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For the Week Ending December 28, 2018


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Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Early holiday shopping numbers are on track to break season records. However, stocks are still volatile and trending downward, despite the strong consumer spending. 
The reversal in stocks this year has helped mortgage rates improve from October levels. Although the Fed increased policy rates, mortgage rates have improved.
The economic outlook heading into 2019 is concerning investors. As they turn to the safety of bonds for protection, mortgage rates could continue to improve.

 

Annual home price gains have slowed nationwide, according to Case-Shiller. Even still, prices increased 5.5% year-over-year, holding steady from last month.
The current partial government shutdown may have some effect on mortgages and housing. Flood insurance and tax transcripts could be the most affected.
A recent survey of homeowners showed aesthetic appeal, affordability, commute times and neighborhood character were the top reasons for picking a home.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


It's that time of the year when most people make resolutions for the new year. If one is your resolutions is to buy a new home, there are some steps you should take to make sure you are in the best state financially to make the purchase. We’ve put together some quick tips to help you keep this New Year’s Resolution.
 
Start Saving for a Down Payment (Boost Your Savings)
An obstacle for anyone buying a home is saving for a down payment. Many people think that a 20% down payment is required. However, down payment options of 3% are now common! Visit our website here to view our loan options or give us a call at 732.832.2967 to discuss the option that’s best for YOU!
 
The sooner you start to save, the better.
Here are 10 easy ways to save for a down payment:
 
1)     Save your raises, bonuses and tax returns
2)     Transfer a fixed amount into a special savings account every month or even every paycheck
3)     Skip vacations for a year
4)     Ask for a raise
5)     Lower your expenses
6)     Sell some of your investments
7)     Get a second job
8)     Borrow from a relative
9)     Get a financial gift
10) Take advantage of special programs - ask us about Down Payment Assistance programs to see if you qualify!
 
Check your Credit Rating
This one’s important! Your credit score is one of the main foundation blocks of your mortgage application. Simply put, the stronger your credit score, the better your mortgage could potentially be. No matter what your score looks like, there is usually room for improvement. In order to maintain a good credit score, start getting in the habit of these kinds of good credit practices:
 
· Record your spending
· Keep up with your debt payments
· Don’t go over your credit limit
· Use your credit cards wisely
· Don’t make large purchases (new car, new furniture, etc)
 
Tame Your Debt
If your looking to buy a home in the near future, it’s important to get your debt in check. Debt has an impact on your credit score. Part of your credit score is about credit utilization, so if you rely too heavily on credit and only make small payments toward your balances every month, you’re considered at higher risk of overextending yourself. Paying these downs will raise your score. A big part of the mortgage approval process is also based on your debt-to-income (DTI) ratio, which measure how much your monthly income goes towards paying off debts. Bottom line, the less debt you have, the more home you will be able to afford.
 
Find Your Dream Home
Once you’ve got everything in order, it’s time to look for your dream home. First, determine the wants in needs in a new home that you’re looking for. Take into account:
 
·Number of bedrooms
· Number of bathrooms
·Square footage
· Location
·Neighborhood
·Schools
·Local traffic / Public transportation
 
Get Pre-Approved for a Loan
Remember, it’s VERY important to get pre-approved before you start looking for your dream home. A lender will pre-approve you for a loan based on official proof of items including (but not limited to):
 
·Your credit score
·Your income/finances
·Tax returns
· Job
·Current debts
 
A pre-approval gives you a stronger understanding of what you can afford for a home. It also shows the seller that you are a genuine buyer.
 
If you think you’re prepared and would like to get started, click below to get pre-approved. If you have questions and want to speak to one of our expert loan officers, give us a call today 732.832.2967.
 


For the Week Ending December 21, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The Fed raised policy rates this week, but lowered the number of expected rate increases for 2019. Mortgage rates were basically unaffected by this rate hike.
Stocks have been routed and fears over a slowing economy have taken over. As investors seek safety in bonds, this has helped mortgage rates improve.
The labor market remains strong though, as jobless claims were only up slightly from the previous week's near 49-year low. Claims were at 214,000 for last week.

 

Home builder confidence was down slightly in December from November. But indications are still that more builders view sales conditions as good than poor.
New home starts rebounded in November, driven by a surge in multi-family housing. However, single-family housing starts were down to a 1-1/2 year low.
Existing home sales rose unexpectedly in November. Although sales are down 2.3% in the first 11 months over last year, they've increased for 2 months in a row.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


The HomeStyle Renovation Loan

Dec 18
2:29
AM
Category | Products
Have you been searching around for an easy and affordable option to finance your home renovations?

With the HomeStyle Renovation Loan you can renovate a home to fit your specific needs and style with one mortgage payment! This type of mortgage lets you borrow the money for the renovation and repairs with a conventional first mortgage instead of leaving you to finance renovations on your own.

The best part is, the HomeStyle Renovation Loan can be used on any type of renovation project, provided the improvement is permanently affixed to the property and adds value. For instance: new kitchen or bath, new pool, new roof, and more!
 
KEY FEATURES:
  • Conventional Mortgage
  • Home purchases & refinances
  • Primary, second homes or investment properties
  • Finance up to 75% of the as-completed appraised value
  • Finance up to 6 months of payments during renovations
 
RENOVATIONS INCLUDE:
  • New Kitchen or Bath
  • New Pool
  • New Roof
  • Structural Repairs
  • Updating Flooring and Appliances
If it's permanently affixed and adds value.. YOU CAN DO IT!
 
THE FINE PRINT: Primary residence, Max 97% LTV. Single unit investment properties. Eligibility requirements, exclusions and other terms and conditions apply.
 
The HomeStyle Renovation loan is best for homebuyers that can see past the ugly finishing or structural problems, and see the potential in a home! In addition, this loan is ideal for those those who have the flexibility to wait up to 6 months for the renovations to be completed before moving in.
 
Have questions? Contact us today!
 


For the Week Ending December 14, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

The Fed's plans to continue raising policy rates next year may be on hold. However, a policy rate hike at next week's FOMC meeting is still likely.
The core consumer price index, which is a key measure of inflation, picked up in November. Inflation could put pressure on mortgage rates to move higher.
Unemployment claims fell to a near 49-year low last week. The drop could ease concerns about a slowdown in the labor market and economy.

 

Data for November shows mortgage applications for newly constructed homes were down 14% from October. Applications were also down 11% year over year.
Freddie Mac is helping to lower utility bills for hundreds of thousands of low- and middle-income renters. It's part of their 3-year "Duty to Serve" plan.
Freddie and Fannie Mae have announced a nationwide suspension of eviction lockouts on foreclosures for the holiday season, from Dec. 17 through Jan. 2.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


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