As a consumer, understanding these economic trends can empower you to make informed decisions about your mortgage. Let’s discuss some key economic factors that influence mortgage lending and what they mean for you. Interest Rates: The Pulse of Mortgage Lending Interest rates are perhaps the most significant economic indicator affecting mortgage lending. When the Federal Reserve adjusts its benchmark interest rate, it directly impacts the rates banks offer on mortgages. Low-Interest Rates: … [Read more...]
Can Closing Costs Be Included in Your Loan? Here’s What You Need to Know
When buying a home, many people are aware of the down payment but often overlook the additional costs that come with closing the deal. These expenses, known as closing costs, can sometimes catch buyers off guard. The good news is that, in certain circumstances, closing costs can be included in your loan. Here’s a closer look at how this works and what you need to consider. Understanding Closing Costs Closing costs are fees associated with the finalization of a real estate transaction. They … [Read more...]
What’s Ahead For Mortgage Rates This Week – June 24th, 2024
Currently, the Retail Sales Report is the sole report that has weight. With the passage of more optimistic inflation data reports, retail sales coming in slightly under expectations will have little to no bearing on the overall outlook. Given the last major reports indicating the economy's health and state of inflation, there is more optimism toward a potential rate cut this year. Lending partners have still been quick to continue cutting rates. Consumer Price Index Sales at U.S. retailers … [Read more...]
How Long Does It Take to Refinance a House?
Refinancing your home can be a smart financial move, offering you the chance to secure a better interest rate, reduce monthly payments, or even tap into your home's equity. However, one of the most common questions homeowners have is: "How long does it take to refinance a house?" While the timeline can vary based on several factors, here's a general overview to help you understand the process. 1. Preparing to Refinance (1-2 Weeks) Before diving into the refinance process, it's essential to get … [Read more...]
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