4 signs you’re not ready to buy a house when it comes to purchasing a home. It’s probably one of the highest-ticket purchases you’ll ever make in life, if not the most high-ticket purchase. You want to, of course, make sure that affordability is number one. This is primary, above all else. However, just because…
If you’ve been sitting on the sidelines, waiting for the “perfect” time to buy a house because of high interest rates, now is the moment to pay close attention. Over the past few years, mortgage rates surged to 7%, creating a challenging environment for homebuyers. However, with the recent dip into the 6% range for…
When it comes to securing a mortgage through the Federal Housing Administration (FHA), understanding the nuances of income qualification can be crucial, especially for those with multiple job streams. The FHA’s primary aim is to ensure that the income used to qualify for a mortgage is stable, predictable, and likely to continue. Here’s a deeper…
As of October 31, 2024, Fannie Mae has introduced new requirements that will significantly impact how property values are assessed in conventional loans. Whether you’re looking to buy a home or refinance your current mortgage, these changes make it more critical than ever to work with an experienced lender. Here’s what you need to know.…
For many families considering buying a home, the belief that they cannot proceed because they are bound by a lease is a common misconception. Depending on your state, a lease is not necessarily a barrier to homeownership. If you’re renting and your rent payment is $3,000 a month with another six months left on your…
As we move through 2024, FHA streamline refinances are starting to make a significant comeback. This resurgence is driven by the potential for substantial monthly savings, particularly for those who purchased homes in 2023 or earlier. If your current interest rate is around 6.5% or higher, now might be the perfect time to consider an…
Mortgage rates are constantly fluctuating, especially during periods of economic uncertainty or disruption, such as an upcoming election. As we approach the November elections, we can expect the markets to be more volatile, affecting both stocks and mortgage rates. Given these fluctuations, waiting for long-term interest rates to drop before refinancing may not be the…
When it comes to understanding mortgage rates, relying solely on media sources can be misleading. The best barometer for where mortgage rates truly stand is the actual source: FreddieMac.com. This is the entity that buys the loans made and sold by mortgage aggregators. When you see headlines claiming that interest rates are lower or have…