In recent months with mortgage rates at historic lows, many more homeowners are considering the possibility of refinancing into a 15 year mortgage as opposed to staying with a 30 year mortgage. According to the Wall Street Journal, the current spread between the rate on a 30 year mortgage (3.53%) and a 15 year mortgage … More More Borrowers Refinance into 15 Year Mortgages
For those purchasing a home it is not enough to rely on the fact that the MLS listing indicates the appliances that are included in the sale of the property. You should make sure that your attorney specifies the appliances that are included in the contract of sale. Additionally, it even makes sense to specify … More I thought the washing machine was included!
The average rate for a 30 year mortgage fell again last week to 3.53%, down from 3.56% the week before. This is a new historic low for rates, the lowest since long term mortgages began in the 1950’s. This continued decline in mortgage rates has resulted in more buyers returning to the housing market. Those … More New week, new record as mortgage rates fall again.
According to a new survey by the Office of the Comptroller of the Currency shows that more banks are finally easing up on their standards, which should lead to more buyers being able to qualify for a mortgage. “This year’s survey showed the continued normal progression toward stable or easing underwriting standards as the economic … More Window of Opportunity? Some Banks Ease Up.
Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent. The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, … More How Big of a Mortgage Can I Afford?
Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here’s why it pays to work with a REALTOR®. Navigate a complicated process. Buying or selling a … More 8 Reasons You Should Work With A Realtor
On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here’s a list of the most important documents you should file away for future reference. HUD-1 settlement statement. Itemizes all the costs — commissions, loan fees, points, and hazard insurance —associated with the closing. You’ll need it … More Closing Documents You Should Keep