Buying a home is a significant investment, and ensuring the property is in good condition is crucial. There are times when asking the seller for repairs is the best course of action, but in other situations, requesting a credit may be more beneficial. Understanding when to choose each option can help you navigate the buying process more effectively. The Impact of Loan Types on Repairs Certain loan types, such as Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, require the … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 19th, 2024
The results are in, and both the CPI and PPI inflation reports confirm that inflation has come in lower than expected, surpassing expectations. This is a great result leading forward for the next FOMC Rate Decision meeting, as there is high optimism now that the rate cuts are coming this year. With next week's FOMC Minutes guiding the next meeting, we can expect to hear their stance going forward. We also see a matching indicator in Retail Sales, showing a significant gain across the board, … [Read more...]
Understanding the Difference Between a Co-Borrower and a Co-Signer
When it comes to securing a mortgage, the terms and roles can often be confusing. One such term you might come across is "co-borrower." Understanding what a co-borrower is and how they differ from other roles in a mortgage can help you make informed decisions when navigating your home loan process. What is a Co-Borrower? A co-borrower is an individual who applies for a mortgage loan alongside the primary borrower. This person shares the responsibility of repaying the loan and is equally liable … [Read more...]
The Impact of Inflation on Mortgage Rates and Homebuying Power
In today's economic climate, inflation has become a hot topic, especially for potential homebuyers. Understanding how inflation affects mortgage rates and your homebuying power is crucial. Let's see how it can impact your journey to homeownership. What is Inflation? First and foremost, inflation refers to the rate at which the general level of prices for goods and services rises. When inflation is high, purchasing power decreases because each unit of currency buys fewer goods and services. How … [Read more...]
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