Monday, August 19, 2024 / by Dick Keenan
If you’re considering buying or selling a home, mortgage rates are likely at the forefront of your thoughts. These rates play a crucial role in determining how much you’ll pay each month on your mortgage, so it’s important to factor them into your plans. Here’s what you need to know about the current mortgage rate landscape and how it affects your buying power.
What’s the Current Trend with Mortgage Rates?
Recently, mortgage rates have been on a downward trend, which is promising news for those looking to buy a home. However, it’s essential to remember that mortgage rates can be unpredictable. They are influenced by a variety of factors, including the state of the economy, the job market, inflation, and the Federal Reserve’s policies.
As Odeta Kushi, Deputy Chief Economist at First American, points out, “The ongoing deceleration in inflation, coupled with the Federal Reserve’s recent indication of potential rate cuts [in 20. ...
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Wednesday, August 7, 2024 / by Dick Keenan
Homebuyers are beginning to reclaim some negotiating power in the current market. While it’s not quite a buyer’s market, this shift means buyers might have more room to make requests. Sellers should be prepared for this possibility and know their boundaries when it comes to negotiations.
Whether you're buying or selling, understanding potential negotiation points is crucial. Here’s a quick overview of what might come up during your transaction so you can be prepared.
What Can Be Negotiated?
Almost everything in a home purchase is open for negotiation. Here are some key areas, according to Kiplinger and LendingTree:
Sale Price
The most obvious point of negotiation is the sale price. With affordability being a concern, buyers don’t want to overpay. Sellers need to be realistic about their asking prices and may need to adjust if they’re not seeing offers.
Home Repairs
After an inspection, buyers can request that sellers make necessary r. ...
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Friday, June 21, 2024 / by Dick Keenan
Buying a home has become more challenging with today’s mortgage rates and rising home prices. This difficulty might have you exploring grants and assistance programs to see if you qualify for any help. However, many homebuyers are unsure where to begin.
A recent study by the Bank of America Institute revealed that 53% of prospective buyers feel they need more information about homebuying grant programs. Here’s some information to help bridge that knowledge gap.
What Is Down Payment Assistance?
Down payment assistance (DPA) programs offer loans and grants to cover part or all of a homebuyer’s down payment and closing costs. There are over 2,000 DPA programs nationwide, each varying by location. Many buyers could receive thousands of dollars in assistance if they qualify.
Additionally, you might not need to save as much for your down payment as you think. Contrary to popular belief, you typically don’t have to put down 20% unless specified by your loan. ...
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Friday, June 21, 2024 / by Dick Keenan
You've likely been hearing a lot about mortgage rates lately, especially with recent discussions about the Federal Reserve’s (the Fed) meetings. However, it’s important to understand that the Fed doesn’t directly set mortgage rates, despite what some headlines suggest.
Mortgage rates are influenced by various factors, including geopolitical events, inflation, and the overall economy. Predicting when these elements will align to bring rates down is quite challenging.
Instead of trying to time the market, focus on what you can control to make your homebuying plans a reality. Here’s what you can do:
Your Credit Score
Your credit score significantly impacts your mortgage rate. As CNET notes:
“You can’t control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a . ...
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Monday, December 21, 2020 / by Traci Pimentel
Single story, 3 bedroom Ranch style home located in the heart of Paso Robles sits on a large lot recessed from street traffic. Lounge on the stone patio out front or recline in the shade on the covered back patio. Tiled entry has a decorative, screened front door and sizable window that brings the sunshine inside. The cozy Living Room has beautiful French doors that open to the backyard. Formal Dining area has a picturesque brick fireplace, more French doors and affords space to set up your home office. Farm style kitchen has many components to keep the cook of the house happy, including a built in counter cooktop, double basin sink and overhead storage cabinets. Updated laminate wood flooring flows throughout the main living area of the home and new carpet has been installed in the bedrooms. The Master Bedroom has a wall to wall mirrored closet and the Master Bathroom is accented with charming Wainscoting. But wait! There's more! This property has a detached 1 bedroom Guest House lo. ...
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