Unless someone works in the real estate or mortgage industry, there is a high likelihood that they are going to run into unfamiliar terms. Appraisals, underwriting, and private mortgage insurance are a few of the examples. One of the most common terms that people might run into is termed mortgage points. Even though the term “points” might sound positive, this is not always the case. What do people need to know about mortgage points? Mortgage Points Refer To Payments Due At Signing When someone is negotiating for a home loan, they want to get the lowest interest rate possible. There are several ways that potential homeowners can get the interest rate reduced on their … [Read more...]
Case-Shiller Reports Home Prices Rise at Fastest Pace in 7 Years
S & P Case-Shiller Home Price Indices reported the fastest pace of U.S home price growth in seven years. National home prices grew by 10.40 percent year-over-year in December as compared to November’s reading of 9.50 percent home price growth on a year-over-year basis. The S&P Case-Shiller 20-City Home Price Index reported home price growth in 18 of 20 cities included in the index. Detroit, Michigan did not report home price data for December. Phoenix, Arizona held the top position in the 20-City Index for the 19th consecutive month with year-over-year home price growth averaging 14.40 percent. Home prices in Seattle, Washington home prices held second place with … [Read more...]
Three Tips For Reducing Your Closing Costs If You’re Looking Forward To Buying A Home In The Spring
Spring is aproaching fast and it is usually the busiest time of the year for home buying. After a long and cold winter, many people are ready to enjoy the nicer weather and begin to shop for a new home. Spring is also the perfect time for home buying for families with children because it allows them to move during the summer without interrupting school. Home buying has costs associated with it other than the mortgage itself. Known as closing costs, these fees are a part of the home buying process and they are due at the time that the mortgage is finalized. Buyers, however, can negotiate these costs and reduce the expense with a little bit of effort and with the help of a good mortgage … [Read more...]
What’s Ahead For Mortgage Rates This Week – February 22, 2021
Last week’s economic reporting included readings from the National Association of Home Builders Housing Market Index, Commerce Department readings on housing starts and building permits issued along with data on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims were also released. NAHB: Home Builders Index Rises One Point in February Homebuilder confidence rose by one index point to 84 according to the National Association of Home Builders Housing Market Index. Readings over 50 in the Housing Market Index indicate that most homebuilders are confident about U.S. housing market conditions. Component readings for the housing market index were mixed in … [Read more...]
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