Last week's economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac's mortgage rates survey and new jobless claims were also released. Construction Spending Dips in June According to the Commerce Department, construction spending fell in June to -0.60 percent as compared to expectations of an increase of 0.50 percent and May's reading of -0.10 percent. Spending was even across public and private construction spending. The Commerce … [Read more...]
Thinking about a ‘Fixer Upper’? Understanding the Balance Between Purchase and Reno Costs
Fixer uppers can come with huge price benefits and opportunity, as well as problems. Make sure you understand what you're getting yourself into before you purchase a home that needs significant restoration. Carefully Calculate Do the math very carefully before jumping in. Add up the expected renovation costs based on a thorough evaluation of the property. As some of the expected costs will lie within a grey area, it is important that you base your estimation on the higher end of the price range. … [Read more...]
3 Different Types of Loan That Will Negatively Impact Your Ability to Get a Mortgage
A good credit rating is built on a number of financial factors including paying your bills on time and the length of your credit history, but loans can also be a source of bolstering your credit score in a positive way. While this means that loans can actually be a good thing, there are also the kinds of loans that can have a damaging impact on acquiring a mortgage. If you'll soon be pursuing your own home purchase, here are some loans that may have a negative impact. Borrowing For Education … [Read more...]
Spouse with Bad Credit? 3 Reasons You’ll Want to Consider a Co-signer for Your Mortgage
Obtaining a mortgage can be quite a complicated process even without the financial hurdles, but if your spouse's credit has experienced a number of difficulties, acquiring a mortgage can be even more of a burden. If you're concerned about what bad credit will mean for your mortgage and are weighing your options, here are some reasons why it might be important to use a co-signer for your application. Increasing The Likelihood Of Approval From getting an education to purchasing your first … [Read more...]
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