If you're a homeowner with a mortgage, you may be familiar with the concept of an escrow account. This financial tool is designed to simplify the management of property-related expenses by combining certain costs, such as property taxes and insurance, into one account. Typically, your mortgage servicer collects a portion of these expenses with each monthly mortgage payment and holds the funds in an escrow account to cover these bills when they become due. Various factors can lead to fluctuations … [Read more...]
Understanding the Distinction Between Mortgage Interest Rates and APR
When it comes to securing a mortgage, borrowers are often confronted with various terms and figures that may seem confusing at first glance. Two key components that play a significant role in determining the cost of a mortgage are the interest rate and the APR (Annual Percentage Rate). Though they are related, it is crucial to understand the difference between them to make informed decisions while comparing different loan offers. This article aims to shed light on the dissimilarities between the … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 7, 2023
Last week’s scheduled economic reporting included readings on construction spending, public and private sector payroll growth, and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims were also released. Construction Spending Slips in June U.S. construction spending slipped by 0.60 percent to 0.50 percent growth in June; analysts expected a month-to-month reading of 0.70 percent growth in construction spending. Year-over-year construction spending … [Read more...]
Will Buying A New Car Impact The Ability To Buy A New Home?
Making major life decisions often involves a delicate balancing act. Among the most significant choices individuals face are buying a new car and purchasing a new home. Both ventures represent milestones in one's life, bringing excitement and anticipation. However, there is a complex interplay between these two financial endeavors that can significantly impact a person's ability to achieve their dream of owning a new home. Here are some factors to consider: Debt-to-income ratio: When you … [Read more...]
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