Two commonly known ways to lower your mortgage payments are to make a larger down payment especially if it eliminates private mortgage insurance and improve your credit score before applying for a mortgage. Another way to lower your payment would be to buy down the interest rate for the life of the mortgage with discount […]
Category Archives: Mortgages
5 Ways to Take Fear Out of the Mortgage Process
A considerable number of potential buyers shy away from the real estate market because they’re uncertain about the buying process – particularly when it comes to qualifying for a mortgage. For many, the mortgage process can be scary, but it doesn’t have to be! In order to qualify in today’s market, you’ll need a down […]
Things to Avoid After Applying for a Mortgage
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your mortgage loan officer – someone who will be able to tell you […]
Are Lending Standards Propping Up Home Prices?
How do the current lending standards compare to just a couple years ago, or the housing crises in the early 2000’s? Are they a factor behind the current market’s prices? Back in 2005, Federal Reserve Chairman Alan Greenspan described the dramatic increases in residential real estate values as a “froth in housing markets.” Greenspan went […]
Homes are More Affordable in 44 out of 50 States
With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than […]
The Current State of Lending Standards
With home values appreciating at record rates, some are concerned with lending standards or that we may be heading for another housing bubble like the one we experienced a decade ago. One of the major culprits of that housing boom and bust was the loosening of standards for mortgage credit. In a study done at […]
Home Prices Versus Supply and Demand
Boomerang Buyers: Most Qualify for Financing in 2-3 Years
Rising Mortgage Rates Don’t Lead to Falling Home Prices?
Recently, Freddie Mac published an Insight Report titled “Nowhere to go but up? How increasing Mortgage Rates Could Affect Housing.” The report focused on the impact the projected rise in mortgage rates might have on the housing market this year. Many believe that an increase in mortgage rates will cause a slowdown in purchases which […]