Are you on the fence on whether now is a good time to purchase a home? With low rates and better inventory than the area has seen in years, now is an excellent time to buy. In fact, according to Danny Forbes from Caliber Home Loans, it could cost you to wait. Here's a chart he sent detailing the costs of waiting in King County according to current projections of both home value and mortgage rates:
If you're ready to jump off that fence - give me call! I would love to assist you in all your real estate needs!
Even more great news for buyers! Not only is there ton more inventory to choose from than has been available the last few years, mortgage rates are dropping as well. This last week saw the biggest one-week drop in a decade. Rates overall are down almost a full point (1%!) from last October. Now is a great time to buy - if you've been on the fence, let's get you a home! Contact me anytime for all your real estate needs, I'd love to help you get into your new home.
See the article below from freddiemac.com (source link below, along with a good read from fortune.com regarding the rate drop):
The Federal Reserve's concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in
If you've gone through foreclosure, it probably hasn't reduced your desire for homeownership. If you're looking for a second chance at the American dream, there is still hope.
Since the housing market started going downhill in 2006, more than 9 million homeowners have engaged in some form of distressed sale, according to research by the National Association of Realtors. This includes those who were foreclosed on, engaged in a short-sale or handed over the deeds to their home to avoid foreclosure.
Getting back into the market
The NAR finds that as many as 950,000 distressed sellers already are eligible for financing through Federal Housing Administration or other programs. (Read 7 crucial facts about FHA loans.) NAR expects that
Seems to me like "they" are always saying this. But, rates cant' stay low forever right? Especially with the market the way it is right now.
Consider this a gift to home buyers: Mortgage interest rates dipped to 3.78% this week, just in time for the spring housing market.
For people who are in the process of buying a house, our best advice is to lock in your rate now. “This is the last call before the bar closes at these historically low levels,” said Jonathan Smoke, chief economist at realtor.com®.
Currently, rates are low, but they are expected to rise. On Wednesday the Federal Reserve issued its first warning that rates will increase in the near term, because the economy has stabilized. The Fed has been propping up
If the past six weeks has taught us anything, it’s that mortgage rates can and will move very quickly. And often in the wrong direction…yep, up, not down.
The same goes with gas prices, which were actually below $2 a gallon in the Los Angeles area in mid-January (yeah, I couldn’t believe it either), but have since risen back to around $3.50 for a gallon of economy.
The best part about these price swings is how complacent we all get. All of a sudden everyone’s driving a Hummer and splurging on premium.
When interest rates were low, a lot of borrowers were floating or thinking about letting now expensive locks expire.
[See the latest mortgage rates from dozens of lenders, updated daily.]
By Holden Lewis · Bankrate.com
Thursday, January 15, 2015
Posted: 10 am ET
Did the bank goof at your mortgage closing? Instead of giving you two copies of the Notice of the Right to Rescind, did the bank give you just one? Did your spouse get the Truth-in-Lending Disclosure, but you didn't?
In that case, you can rescind, or cancel, the mortgage any time within three years. All you have to do is send a letter to the lender -- even if you have fallen behind on the payments. Heck, especially if you've fallen behind on the payments.
That's according to the Supreme Court, which ruled this week in favor of borrowers who sued their bank for not letting them unilaterally rescind their mortgage three years after closing.
According to a report prepared by Ellie Mae, a mortgage technology company, the average FICO credit score for approved mortgage loans dropped to 727 in December 2013. It was 748 a year earlier.
The average credit score for home loans backed by Fannie Mae and Freddie Mac also dropped a little; December 2013 borrowers had an average credit score of 756, down from December 2012′s average of 761.
Refinance mortgages backed by Fannie Mae or Freddie Mac were approved with an average credit score of 729 in December 2013; this was a significant drop from the average credit score of 763 in December 2012.
Only 46 percent of mortgage applicants approved had credit scores above 750 in December 2013 while
Shopping for a mortgage? Before going the ordinary route, take some time to consider an FHA loan, which comes with a benefit that can be especially appealing at a time of rising interest rates: assumability.
In other words, when it comes time to sell your home, a potential buyer may qualify to simply take over your mortgage at today's relatively low interest rate rather than resorting to a new loan, minimizing your buyer's monthly payment. That could be a strong selling point if, at that time, new mortgages charged more. Assumability could make it easier to find a buyer, and perhaps to get a higher sales price.
Unfortunately, FHA loans carry some heavy upfront costs, which need to be weighed against the uncertain value of the assumability
The 5 Worst Things You Can Do Before Buying a Home
Cynics may scoff, but getting under contract on the right home can turn even the most stoic shopper into a bit of a dreamer. From paint colors to planting a garden, picturing yourself in that property is critical for many buyers.
But leave a little room for pragmatism. Remember that getting pre-approved for a mortgage and even under contract isn’t a guarantee. That prefix is there for a reason. Loan pre-approval is not loan approval.
You’ll have more hurdles to clear before a lender legally commits to funding your home loan. Buyers who don’t know any better can inadvertently add obstacles to that path — or even kill the entire deal —between contract and closing day.