Home Mortgage

21 Nov 2023

The Role of A Down Payment: How Much Should I Save?

Home MortgageDown Payment, Mortgage, New Home

Buying a home, a car, or any significant investment often involves making a down payment. The down payment is a crucial part of the purchasing process, as it can impact your loan terms, interest rates, and monthly payments. But how much should you save for a down payment, and why is it so important? Understanding Down Payments A down payment is a portion of the purchase price that you pay upfront when buying a house, a car, or making a large investment. It's a way to demonstrate your commitment to the purchase and reduce the risk for the lender or…

02 Nov 2023

By Lonny Levine

0 Comments

Rejected for a Home Loan? Your Roadmap to Approval

Home MortgageMortgage Acceptance, Mortgage Financing, Mortgage Tips

When your mortgage application faces rejection, it can feel like your dream of owning a new home is slipping through your fingers. However, don't lose hope just yet. There are strategic steps you can take to transform that denial into an approval and secure a more attainable loan. Here's a guide to help you explore your loan options and obtain the mortgage that suits your needs. Uncover the Reasons Behind the Mortgage Application Denial The initial and crucial step in seeking a second chance is to understand why your mortgage application was turned down. Banks typically decline mortgage applications…

01 Sep 2023

By Lonny Levine

0 Comments

The Future of the Housing Market: Predictions for 2023 and Beyond

Financial Reports, Home Mortgage, Mortgage Rates

The housing market has been booming in recent years, but what does the future hold? In this post, we’ll take a look at some predictions for the housing market in 2023 and beyond. The housing market has been on a roll in recent years, with low interest rates and high demand driving up prices. However, there are concerns that this growth may not be sustainable in the long term. According to a Forbes article1, there are several factors that could impact the housing market in the coming years. One of the biggest factors is rising interest rates. While interest…

28 Aug 2023

By Lonny Levine

0 Comments

This Week Ahead: Mortgage Rates August 28, 2023

Blog, Home Mortgage, Market Outlook, Mortgage Rates

This Week Ahead: Mortgage Rates August 28, 2023 If you’re thinking about buying or refinancing a home, you may be wondering how mortgage rates are doing this week. Here’s a summary of what you need to know: Mortgage rates have remained high overall, but if inflation drops later this year, they could go down1. The average for a 30-year fixed rate mortgage was 7.39% on August 25, the highest level in more than two decades2. The Fed resumed rate hikes at its July 26 meeting, and may raise rates again in September to curb inflation3. The median existing-home sales price…

24 Aug 2023

By Lonny Levine

0 Comments

New home sales grow, even with higher mortgage rates

Home Mortgage, Market Outlook

In the ever-evolving landscape of real estate, staying ahead of market trends is crucial for both homebuyers and industry professionals. One such trend that has been making waves recently is the surprising growth of new home sales despite the presence of higher mortgage rates. In this post, we'll delve into exploring the dynamics behind this phenomenon and understanding how potential homebuyers can navigate the market effectively. The Unlikely Growth in New Home Sales: In a recent article by HousingWire titled "New Home Sales Have Grown Even With Higher Mortgage Rates," Lonny Levine discusses the unexpected growth in new home sales…

21 Aug 2023

By Lonny Levine

0 Comments

This Week Ahead: Mortgage Rates August 21, 2023

Financial Reports, Home Mortgage, Home Values, Mortgage Rates, Real Estate

The housing market is facing some serious challenges as mortgage rates remain high, home prices soar and inventory shrinks. Here are some of the key trends and events to watch for this week: Mortgage rates. The national average 30-year fixed mortgage rate crossed the 7% mark in the third week of August, rising to 7.09% the week ending August 171. This is the highest level since October 2022, when rates briefly spiked to 7.16%. The Federal Reserve has raised its benchmark interest rate twice this year, and is expected to hike it again before the end of 2023, putting more…

18 Jul 2023

By Lonny Levine

Mastering Mortgage Loan Options: Assumable Loans Explained

Home MortgageAssumable Loans, Loan Options, Mortgage

Mortgage loans are an essential aspect of financing the purchase of a property. Among the various types of mortgages available, one option that may be advantageous for both buyers and sellers is an assumable mortgage loan. An assumable mortgage loan is a type of home loan agreement that allows a homebuyer to assume the existing mortgage of the seller when purchasing a property. In other words, the buyer takes over the seller's mortgage terms and conditions, including the interest rate, repayment schedule, and remaining balance. Benefits of an Assumable Mortgage Loan: Favorable Terms: Assumable mortgages often carry lower interest rates…

12 Jul 2023

By Lonny Levine

Key Factors to Consider When Selecting a Mortgage Lender

Home MortgageLenders, Mortgage

Choosing the right mortgage lender is a crucial decision when you're considering purchasing a home or refinancing your existing mortgage. With numerous lenders available in the market, it's important to carefully evaluate your options to ensure you select a lender that suits your needs and financial goals. Interest Rates and Terms: One of the primary factors to consider is the interest rate offered by the lender. A lower interest rate can significantly impact your monthly mortgage payments and overall affordability. Compare rates and terms from different lenders to determine the most favorable options for your financial situation. Lender's Reputation and…