Tag Archives: becoming a homeowner

Money Monday: Mortgages are still getting cheaper

Mortgage rates are dropping.

“In December, when the Federal Reserve raised rates for the first time in nearly a decade, many would-be homebuyers assumed it meant the beginning of the end for record-low mortgage rates.

mortgage rates and property taxes

“‘This is evidence that the Federal Reserve isn’t the sole determinant of U.S. mortgage rates,’ said Mark Hamrick, senior economic analyst at Bankrate.

“The 30-year mortgage rate fell to 3.79%, the fourth straight week of declines, according to Freddie Mac. A year ago, the rate averaged 3.66%.

“The rate on a 15-year fixed mortgage also dropped to 3.07%…

“…But tight inventory has helped push home prices higher, creating an affordability problem in many markets throughout the country.

“In response to the lower rates, mortgage applications ticked up 8.8% last week.”

Read the rest of CNN’s article here: money.cnn.com/2016/01/28/real_estate/mortgage-rates-fall

 

Money Monday: Top 10 tips for mortgage borrowers in 2016

Interest rates on mortgages hovered around 4% throughout 2015 but are expected to reach 4.5% by the end of 2016, according to the National Association of Realtors.

Bunch of kets in front of pile of cents

If you’re planning on capitalizing on these still-low interest rates by becoming a homeowner this year, consider these tips:

1. Improve your credit

2. Save up for a down payment

3. Get a mortgage preapproval

4. Look around for a lender

5. Consider loan types

6. Pick the home and location based on your lifestyle

7. Budget for all the other homeowner expenses

8. Ask for help from a professional (Call me if you don’t have a Realtor!)

9. Remember to have enough for closing costs

10. Save!

Read the full article and all of its advice on the Yahoo! finance site: finance.yahoo.com/news/top-10-tips-mortgage-borrowers-100000055