MORTGAGE BLOG

A Bountiful Autumn: What to Expect with Seasonal Mortgage Trends

Blog posted On October 04, 2024

The end of summer heralded a shift in the real estate market. The recent Fed rate cut announcement caused ripples throughout the industry, cutting the benchmark interest rate by 0.5%. Home buyers and real estate professionals alike have been celebrating as this announcement marked the first rate reduction in four years. After a languid summer and a dragging housing market, this economic shift has aligned perfectly with the changing season. Autumn has now been injected with buying energy, and potential home buyers may finally feel ready to leap off the sidelines into the golden leaves of homeowning.

How Falling Interest Rates Could Reignite the Housing Market

Blog posted On September 20, 2024

With mortgage rates tumbling to their lowest levels in recent times, priced-out potential home buyers may start to hope again. Due to the recent lower-trending rates, refinance applications jumped starting in August. Now, with the Fed beginning its long-awaited rate cuts, home buyers could be in luck in the coming months.

Down Payment Costs Rise by 15% Annually: Here’s How to Keep Yours Low

Blog posted On September 06, 2024

According to Redfin, home buyers are now putting down an average of $67,000, which marks a nearly 15% increase compared to a year ago. This put the typical home buyer’s down payment at a whopping 18.6% of the purchase price, the highest level in over ten years. With this recent surge, prospective homeowners, realtors, and lenders alike are all wondering what this means for the future. And how can we still succeed in the home buying market despite record highs?

5 Strategies for Navigating a Low Affordability Housing Market

Blog posted On August 02, 2024

What are some of the biggest homeownership hurdles holding you back? Well, high interest rates and historically high home prices to start! It’s understandable to ask, “WHY are people buying now, and HOW are people affording homes?” Instead of holding off and continuing to wait for rates to drop, this may be the best time to buy, especially with the help of loan programs like Rate Rebound. According to MarketWatch, buying now is key—once the Fed finally starts cutting interest rates, the lack of home supply will remain, meaning that “high home prices today could soar.” Let’s tackle five strategies that can put you ahead of the game in this low affordability market.

5 Tips on How to Financially Prepare for a Home Loan

Blog posted On June 28, 2024

Are you ready to purchase your first home, but overwhelmed with where to begin? The way to set yourself up for success for the home buying process is to consider preparing your finances and getting into the best financial shape possible before applying for a home loan. Let’s walk through some helpful tips to help the process go as smoothly and stress-free as possible.

Struggling to Sell Your Home? DON’T Make This Costly Mistake

Blog posted On October 19, 2023

“I’ll wait until next year...” “Maybe when rates fall…” “I can’t afford to buy right now…” High mortgage rates are pushing many people out of the home buying market. With fewer interested buyers, selling a home has become significantly harder than a couple of years ago. If you’re trying to sell now, don’t give up hope. We have ways that can help you save money and still sell your home at top price.

6 Financial Tasks to Complete by the End of the Year

Blog posted On December 21, 2022

This time of year is a whirlwind. Between preparing for the holidays, traveling, spending time with family, and hopefully squeezing in some time to relax, there’s a lot going on at the end of the year. This makes it easy to overlook some less fun, but equally important tasks like checking in on your finances. If you haven’t yet already, here are 6 things to do before the year ends to maximize your financial benefits and get ready for the new year.

5 Ways to Prepare Your Finances for a Recession

Blog posted On August 24, 2022

An economic slowdown is coming, according to countless experts. Consumers are becoming more concerned about the future state of the economy and the likelihood of another recession. Here are five ways you can financially prepare for a recession.

Home Equity and Financial Safety: Which Loan Programs Can Help You Prepare for Uncertainty?

Blog posted On July 14, 2022

Economists are watching the jobs market closely for hints of a slowdown. In times preceding economic slowdowns, the unemployment rate will typically increase, quits rate will fall, and job openings will decline. During times of uncertainty, Americans typically search for more financial safety and less risk – bonds increase, stocks fall, etc. There are several home loan options that can help increase your financial safety as well.

4 Factors to Consider When Determining Your Max Purchase Price

Blog posted On July 13, 2022

Buying a home is exciting, but it’s essential to determine how much house you can afford before starting the home buying process.

Below are important factors to consider before you begin your home search journey.

How Reverse Mortgages Can Help Retired Homeowners or Buyers

Blog posted On May 05, 2022

You’ve spent years investing into your home and now it’s time to reap the rewards of your hard-earned equity. As you get older, you might be thinking about buying a home that better suits your lifestyle. But you also are probably thinking about your retirement funds. 

Money Moves to Make Amid High Inflation

Blog posted On April 27, 2022

One of the main consequences of skyrocketing inflation is often times rising interest rates. Raising the benchmark interest rate is one financial tool that the Federal Reserve uses to help curb inflation. However, there are several other effects that can come from higher interest rates. Here’s how higher rates can affect your wallet and how you can prepare.

