher year-over-year. Inventories of new…
17
Sep
2021
When someone is looking at purchasing a home, they usually focus on the purchase price of the home and the potential monthly payment. At the same time, there are other costs that need to be included as well. This includes home insurance and real estate taxes. As a result, many homeowners find themselves asking if they should use an escrow account or not. What do homeowners need to think about and how can they make the right decision? What Is An Escrow Account? First, it is important to define an escrow account. An escrow account is an account that contains money for items such as insurance and taxes. That way, homeowners…
16
Sep
2021
With more people spending time at home than ever before, many people are wondering how they can go about changing the way the home is laid out. This can be an expensive project, which is why many people are interested in getting a home improvement loan. With many people buying outdated houses, there are numerous projects that many homeowners want to finish; however, this process is not the same as applying for a mortgage. There are home equity lines of credit, cash-out refinance opportunities, and financing through the contracting company. How is the process of applying for a home improvement loan different, and what do homeowners need to know? Gather The…
15
Sep
2021
Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA's standards. FHA won't insure loans on just any property. While their standards aren't as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing. Location And Lot To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The access also has to be paved with a surface that will work all year a long dirt driveway that washes out in spring won't…
14
Sep
2021
Applying for a home loan can be an exciting process; however, this is a major financial decision. Therefore, potential homeowners need to make sure they understand how to shop for the best mortgage rate possible. A mortgage is usually a long-term loan, allowing potential homeowners to purchase a home using small monthly payments. Fortunately, there are a variety of tools available that can make the process easier. What do potential homeowners need to know when shopping for mortgage rates? Do Get A Pre-Approval Letter First, all potential homeowners need to get a pre-approval letter before they start the home-buying process. Because the market is competitive, buyers need to get a pre-approval…
13
Sep
2021
Last week’s economic reporting was limited due to the Labor Day holiday. Job openings were reported along with weekly readings on mortgage rates and jobless claims. July Job Openings Higher Than Expected The Labor Department reported record job openings for the fifth consecutive month in July. Economists said that the data used in the report lagged by a month and the readings were not impacted by the Delta variant of the Covid-19 virus. Job openings fell in construction, trade, transportation, and utilities. There were less than 0.80 unemployed available for each job opening in July. Hiring fell by 160,000 hires to 6.70 million hires. Job separations, which included terminations and voluntary…
