Mortgage Rate Recap and Outlook for the Week Ending October 16, 2019

The US economy added 140,000 jobs in September, thus keeping the unemployment rate hovering around the acceptable 3.7% mark. And so, though job growth has cooled, we are still at a point where the layoffs are not going out of hand- a possible turnabout that could compromise the US expansion project. Exports are weak, thanks to the trade war. The manufacturing industry is unquestionably in a state of contraction and the service sector has been carried away in its slipstream. And while the US, nobly, is not transferring tariff costs to the end-consumer…continue reading →

Austin Real Estate Market: Housing Demand Encouraging, Inventory Stretched

Play it any way you like it but Austin is not in a real estate bubble. Its property market is encouragingly poised. Housing demand is just where you would like to see it and inventory is pretty stretched. While the Austin market is not as big as Houston or Dallas, it has witnessed a near 100% spurt in home prices over the last 10 years. Austin Board of Association of REALTORS data Based on data plucked from the Austin Board of Association of REALTORS, HomesUSA.com has conducted an analysis that says new homes…continue reading →

Existing Home Sale Report for the Month of August

Existing-home sales in the Northeast, the Midwest, and the South have registered second consecutive month of growth, says the National Association of Realtors’s (NAR) housing stat. Only the West has exhibited a decline in the number of existing homes sold in August. Total existing-home sales (single-family homes, townhomes, co-ops and condos) rose from 5.42 million in July to 5.49 million in August (calculations based on seasonally adjusted annual rate). Year-over-year overall sales have seen a spike of 2.6%. Despite looming economic certainty, buyers are finding the prevailing interest rates irresistible, if the statement…continue reading →

Freddie Mac Announces CHOICERenovation Loan to Finance Home Renovations

With the Remodeling market size expected to touch a massive $269 billion by 2025, it was time for Freddie Mac to jump into the Renovation loan marketplace. Especially given that the Federal Housing Administration and Fannie Mae have this kind of loan in place for, what, years now. Freddie Mac’s CHOICERenovation mortgage offers borrowers the opportunity to purchase a fixer-upper and get it remodeled with a single loan, thus cutting out the need for a cash-out refinance. Borrowers can also procure the loan for their existing homes for improving their properties. The CHOICERenovation…continue reading →

As Demand Cools Down, Housing Inventory Shoots Up in the Bay Area

There is an interesting insight into the homes on the market in the South Bay area. For the Santa Clara County, between the years 2014 and 2018, 90 out of 100 homes on the market in April and first half of May got sold. Compare this to 2019, when for the same period, only 33 out of 100 homes on the market sold. We are talking a drop of some 63%. No mean stat! Just goes on to prove that buyers have become choosy. They are not averse to waiting and while it…continue reading →

Can you Increase your FICO Scores with Timely Rent Payment?

Renters have outnumbered homeowners in more than 20 big cities. Between the year 2006 and 2016, the number of renters has shot up by 8.7 million (data based on Pew Research Center). These are not numbers to be sneezed at. With renters becoming hot property, it is only significant that timely rental payments get their due recognition in credit reports. Timely rental payment can boost credit score We have all witnessed how our credit scores get a boost when we pay our mortgage dues on time. Same is the case with credit card…continue reading →

How the FHA Streamline Refinance Program Can Help You

Many home buyers find that an FHA home loan is the best way for them to obtain a mortgage. They are able to enjoy the benefits of homeownership without having to put down a large down payment and do not have to have a super high credit score. The FHA has more products and programs than just loans for first-time buyers, however. The FHA streamline refinance program is one of the most popular. If you currently have an FHA home loan and would like to refinance, the FHA streamline refinance program may reduce…continue reading →

Top 10 Housing Markets for Millennial Home Buyers; TX Takes Top 3 Spots

Flamboyant, fast, and with a fleeting focus! This was the stereotype associated with Millennials about a decade ago. Not that they cared! A decade has rolled by, and today, the Millennials’ pilot batch is closing on its 40thyear. Naturally, Generation Y has sobered down a lot. This explains why the largest living generation of our times is looking seriously into home ownership. Their voice is growing in the housing sector and they are making a higher and higher percentage of the First Home Buyers. Gen Y makes up for 45% of new mortgages,…continue reading →

10 Things about Credit Score Everyone Needs to Know – My #TwitterChat with @Experian

Q1: What is a credit score? A1: Credit Score is a 3-digit number created by 3 major Bureaus – Experian, Equifax, and Transunion which represents your creditworthiness. The higher the score, the more likely you will repay your debts. Q2: How do you check your credit score and is it free? A2: The Fair Credit Reporting Act (FCRA) requires each of the 3 major bureaus — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. You can also enroll for free credit score monitoring…continue reading →

Jumbo Loans Can Help More Home Buyers in 2019

Since the real estate market is always changing, the Federal Housing Finance Agency (FHFA) evaluates the maximum loan limits for conforming loans each year, including jumbo loan amounts. 2019 has seen an increase in the conforming loan limit to $484,350 for a single family home. In areas where the median home prices are well above the national average, the maximum amount for a conforming loan is $726,525. Jumbo Loan Amounts May Vary by Location In 2018, the maximum was $453,100 for most areas, and in 2016 it was $424,100. So we can see…continue reading →