If you have lived in your current home for a few years and thinking of moving up, i.e. buying a bigger and better home, the question that you are most likely thinking is - "Can I buy that home before selling my current home?" Advantages of Selling before Buying: You won't have to qualify for two mortgages at the same time. You will have more cash to put down on the new home (assuming you have built some equity in your current home). Since you would know exactly how much you netted from…
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Mortgage Rates Rise To The Highest Levels In ~3 Years
After rising for the 5th straight week, 30-Year-Fixed mortgage rates are now at the highest levels since April 2014. 15 Year-Fixed is fairing even worse; now at the highest levels in almost 7 years. According to Mortgage Banker Association weekly survey, 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since April 2014, 4.50 percent, from 4.41 percent, with points increasing to 0.57 from 0.56. 1 point is equal to 1% of the loan amount. The interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than…
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Mortgage Interest Rate Prediction for 2018
Fannie Mae, Freddie Mac, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) have all issued their economic forecasts for 2018, including their predictions for where mortgage interest rates will be by the 4th quarter of the year. And while their attention is focused on the same key factors impacting our economy this year - individual predictions for the year ending rates range from a stable 4.1% (Fannie Mae) to a cringe-worthy 4.9% (Freddie Mac and MBA) 30 year fixed rate mortgages. Clearly -- they’re not buying their crystal balls…
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Top 5 Mortgage Trends for 2018
There's always a lot going on in the world that impacts mortgages, with global and national news popping up throughout the year to surprising effect -- both positively and negatively. But at the outset of 2018, here are the 5 major mortgage trends sure to have an impact. #1 Tax Reform and Jobs Act of 2017 The new Tax Reform bill was signed into law by President Trump on December 22, 2017, but the impact it may have on mortgages and real estate in 2018 is a hot topic of speculation. The new…
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New FHA Loan Limits for 2018; Limits to increase in >3,000 counties
The Federal Housing Administration (FHA) recently announced the agency's new schedule of loan limits for 2018, with most areas in the country to experience an increase in loan limits in 2018. In fact, 3011 counties in the country will see an increase in loan limits for 2018, while 223 counties will see no change (compared to 2017). In high-cost areas of the country, FHA's loan limit ceiling will increase to $679,650 from $636,150. FHA will also increase its floor to $294,515 from $275,665. Low-Cost Area: The FHA national low-cost area mortgage limits, which…
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2018 (County wise) Conforming and High Balance Loan Limits
The Federal Housing Finance Agency (FHFA) announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. Loans acquired by Fannie Mae and Freddie Mac are commonly called "Conforming Loans". What is Baseline Limit? The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change…
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5 Ways the “Tax Cuts and Jobs Act” will Impact Housing and Mortgages
At the time of publishing this, the President hasn't yet signed the bill. But, it's as good as a law and we fully understand all the provisions now. National Association of Realtors (NAR) had this to say about the bill's impact on housing "As a result of the changes made throughout the legislative process, NAR is now projecting slower growth in home prices of 1-3% in 2018 as low inventories continue to spur price gains. However, some local markets, particularly in high cost, higher tax areas, will likely see price declines as a…
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Republican Tax Plan Has Huge Implications for Housing
Republican lawmakers unveiled the tax reform bill this morning and it doesn't augur well for housing. (** After the bill was passed, I wrote an updated version of this post. Please refer to that by clicking here - https://www.mortgageblog.com/5-ways-the-tax-cuts-and-jobs-act-will-impact-housing-and-mortgages/) The National Association of Realtors came out swinging against the bill, suggesting a huge fight awaits over how real estate is treated. “Eliminating or nullifying the tax incentives for homeownership puts home values and middle-class homeowners at risk, and from a cursory examination this legislation appears to do just that,” said William E. Brown, president…
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Is Owning Really Better Than Renting In Most US Metros?
When it comes to owning versus renting, we understand there's a lot to consider. For the past decade, people have been consistently renting rather than buying. No one wanted to be caught in a no-win situation after so many homeowners were left holding the bag when the financial crisis hit a few years ago. But there was never anything wrong with owning a piece of property, only the loan structure that was decided upon by banks. Fortunately, the market has seen a recent change. The first quarter of this year showed that more people were buying over renting.…
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Profile of International Buyers in US Real Estate
The majority of purchasers in the United States are still Americans but recently there has been a lot more competition. According to National Association of Realtors recent report, in the time between April 2015 and March 2016, foreign investors purchased $102.6 billion worth of residential property and 214,855 properties. This was a slight decrease from the previous 12 month period where it had been $103.9 billion and 208,947 properties. Who is Purchasing Property? The countries that these investors live in that make up the bulk of the foreign investors include China, Canada, India,…
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