Author: Mortgage Blog Content
21
Jul
2021
There’s almost a guarantee that at some point in the future you’re going to face an emergency. Like most things in life, that emergency is going to require money to solve. You can’t assume that you’ll have the funds to face the emergency when it happens. You can’t even assume that you’ll have enough on your credit cards to pay for it. The only safe way to plan is to have an emergency fund. What Is An Emergency Fund? An emergency fund is a reserve of cash set aside for emergencies only. It’s not a savings account, because you’re not saving up for anything in particular like a new sofa or…
20
Jul
2021
If you're just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don't like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision. What Is A Rate Lock? For many people who are buying a home, the idea of interest rates can make the heart race a little faster, but this is the purpose of rate locks which…
19
Jul
2021
Last week’s scheduled economic reports included readings on inflation, Fed Chair Jerome Powell’s testimony before the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released. Consumer Price Index: June Inflation Grows at Fastest Pace Since 2008 June’s Consumer Price Index showed the fastest pace of inflationary growth in 13 years; inflation grew by 5.40 percent on a seasonally-adjusted annual basis. Used car sales accounted for one-third of the growth, but prices also rose for clothes, food, energy, and travel/hospitality. The year-over-year inflation rate for May was 5.00 percent. Inflation grew by 0.90 percent month-to-month, which exceeded analyst’s…
16
Jul
2021
Mortgages are expensive, and closing costs only add to the financial burden that homebuyers face. But with a little knowledge, you can pinpoint places to save on your mortgage closing costs and keep more money in your pocket. When you're negotiating your next mortgage, use these tips to reduce required closing costs and keep more of your hard-earned money. Title Insurance: Request The Simultaneous Issue Rate Title insurance is an important add-on that no buyer should go without. At the time of closing, there may be a variety of title problems that could arise, such as like encroachments, easements, unpaid liens, and fraud. If a previous property owner wasn't properly discharged…
15
Jul
2021
Curb appeal is important in the home sales process, and this is because it will impact the overall first impression that potential home buyers have about the property. Some homeowners can easily spend a small fortune and a considerable amount of time improving curb appeal, but others may be looking for faster and easier results. The good news is that boosting curb appeal is easy and affordable to do when these three tips are followed. Spruce Up The Front Door The front door and patio area are focal points for those driving by the home, and this area receives even more scrutiny by those home buyers who walk up to the…
14
Jul
2021
There are many people who are currently looking to purchase a home while interest rates are relatively low; however, there are many homeowners who feel like they do not have a strong level of financial understanding when it comes to the process of purchasing a home. If homeowners don’t have the financial knowledge base to effectively evaluate their options, they might have trouble figuring out what they can truly afford. For example, how much money do homeowners need to save for a down payment? There are a lot of down payment assistance programs available at local, state, and regional levels. Resources Are Available For First Time Homebuyers There are many down…
