Mortgage Interest Rate Report – Week of 9/8
Mortgage update: Waller hints at a rate hike break Mortgage interest rates dropped last week after three weeks of record-high rates. The question we’re all looking at going into the month is: Will the Federal Reserve skip the interest rate hike in September? Federal Reserve Governor Christopher Waller said this week that recent strong economic data will…
Read MoreHow much money you need to make to afford a $600,000 home in September 2023
For first-time homebuyers, settling on the “right” time to buy feels like a losing game—especially in this current market. High inflation, steep interest rates, and a short supply of new homes have made the road from renter to homeowner more challenging. But the good news is that no matter what’s happening with the economy, there are…
Read MoreIs now a good time to sell a house?
Is now a good time to sell a house? US homeowners are in an awkward spot right now. Many purchased or refinanced their homes when mortgage rates hit historic lows in 2020 and 2021, and now that rates have shot up, they can’t buy a new home without taking on a rate that’s more than double what…
Read MoreYour Home, Your Terms: Securing The Ideal Loan with a Mortgage Broker in Jacksonville, FL
In the vibrant and alluring city of Jacksonville, Florida, where the dreams of homeownership take shape against the backdrop of sandy shores and sunlit skies, the complex and intricate world of mortgages can often feel like a maze of uncertainty. However, fear not, for in this financial journey, a guiding light emerges in the form…
Read MoreBank Statement Loans
Our Bank Statement Loan Program is an excellent tool designed to cater to self-employed borrowers who may struggle to qualify for traditional mortgage loans due to their unique income streams. These loans rely on bank statements, rather than tax returns or W-2s, to verify income–providing a more accurate reflection of your client’s true earning potential.Why…
Read MoreUnderstanding Homeownership Benefits
Homeownership offers a wide range of benefits, both financial and non-financial. Here’s a list of some of the most commonly cited Homeownership Benefits: Equity Building: Over time, homeowners typically build equity in their homes, which can be a significant wealth-building tool. Stable Monthly Payments: With a fixed-rate mortgage, homeowners can have consistent monthly payments, unlike renters who…
Read MoreAPPLIANCE REQUIREMENTS FOR MORTGAGES
Two versions of appliances exist. PERMANENT – This means it is built in. Think of an island with a range top installed or built-in oven. These DO contribute to the value. DETACHED – Think of appliances you just push in and plug in but can be removed easily. These DO NOT contribute value because they…
Read MoreLot Loans
A “lot loan” typically refers to a type of loan that is used to purchase a piece of land or a vacant lot. A lot loan is different from traditional home mortgages, which are used to buy homes that include structures. Lot loans are specifically designed for the purchase of land that doesn’t yet have…
Read MoreStudent loans and how they can have an impact on your ability to get a mortgage.
Student loans can have an impact on your ability to get a mortgage, but the exact impact depends on various factors including the amount of your student loan debt, your income, your credit score, and the lender’s policies. Here’s how student loans can potentially affect your mortgage application: Debt-to-Income Ratio (DTI): Mortgage lenders look at…
Read MoreWhat is a reverse mortgage and how can I use one?
What is a reverse mortgage? Its official name is a Home Equity Conversion Mortgage (HECM), a loan insured by the Federal Housing Administration (FHA) for homeowners age 62+. A Reverse Mortgage allows you to:• Access a portion of your home equity• Use the income tax-free2 cash proceedsas you wish• Eliminate monthly mortgage payments You retain…
Read More
