The concept of home is special to each of us in our own way, so shopping for a home can be emotional. Once you connect with a home that’s just right for you, emotions can run hot because that’s when you need to get the seller to accept your offer.
Home ownership brings with it a sense of pride, accomplishment and responsibility. Being in your own home evokes a sense of peace and comfort. But, beyond these emotional factors, what are the more practical benefits of home ownership that can be realized during tax season?
The Fed’s December announcement of a rate increase of 25 basis points (.25%) was highly anticipated, mostly because the last increase happened a decade ago. The threat of an increase has been looming and now that it has happened, what does the increase really mean to consumers? There’s no reason to panic. Here’s why:
Fannie Mae recently announced changes to conforming loan guidelines and all of the updates are potentially very good news for borrowers. In fact, a recent Forbes article stated that “mortgage financing will become more available to more home buyers as a couple of game changing underwriting guideline enhancements come online.” It’s important to understand what has changed and what it means in terms of qualifying for a mortgage. Here are some highlights:
Purchasing a home is an exciting experience that can also be overwhelming with lots of paperwork, decisions to make, financial data to gather, and a whole new vocabulary to decipher. As with most things, the process and the terminology are constantly evolving to keep up with the changing times. New regulations have resulted in new details to understand about the dynamic process of finding a home and securing financing. To keep you up to date, we’ve updated our previous blog about mortgage jargon to reflect new terminology and forms that have emerged, or gone away, with regulations that took effect on October 3, 2015.
In the mortgage industry, we routinely encounter instances in our day-to-day interactions with clients that make us realize what is obvious to us may not be so obvious to those we serve. As loan advisors, a question we are frequently asked by those shopping for a home and going through the mortgage pre-approval process is, “How long is my pre-approval good for?”
So you’re on the hunt for a new home. What should you do first? You’ve heard you should get pre-approved or pre-qualified, but which is it? Is there a difference? If you’ve ever been confused by the two, you’re not alone. Many people are under the assumption that the two options are the same, but, in fact, there are major differences between the two. Here’s the breakdown…
Studies continue to show that homes with green or energy efficient features can command a higher sales price. With the promise of lower utility costs and increased comfort, it’s no surprise that homeowners are willing to invest in an energy efficient environment. Although the potential benefits are clear, a recent Washington Post article points out that “…it’s often less than clear how such upgrades are valued in the real estate market by appraisers, lenders, or purchasers — or even how information about a home’s energy characteristics should be conveyed to real estate agents and potential homebuyers.” That is slowly changing…
Know Before You Owe – Tips For a Smooth Mortgage Process
Beginning on October 3, the CFPB’s new “Know Before You Owe” rule, also known as TRID, went into effect. The new regulations will result in some changes to the way real estate transactions are processed. The updates include new forms and timelines that are intended to make the process more transparent and easier to understand. Recently, the Mortgage Bankers Association released a set of guidelines to help educate everyone involved.
Many people dream of buying a vacation home at one of their favorite destinations. While the lure of the beach, ski or lakefront getaway is very appealing, there are some things to take into consideration before making the dream a reality.