Purchasing a condo can be an exciting step, offering a more affordable option or an appealing lifestyle in certain areas. However, financing a condo differs significantly from securing a mortgage for a single-family home. These differences arise from the shared nature of condo ownership, affecting the underwriting process, appraisal requirements, insurance needs, and sometimes even the interest rate. Understanding the nuances of condo financing will help you make more informed decisions when it … [Read more...]
What’s Ahead For Mortgage Rates This Week – December 16th, 2024
Last week featured a light release schedule, with the key highlights being the CPI and PPI reports. The CPI has proven to be exactly within expectations, signaling the Federal Reserve should be on track for another planned rate cut. However, this was offset by higher-than-expected PPI inflation. Despite these mixed signals, both indicators show stable trends, and overall inflation appears to be moving toward the Federal Reserve's target. The Federal Reserve remains committed to reducing … [Read more...]
Why Getting Preapproved Before Your House Hunt Is Crucial
Buying a home is one of the biggest financial decisions you'll ever make, and you want to make sure you’re as prepared as possible. Whether you’re just starting to browse homes or are ready to put in an offer, one of the most important steps you can take is getting preapproved for a mortgage. Preapproved vs. Prequalified: What’s the Difference? While you might come across the term prequalification during your home search, it’s important to understand the distinction … [Read more...]
The Differences Between Hard and Soft Credit Inquiries
Credit inquiries, also known as credit pulls or checks, are a standard part of assessing creditworthiness. However, not all credit inquiries are the same. They fall into two main categories: hard and soft credit inquiries. Understanding the differences between these two types is crucial for managing your credit health and avoiding misconceptions. Below, we explore the distinctions between hard and soft credit inquiries to provide clarity on their purpose and impact. 1. Purpose and Usage Hard and … [Read more...]
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