Benefits of Purchasing a Multifamily Home

Blog posted On March 31, 2022

Unless you’re a seasoned real estate investor, it’s likely that you haven’t considered purchasing a multifamily home. At first glance, buying a multifamily home sounds much more expensive than a typical single-family purchase. Although yes, most multifamily homes have a higher sales price than comparable single-family homes, they actually could help you save money every month.

How to Choose the Best Mortgage Fit

Blog posted On March 24, 2022

Shopping for a home is the fun part. Then comes the mortgage shopping. Conventional loans have long reined as the most popular type of home loan. But there are a few more options out there, such as FHA Loans, VA Loans, USDA Loans, Jumbo Loans, Renovation Loans, and all kinds of specialty programs. Not to mention the different loan terms and mortgage rate options. Deciding on what’s right for you may feel overwhelming, but with these five steps, you can find your perfect mortgage fit in no time.

5 Ways a Fed Rate Hike May Impact You

Blog posted On March 16, 2022

In 2008, the Federal Reserve lowered the benchmark interest rate to a level of near zero. This was the first time the benchmark rate had been this low. The second time was in March 2020. March 2022 will be only the second time that it has raised rates from near zero. So how will this jump affect you?

Halal Financing Program: Accessible Homeownership for All

Blog posted On March 10, 2022

The Halal Financing Program is a home buying solution that can offer more buyers a path to homeownership. Through our partnership with the Ijara Community Development Corporation, we are one of the only companies in the nation to offer Islamic-compliant lending.

7 Tips to Help You Maximize Wealth at Any Age

Blog posted On December 29, 2021

Regardless of where you are in life, it’s likely that you have money on your mind. Whether you’re just getting your first paycheck, or getting ready to retire, you’re probably wondering about the best places to spend, save, or invest your money. Though the best financial advice is tailored to your individual situation, a few suggestions can help you at almost any stage in life.

3 Credit Card Resolutions for Next Year

Blog posted On December 22, 2021

Your credit score is one of the most important factors when it comes to applying for loans, leases, or even cell phone plans. When determining whether or not to provide you a loan or lease, most lenders will assess your credit score and credit history. The best time to try and boost your credit score is well before you plan on making any important financial moves. So, to help you prepare for next year, here are three important habits that can help boost your credit score.

How Home Equity Can Increase Your Financial Safety

Blog posted On December 16, 2021

While many home buyers dream of the day they can paint their own walls, have their own yard, and finally have a place to call home, they might be forgetting about the most beneficial perk of all. Home equity is one of the most valuable assets for many homeowners. Not only does it boost your net worth and increase your financial freedom, but it also can strengthen your financial safety net.

10 Financial Resolutions for the New Year

Blog posted On December 15, 2021

The third most popular New Year’s resolution is saving money. Though New Year’s Eve is still a few weeks away, we wanted to help you start the year off on the right foot. Here are ten tips to help you boost your personal finance next year.

5 Questions to Ask Before Paying Off Your Mortgage

Blog posted On December 09, 2021

Entering retirement without any debt sounds ideal but rushing to pay off your mortgage might set you back more than you think. Before you rush to pay off your mortgage, ask yourself these five questions.

The Cost of Aging in Place

Blog posted On December 01, 2021

When you approach retirement, you’ll be faced with the decision of whether to stay in your home or move.  Many retirees choose to downsize or move from a single-family home to a townhouse or condo.  Others choose to renovate their current home to accommodate expected life changes.  If you’re considering whether you’re going to stay in your home or move when you retire, make sure to account for all the expected costs.

How to Save Money While Aging in Place

Blog posted On November 03, 2021

Many working-age people dream of the day that they can someday retire on a sunny beach. But as we get older, it seems that our preferences and priorities change. According to AARP, more than 75% of adults aged 50 and above prefer to stay in their current home. It’s natural to want to stay in an area close to family and friends. However, maintaining a home in retirement can be a difficult and costly endeavor. Luckily, there are ways you can prepare for these financial adjustments.

How to Budget for Your First Home Purchase

Blog posted On October 21, 2021

A lot goes into buying your first home. At first, it can be an intimidating process, but with the right guidance it can go by smoothly. If you’re considering buying your first home, there are a few things you should keep in mind when making your home budget.

Retirees and Inflation: How to Retire When Prices Are High

Blog posted On October 20, 2021

In the mid-1960s, it cost $1 to buy a movie ticket, $.30 for a gallon of gas, and $20,000 to buy a home. Today, it costs around $10 - $20 to buy a movie ticket, an average of $3.27 for a gallon of gas, and approximately $357,000 to buy a home of median value. To some extent, rising prices are a natural part of a progressing economy. Everything stabilizes when wages keep up with the increased cost of living. But what happens if you’re not receiving wages at all? For some people, rising inflation costs might be less concerning; but for those who are retired or planning to retire soon, it can be slightly more worrisome.