You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called recasting. Recasting your mortgage involves making a lump-sum payment that reduces your mortgage balance and leads to a lower monthly payment. Advantages of recasting a mortgage is that it can …
Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always the case, as some programs may be used by previous homeowners or even towards refinancing your current home. There also may be programs available in your area for professions such …
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Supply and Demand, a market concept that many of us studied in our first economics classes back in college. But never has this foundational economic fundamental meant more than in looking at how this impacts the year ahead in 2022. Take these few examples: While the economy was slowing beginning in 2018 followed by a …
Supply and Demand – An Important Understanding To What’s Driving 2022 Read More »
Baseline Conforming Limit Will Increase to $647,200 FHFA Announces Conforming Loan Limits for 2022 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the …
Many forecasters are calling for slower home price appreciation (HPA) and that is a very good thing. As Core Logic reported recently, home prices rose 18.1% year over year from August 2020 to August 2021. “Annual home price growth was the most that we have ever seen in the 45-year history of the CoreLogic Home …
Why Slowing Home Price Appreciation Is Good For Buyers And Sellers Read More »
Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for a home inspection can be well worth it both for peace of mind and the potential cost of trouble avoided. What can you expect during your home inspection? Your home inspector’s …
Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of mortgage with an interest rate that adjusts after an initial period. The rate can also reset periodically over the life of the loan. ARMs usually give you lower monthly payments …
With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. These are some of the most commonly negotiated aspects in homebuying. Purchase Price Your pre-qualification letter from your lender will tell you the maximum you can pay for a property, but you …
With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, and now is a great time to purchase a home. Below are a few tips and tricks to help you stand out from a crowd of other home buyers and …
Virginia Housing (formerly referred to as VHDA) offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an increase of Loan Limits, Virginia Housing continues to provide special homeownership opportunities. Effective August 18, 2021: Untitled Document Area Maximum Gross Household Income Sales Price/Loan Limit 2 or Fewer …
1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red flags because you have fallen in love with a home that checks the boxes on your home wish list. Remember to let your homebuying team guide you on your journey, not your emotions. …
Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and have the option of getting a cash out refinance shortly after closing to avoid your savings being tied up in your home. Or if you have already purchased a home …
Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR found that the average down payment on a house or condo was just 12 percent1. For first-time buyers, that number drops to six percent, and many put down much less. …
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Two questions continue to be asked of me. The first is, should I worry about rising prices and wait for the market to slow? The second is, is there a risk of a housing bubble like the Great Recession of 2008? The answer to both questions is, no! Housing prices are not on a verge …
Low Down Payment Programs & Grants George Mason Mortgage has the program options to fit your story and our experienced mortgage professionals will help find the perfect match for you. If you want to become a homeowner, but you don’t have enough cash for a down payment, a state or local down payment assistance program1 might …