Prices & Mortgage Rates Going Up in 2016

Prices & Mortgage Rates Going Up in 2016

The monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016. HOME PRICES CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state: MORTGAGE INTEREST RATES All four of the entities that provide … [Read more...]

The Impact of Higher Interest Rates

The Impact of Higher Interest Rates

Last week, an article in the Washington Post discussed a new ‘threat’ homebuyers will soon be facing: higher mortgage rates. The article revealed: “The Mortgage Bankers Association expects that rates on 30-year loans could reach 4.8 percent by the end of next year, topping 5 percent in 2017. Rates haven’t been that high since the recession.” How can this impact the housing market? The article reported that recent analysis from … [Read more...]

WHAT KINDS OF MORTGAGES ARE AVAILABLE?

WHAT KINDS OF MORTGAGES ARE AVAILABLE?

Once you have signed a contract for the purchase of your new home (or condominium or cooperative apartment), and assuming that you do not have all of the cash in your bank account, you will need to obtain a mortgage loan. There are many different loans on the market — and many different loan programs from which to choose. You should contact at least three different lenders, and ask them to give you a list of the loans which they can offer … [Read more...]

Rent vs. Buy: Either Way You’re Paying A Mortgage

Rent vs. Buy: Either Way You’re Paying A Mortgage

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s. As The Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more … [Read more...]

Should I Pay a Mortgage Interest Rate over 4%?

Should I Pay a Mortgage Interest Rate over 4%?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters. This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are … [Read more...]

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