In April the median home value increased to $198,000 according to Zillow’s data. That is 1% above the peak of 2007 ($196,600). However, Zillow’s chief economist, Dr Svenja Gudell, thinks it is unlikely for us to have another housing bubble. “We aren’t in a bubble, and won’t be entering one anytime soon. There are big differences between the market then Read More…
Mortgage Resources
Mortgage Closings Keep Getting Quicker
The time it takes to close all loans (both purchase and refinance) fell to 42 days in April, down from 43 days in March and a substantial drop from the beginning of 2017 when the average was 51 days in January. Although refinances are still closing faster than purchases, purchase originations continue to rule the market. This past month, refis Read More…
Purchase Money Loans Increase While Time To Close Decreases
The share of mortgage closings that were for home purchases increased in April according to the latest data from mortgage software firm Ellie Mae. Purchase money loans made up 65% of total loans with refinances down to 35%. Last year at this time purchases made up 59% of mortgage originations while refinances took a 40% share. “We Read More…
The Difference Between Pre-Qualification and Pre-Approval
Most people don’t know the difference between getting pre-qualified and getting pre-approved. Both are important stes in the mortgage process. When looking in to buying a house, your first step should be to get pre-qualified with a lender so that you can see how much you can afford. This can be done over the phone Read More…
Should You Refinance?
Why should you refinance? Many don’t ever think about refinancing, but did you know the average person can save $100’s to even $1000’s a year by doing so? There is also no limit to the amount of times you can refinance your mortgage. Just this past quarter of 2015, borrowers that chose to refinance their Read More…
How Recent Market Changes Can Affect You
As the Real Estate and financial markets continue to move up and down, mortgage rates can also be affected. Since mortgage rates are more closely tied to the bond markets, an up or down move in the stock market may not have the result in mortgage rates that one might expects. In fact, many times Read More…
Is an FHA Loan Right For Me?
With the resurgence of FHA home loans, many home owners are wondering if they can benefit from an FHA loan. The truth is that you may or may not benefit by converting your existing loan into an FHA loan when you refinance. Some of the factors that can determine if an FHA loan is right Read More…
Home Purchase Loan Tips
If you are thinking about purchasing a new home, don’t wait until you find the perfect home to get prequalified! Make sure your credit is healthy and find out how much you can qualify for before you find the home of your dreams. This helps insure that you not only choose a home in the Read More…
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