Author: Mortgage Blog Content
08
Feb
2021
Last week’s economic news included Commerce Department readings on construction spending, labor sector reporting on public and private-sector job growth, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released. Construction Spending Driven by Housing Sector in December The Commerce Department reported a one percent gain in construction spending in December to a seasonally-adjusted annual pace of $1.49 trillion. Residential construction drove spending for the seventh consecutive month with a 3.10 percent gain in spending. Construction for public projects rose by 0.50 percent; private-sector spending on non-residential construction fell by -1.70 percent. Demand for housing remained high as supplies of previously-owned homes ran below average…
05
Feb
2021
Finding a proper mortgage loan and understanding the processing procedures behind the loan is the basis of good research. The down payment on a mortgage loan is typically significant when dealing with mortgage insurance. Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be required even if it's not typically required by your lender. Underwriting Requirements Most home mortgage applications undergo a strict set of standards for approval. These standards are known as underwriting and make up the bulk of time spent on a mortgage application. Unique situations in employment or credit history may require an additional…
04
Feb
2021
There are lots of homeowners who fall on rough times from time to time. For example, some people may be in the midst of changing jobs. Other people might be going back to school. When this happens, it can be hard for homeowners to keep up with their mortgage payments. Even though they might be thinking about waiting for the bank to do something, this would be the ultimate mistake. There are ways to handle late mortgage payments as long as homeowners reach out to the lender to discuss their options. What should homeowners do if they start falling behind on their mortgage payments? Let The Lender Know Why They Are…
03
Feb
2021
If you are self-employed, either as a freelancer or as the owner of your own business, your income can fluctuate greatly from year to year. That can make it difficult to get approved for a mortgage, although there are some things you can do to improve your chances. Here are three tips for securing a mortgage if you are self-employed. Make Sure Your Credit Score Is In Good Shape While your ability to pay back a mortgage is the most important factor in approval, your credit score is a close second, and that goes for every borrower, not just those who are self-employed. If you have a credit score in the…
02
Feb
2021
There are a lot of people who are spending more time at home these days. As the temperature starts to warm up once again, there are some homeowners who are looking for ways to upgrade the outside of their home. Even though there are some people who are looking at installing a brand new patio or deck, this can be extremely expensive. Fortunately, there are ways that homeowners can completely transform the exterior of their home without breaking the bank. Take a look at a few of the top ideas below. Consider Adding An Outdoor Rug First, homeowners should consider adding an outdoor runner or rug to the exterior of their home.…
01
Feb
2021
Last week’s economic reports included readings from S&P Case-Shiller Home Price Indices, readings on new and pending home sales, and the University of Michigan’s Consumer Sentiment Index. Weekly reports on mortgage rates and jobless claims were also published. S&P Case-Shiller Home Price Indices: Home Prices Rose Faster in November The Case-Shiller National Home Price Index showed that November home prices grew by 9.50 percent on a seasonally-adjusted annual basis. October’s reading showed 8.40 percent home price growth; analysts expected a year-over-year pace of 8.80 percent for national home price growth. Severe shortages of available homes coupled with high demand for homes continued to fuel rising home prices as builders faced rising…
