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Mortgage Rates and Housing Didn’t Care About This Week’s Fed Rate Hike It’s no mystery that the housing and mortgage markets are facing their fair share of headwinds in 2023, but some blow harder than others. One of the most complicated headwinds is that of Federal Reserve. At first glance, the Fed’s decisions to hike…

Mortgage rates change daily, and sometimes multiple times per day. In this article, “mortgage rates” will refer to the combination of upfront cost and actual interest rate. The 2 Components of Mortgage Rates. For example, if we talk about “higher rates,” it could either mean that the interest rate is higher, or simply that the…

Purchasing your dream home is an exciting milestone, but navigating the world of mortgages can be overwhelming, especially if you’re new to the process. One popular mortgage option that many first-time homebuyers consider is the Adjustable Rate Mortgage (ARM). In this blog post, we’ll provide a comprehensive introduction to ARMs, helping you understand their basic…

Purchasing your first home is an exciting and significant milestone in your life. As you embark on this journey, you’ll encounter various terms and documents that might be unfamiliar to you. One such document is the “Abstract of Title.” While it may sound complex, it is essential for you, as a first-time home buyer, to…

Congratulations, first-time home buyers! You’ve embarked on an exciting journey towards homeownership. As you near the end of this process, it’s crucial to understand the closing process thoroughly. Closing is the final step where all the necessary paperwork and financial transactions take place to officially transfer the ownership of the property to you. To make…

Congratulations! You’ve taken the exciting step of becoming a first-time homebuyer. While the journey towards homeownership can be exhilarating, it’s important to be well-informed about the appraisal process—the crucial step that helps determine the fair market value of the property you intend to purchase. In this blog post, we’ll walk you through what to expect…

Are you ready to embark on one of life’s most significant milestones as a first-time homebuyer? The prospect of owning your own home can be exhilarating, but it can also seem daunting with the numerous steps involved in the purchase process. Fear not! In this comprehensive guide, we will walk you through the homebuying journey…

When you take out a mortgage loan, your lender puts a lot of trust in you to repay the loan. Lenders can do this because they do thorough financial background checks on borrowers before agreeing to lend money. Your interest rate will be based on how credit-worthy you are based on those checks. Examining bank…

Getting a home equity line of credit (HELOC) can be a great way to pay for home renovations, help pay for a child’s college tuition, or finance other important financial goals. Unlike a traditional mortgage loan though, where you are loaned a lump sum and then immediately start paying it back, a HELOC is more…

Income No matter what the state of the housing market, having a steady and sufficient income is essential to buying your first home. You will need 2 years of steady income from the same industry. If you have been in school for a professional career, your schooling could could as time in the career…