Average closing costs for a single-family home rose by 13.4% in 2021, according to a new analysis by CoreLogic, a real estate research firm. That equates to about $6,905 including transfer taxes and $3,860 when transfer taxes are excluded. Home buyers also are facing higher borrowing costs from mortgage rates and higher home prices. The …
Category: Real Estate Tips
Apr 17
Demand Doubles for ARMs
The share of mortgage applications with adjustable-rate mortgages doubled last week when compared to three months ago, the Mortgage Bankers Association reported Wednesday. ARMs, which start at one rate and then fluctuate after a set period, comprised more than 9% of loans and 17% of the dollar volume. ARMs were blamed for contributing to the …
Apr 15
Mortgage Rates This week.
The 30-year fixed-rate mortgage barely budged this week, but it’s still stressing home shoppers feeling concern about being priced out. The 30-year fixed-rate mortgage averaged 5.10%, down slightly from 5.11% last week, Freddie Mac reports. But it is one week before the Federal Reserve is expected to raise interest rates further, Nadia Evangelou, National Association …
Apr 12
Mortgage Payment Nearly 50% Above a Year Ago
There’s reason talk of sticker shock has grown increasingly common in real estate: Home prices and mortgage rates have significantly increased home buyers’ costs in just one year. Mortgage rates have risen at the fastest pace in four decades. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports. A year ago, rates averaged …
Apr 11
Misperceptions Persist Over VA Loans
Mortgage loans backed by the Department of Veterans Affairs can help make homeownership more attainable for military families with its offers of zero-down-payment loans. But many vets or service members may not know what’s required to use one or how they work, a new study shows. A new study of 1,000 active-duty service members and …
Apr 10
The Impact of High Mortgage Rates
The sharp rise in mortgage rates this year has added hundreds of dollars to new monthly mortgage payments. In fact, climbing rates have caused the monthly amount of a new mortgage payment to increase by an average of $258.57. That equals an average of an extra $3,102.84 per year and an average of $93,085.20 over the …
Apr 09
Deciding to enter the home buying market?
Deciding to enter the home buying market? Here are some tips on what NOT to do during the homebuying process. Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage are experts on guiding buyers through this process and answering any questions you have. #homebuyereducation
Apr 08
Can’t decide whether to rent or buy in this crazy market?
Can’t decide whether to rent or buy in this crazy market? Here is a list of reasons why buying a home makes the most sense. Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage can help you along the way with what makes the most sense for you. #rentvsbuy
Apr 05
Not sure what loan product is best for you?
Not sure what loan product is best for you? This is the list of our products we offer along with some other options. Reach out to Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage to see what the best match is for you! #productforyou
Apr 04
How much can a 1-0 buydown save you?
How much can a 1-0 buydown save you? These product guidelines explain the process of getting approved for a 1-0 buydown. Talk to your agent today on how to structure your offer. Ask Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage who have your best interests at heart! #buydown
Apr 03
Mortgage Rates Reach Level highs
The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports. “Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house …
Apr 02
ARM Demand Hits 14-Year High
More home buyers are reaching for the ARMs. Adjustable-rate mortgages generally offer a lower introductory mortgage rate that is locked in for five, seven, or 10 years before then adjusting. As mortgage rates rapidly rise, some buyers may be getting priced out, unless they lock in an ARM, which may have an introductory rate closer …
