Taking on a new job can be exciting. But if getting a new gig happens to coincide with your plans to buy a home, it can affect your ability to get a mortgage—even if you make more money in your new job. When you apply for a home loan, lenders take a deep dive into your financial history, including your current employment, to see if you can handle monthly mortgage payments. “Any change to your income...
As a renter, you’re expected by abide by your landlord’s rules and regulations. If you don’t, your belongings may end up unceremoniously dumped on the curb. What can we say? Some things in life are black and white; your lease is undoubtedly one of them. To eliminate any confusion, we spoke with rental experts and compiled a list of the things that are sure to get you kicked out of your rental....
There’s no denying that the cost of living continues to increase. The price we pay for food, transportation, clothing, shelter, airfare — virtually all goods and services — is on the rise. And like every other sector of the economy, housing providers and the more than 40 million Americans who live in apartments are facing steep costs. But why exactly are rents rising and what can be done to help...
I’ve been hearing that the housing market is slowing down and prices may even start falling. Should I put my home search on hold to get a better deal down the road? The news has been filled with stories about how the housing market is finally cooling—after more than two years of unprecedented price growth and wild bidding wars. More homes are going up for sale in many markets. Buyers no longer need to...
Despite the sweltering heat, real estate’s red-hot tear is, at long last, slowing down and chilling out.In our series “How’s the Housing Market This Week?” we look at the four crucial indicators: home prices, new listings, days on the market, and mortgage rates. For the week ending July 23 (the most recent research available), all four are showing noteworthy shifts that suggest that the raging...
Show me the money! Admit it, that’s what you’re thinking when you consider selling your house. In fact, chances are good you’ve mentally spent much of the proceeds already—on a new house you’re buying, and maybe even a nice vacation this summer.Slow down there—while selling a home can indeed bring in some sweet profits, not every dollar goes into your pocket. You also have to pay the...
Mortgage rates took a step back this week as concerns about a recession outweighed worries about inflation. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 5.3 percent with an average 0.8 point. (A point is a fee paid to a lender equal to 1 percent of the loan amount. It is in addition to the interest rate.) It was 5.54 percent a week ago and 2.8...
Home values have risen for 124 consecutive months — more than 10 years — and the gains have accelerated in recent years. That, and keeping up with monthly mortgage payments, has put a lot of wealth on paper for homeowners.A record 48.1% of homeowners with a mortgage nationwide were equity-rich in the second quarter of 2022 — owing the lender less than 50% of what they could sell their home for. That...
By: Orla McCaffrey (realtor.com)May 2, 2022Mortgage rates are at their highest level in more than a decade. Home buyers are fighting back.More borrowers are paying fees to cut their interest rates and making higher down payments to lower the amount they have to finance, lenders and real-estate agents say. People buying homes under construction are choosing to lock in today’s rates rather than risk even...
By: Lisa Kaplan Gordon (realtor.com)What is a bridge loan? As the name suggests, bridge loans offer a short-term loan or “bridge” that allows borrowers to purchase new real estate property by using the home they currently own as collateral. A bridge loan is definitely worth considering for borrowers who are trying to buy and sell a home at the same time.What is a bridge loan?Also called a “wrap” or...