Still on the Fence? See What Waiting Can Cost You.

Barbara BruceFirst-Time Home Buyers, Home Buying Tips, Mortgage Tips, Real EstateLeave a Comment

Mortgage Rates are Rising

If you’ve been considering purchasing a new home or upgrading, you need to read this. If you are planning on purchasing your new home with cash, then there is no need to worry, but if you’re going to be financing part or all of your home, you will want to consider how rising mortgage rates affect your purchasing power. The Fed recently raised the main rate from 2.00% to 2.25%. This is the third time this year that the Fed has raised its benchmark interest rate. What’s more, 12 out of 16 officials are said to favor 4 rate hikes … Read More

4 Reasons Spring Is A Great Time To Buy A Home!

Barbara BruceCommon Home Buyer Questions, Home Buying Tips, Mortgage TipsLeave a Comment

Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year … Read More

Did you know? You DO NOT Need 20% Down!

Barbara BruceHome Buying Tips, Mortgage TipsLeave a Comment

A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less and the number has increased through the first quarter … Read More

How Will Mortgage Rate Hikes Impact Home Sales?

Barbara BruceMortgage TipsLeave a Comment

Mortgage Rates

When mortgage interest rates begin to climb, experts immediately begin to discuss home affordability indexes. They calculate how an increase in rates will slow home purchases as more and more potential buyers are priced out of the market. Today, with home prices also increasing, many believe that home sales may slow down rather dramatically. This may prove to be true in the long term. However, in the short term, increasing mortgage rates may have the opposite effect. Many buyers who have been sitting on the fence may realize that delaying their purchase no longer makes sense. Last week, in a … Read More

Freddie Mac’s New 3% Down Program

Barbara BruceMortgage TipsLeave a Comment

Today, Freddie Mac is scheduled to start buying mortgages with down payments of only three percent – the first time down payments have been this low on Freddie Mac loans in nearly five years. The program is called Freddie Mac Home Possible AdvantageSM. In a recent Executive Perspectives, Dave Lowman EVP, Single-Family BusinessFreddie Mac, explained the potential impact this program will have on the housing market: “There’s a new reason Realtors and lenders may expect more qualified borrowers at the closing table during this spring’s home buying season. In addition to low mortgage rates and rising job growth, the down … Read More