The FOMC rate decision has been announced, and the Federal Reserve has decided to keep interest rates unchanged.In a press statement, the Federal Reserve stated that inflation risks have eased in recent months.However, recent releases of the PCE Index inflation data have shown that, while inflation remains within expectations, the current rate of 3% is still significantly higher than the Federal Reserve’s 2% inflation target, which it has been aiming to achieve throughout the year. Given … [Read more...]
Why the Square Footage in a Listing May Not Match the Mortgage Appraisal
A home's advertised square footage can influence which properties buyers tour, how they compare asking prices, and what they expect from an appraisal. But the number in a real estate listing is not always the same as the living area reported by a mortgage appraiser. Differences can occur even when nobody intended to provide misleading information. Understanding why can help buyers evaluate a home more accurately. Square Footage Depends on What Is Counted Listings may draw measurements from tax … [Read more...]
Can a Detached Garage Affect Your Home’s Mortgage Appraisal?
A detached garage can be a major selling point. It may provide covered parking, extra storage, or room for hobbies and projects. But buyers sometimes assume that every square foot of a detached structure adds value in the same way as living space inside the house. During a mortgage appraisal, the analysis is more specific. The appraiser looks at the structure's condition, function, and contribution to market value. A Garage Is Not the Same as Living Area A detached garage is generally evaluated … [Read more...]
Why an Easement on the Property Could Raise Questions During Mortgage Approval
You may love a home's layout, yard, and neighborhood without realizing that someone else has a legal right to use part of the property. That right may be an easement. Easements are common, and many cause no problems at all. Still, buyers should understand what an easement allows, where it is located, and whether it affects the property's value or access before moving forward with a mortgage. What Is an Easement? An easement generally gives another party a limited right to use land owned by … [Read more...]
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