Blog

17
Aug
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – August 17, 2015

Last week's economic reports related to housing were few and far between other than weekly reports on new jobless claims and Freddie Mac's mortgage rates survey. Mortgage Rates Mixed, Jobless Claims UpFreddie Mac reported that average mortgage rates rose for fixed rate mortgages and dropped for 5/1 adjustable rate mortgages. The average rate for a 30-year fixed rate mortgage rose by three basis points to 3.94 percent. The rate for a 15-year fixed rate mortgage rose by four basis points to 3.17 percent. The average rate for a 5/1 adjustable rate mortgage fell by two basis points to 2.93 percent.…
Read More
14
Aug
By Jim Hasek
Home Buyer Tips, ,

House Hunting in a New City? Three Ways to Determine Which Neighborhoods Are Up and Coming

If you're moving to a new city and you're looking for an affordable home in a nice neighborhood, one great way to get a fantastic home without paying sky-high prices is by choosing a home in an up-and-coming neighborhood. Communities that are starting to gentrify make it easy to find an affordable home, especially if you buy before the prices start to rise. So how can you spot a neighborhood that's on the rise? Here's what you need to know. Look For Neighborhoods Popular With Artists & Young People Young people, artists, musicians, performers, and other bohemians tend to lead…
Read More
13
Aug
By Jim Hasek
Home Mortgage Tips, ,

Five Required Mortgage Closing Costs – And A Few Tips On How To Minimize Them

Mortgages are expensive, and closing costs only add to the financial burden that homebuyers face. But with a little knowledge, you can pinpoint places to save on your mortgage closing costs and keep more money in your pocket. When you're negotiating your next mortgage, use these tips to reduce required closing costs and keep more of your hard-earned money. Title Insurance: Request The Simultaneous Issue Rate Title insurance is an important add-on that no buyer should go without. At the time of closing, there may be a variety of title problems that could arise - like encroachments, easements, unpaid liens,…
Read More
12
Aug
By Jim Hasek
Real Estate Tips, ,

Real Estate Terminology 101: What Exactly Is A “Buyer’s Market”?

If you've been following the real estate and mortgage industry for any length of time, you've probably heard the phrase "buyer's market" at some point. And although the meaning may seem apparent, it takes some study to understand what actually constitutes a buyer's market. Who decides whether it's a buyer's or seller's market? What's the threshold for deciding between the two? Here's what you need to know. Supply And Demand: Economic Factors That Govern...Everything If you studied economics in school, you'll probably remember an early lesson on supply and demand. Essentially, supply and demand are the two factors that influence…
Read More
11
Aug
By Jim Hasek
Home Mortgage Tips, ,

Will Missing Mortgage Payments Impact My FICO Score? Yes – and Here’s How

If you're like most homeowners, you probably believe that one missed mortgage payment won't have a noticeable impact on your FICO score. People get behind now and then, and besides, you've been faithfully making payments on time for years. How bad could it be? In truth, even one missed mortgage payment could seriously damage your FICO score. Lenders can report missed monthly payments whenever they choose - they don't need to wait until a certain date to do it. That means even if your mortgage payment is a few days late, your lender may report it as unpaid. So what…
Read More
10
Aug
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – August 10, 2015

This week's scheduled economic news includes reports on construction spending, a survey of senior loan officers, and reports on labor markets including ADP private sector jobs, the federal government's reports on non-farm payrolls, core inflation and the national unemployment rate. Construction Spending Slows, Loan Officers Survey Suggests Growing Confidence Construction spending fell in June after the May reading was revised upward to 1.89 percent from the original reading of 0.90 percent. Spending for residential construction rose by 0.40 percent, while non-residential construction spending remained flat. The seasonally-adjusted annual outlay for construction was $1.06 billion in June. Analysts continue to note…
Read More