While the Core PCE Index came in at 3.0%, below the expected 3.3%, overall inflation remains well above the Federal Reserve's 2% target. With inflation still running above the Federal Reserve’s target, there remains room for rates to stay elevated or potentially increase over the next several rate decisions if the Fed remains focused on restraining inflation. The JOLTS job openings report has also revealed a larger-than-expected gap. Job growth across the board has been slowing, with … [Read more...]
What Happens When Your Closing Date Gets Pushed Back?
You scheduled the movers, arranged time off work, started packing, and expected to receive the keys on Friday. Then you learn that closing needs to be delayed. Even a short change in the closing date can affect more than moving day, which is why buyers should understand what may need attention when the timeline changes. The Mortgage Timeline May Need AttentionA mortgage transaction contains several items tied to specific time periods.Depending on the circumstances, a closing delay could affect … [Read more...]
Why the Money in Your Bank Account May Need a Paper Trail Before Closing
Having enough money in the bank is an important part of buying a home, but during the mortgage process, the amount in your account may not be the only consideration. In certain situations, lenders may also need to understand where funds came from. That can surprise buyers who assume that once money reaches their account, its history no longer matters. Mortgage Funds May Need to Be DocumentedDuring the mortgage process, buyers may provide bank or asset statements showing money available for the … [Read more...]
Why Changing Jobs for More Money Can Still Complicate a Home Purchase
Getting a new job with a higher salary sounds like good financial news, especially when you are preparing to buy a home. But if the change happens while you are applying for a mortgage, the timing can create additional questions. Mortgage qualification is not based solely on how much you earn. Lenders also evaluate the stability, history, and documentation of the income being used to qualify.Higher Income Does Not Automatically Mean Easier ApprovalA substantial raise can strengthen a buyer's … [Read more...]
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