Last week's economic news included readings From National Association of Home Builders, Commerce Department reports on housing starts and building permits issued Weekly readings on mortgage rates and new jobless claims were also released. NAHB Posts 3rd Consecutive Decline in Builder Confidence According to the National Association of Home Builders, builder confidence in housing market conditions dropped by one point in March to an index reading of 70. Three sub-categories of builder sentiment … [Read more...]
Moving From An Apartment To A House? Here’s What You Need To Remember About Your Lease
The major problem that the vast majority of buyers will run into - especially when purchasing their first home - has to do with a lease agreement that is still active with their apartment complex at the time of the purchase. If you locate the perfect home in February but your lease isn't over until August, you can't be expected to wait around. But at the same time, the remainder of that lease agreement could represent thousands of dollars that you'll be paying to essentially "live" in two … [Read more...]
What Are The Benefits And Drawbacks Of Putting 20 Percent Down On A Home Purchase?
Several generations ago, lenders required home buyers to have a 20 percent down payment in order to get a mortgage. While there were a few options out there for people who couldn't save this substantial amount, the reality was that for the majority of people, the 20 percent down was a requirement. It was the way to show that you were financially responsible enough for homeownership. And it was a strong way that the banks felt secure in making a home loan. Today, however, homebuyers have many … [Read more...]
What Items Can Change My Mortgage Pre-Approval Status?
When you are purchasing a home, your lender may recommend you obtain a mortgage pre-approval before you find the home of your dreams. There are some benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals. So the question many buyers have is what exactly is a mortgage pre-approval? In a nutshell, it's when the lender provides you (the buyer) with a letter stating that your mortgage will be granted up to a specific dollar amount. … [Read more...]
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