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6 Tips for Saving a Down Payment as a Renter

Homeownership is the American Dream, and yet with house prices on the rise, it can sometimes feel unattainable if you’re still trying to make a rent payment each month. The average U.S. rent for a two-bedroom apartment as of June 2020 was $1,917, according to Rent.com, an increase of $39 over 2019. While that may not seem like a huge jump, it does make it harder to save for buying a house, especially when average home prices have risen 15% in roughly the same time, according to the National Association of Realtors. Even with increasing prices, it is possible to save for that firs...

January 27th, 2021 | First-time Homebuyers, Purchasing a Home, 6 Tips for Saving a Down Payment as a Renter

Why ARM Loans Don’t Make Much Sense Right Now

If you are looking to buy a home soon or to refinance your current mortgage, you know that interest rates are very low.  In recent weeks, the average rate on a 30-year fixed-rate mortgage is below 3%. In fact, rates have been setting record lows for a while. And yet, you may have seen adjustable-rate mortgages advertised with interest rates below those stunning rates, maybe around 2.25%. While that lower rate can seem very enticing, here’s why ARM loans are not the best option in today’s economic climate. How ARMs Work Adjustable-rate mortgages have ultra-low intere...

January 20th, 2021 | Interest Rates, Why ARM Loans Don’t Make Much Sense Right Now

4 Predictions for the 2021 Mortgage Market

The 2020 housing market surprised everyone by quickly bouncing back after slumping during the first few months of the coronavirus pandemic. What might the coming year hold as the country continues to fight its way through this crisis? The experts at the National Association of Real Estate Editors conference last week made these four predictions for the mortgage world in 2021. Mortgage Rates Will Rise from Record Lows As the COVID crisis eases and the economy improves, long-term mortgage interest rates (which hit multiple historic lows this year) will begin to rise. Averaging 3.0% in 20...

January 13th, 2021 4 Predictions for the 2021 Mortgage Market

Mortgage Lingo 101

As a first-time home buyer, you will hear lots of words that you may not be familiar with. Just like every industry, the real estate market has its own lingo, and it can be confusing for newbies. Here is a list of the most common mortgage jargon to help you navigate the home loan process: Adjustable Rate Mortgage (ARM) – loans that provide an extra-low interest rate for an initial period of 5,7, or 10 years, after which the rate is allowed to move up or down once a year based on market indexes. Amortization – spreading the principal and interest into equal payments over the c...

January 6th, 2021 Mortgage Lingo 101