Mortgage applications dropped sharply over the holidays, but that decrease was only temporary. In fact, total mortgage applications volume (including both applications to purchase a home, as well as homeowners looking to refinance) climbed by a whopping 21.3% last week! The total number of mortgage purchase applications are also 19% higher than they were at this…
Whether you’ve decided to rent out your current home or purchase an investment property, you’ll surely be looking for prospective renter. Most landlords will tell you that it’s not always easy to find a great tenant, so here’s how to ensure that you have the very best pool of applicants: The first way to find…
A comfortable budget of 300k may buy you a modest ranch, a luxe townhome, a fixer-upper, or a swanky Tudor depending on your suburb of choice! Here’s what you can expect in the following Philadelphia suburbs: Commuter-friendly King of Prussia is a moderately-priced suburb with established neighborhoods and excellent shops and dining. Here’s what you…
The national average 30-year fixed rate mortgage surpassed the 4% mark for the first time since July, according to government mortgage giant Freddie Mac. The current rate stands at 4.01%, up from last week’s average of 3.96%. While rates have slowly increased in the past month, industry experts are quick to note that rates remain…
Happy New Year! Kick off 2016 with these three real estate New Years resolutions: If you’ve been thinking about buying your first home, or entering the world of real estate investing with purchasing a rental property, this just may be the year! We anticipate a greater number of first time buyers entering the market in 2016, due…
The Federal Reserve raised the short-term interest rate slightly last week, but that didn’t affect the nation’s mortgage rates! Experts predicted that the Fed’s recent rate hike may cause mortgage rates to increase, but rates actually decreased slightly to 3.96% for the average 30-year fixed.The average 15-year fixed rate mortgage currently stands at 3.22%, according…
If your New Year’s Resolution is about saving money (perhaps for a down payment on a new home?), then you’ll love these apps! Suitable for iPhone and Android users alike, these programs are convenient, easy to use, and free: 1. Acorns is one of the most convenient ways to automatically start saving money! This handy app can…
It’s not uncommon for first time homebuyers to have a little help from a family member for their down payment. While down payment requirements are generally pretty low (as low as 3.5%), the costs of buying a home can add up fast when coupled with settlement fees and taxes. As a result, it’s not uncommon for…
If you’re like the vast majority of buyers, you’ll be purchasing your new home with a mortgage. Not only will you be working closely with your lender throughout the home buying process, but your interest rate and fees will greatly affect your monthly payment! Here’s what to consider before the important decision of selecting a…
Adjustable rate mortgages are becoming popular again after nearly vanishing over the past few years! Many people took out an adjustable rate mortgage before the recession, and when their ARMs came time to reset many people tried to refinance out of them. Unfortunately, some of these homeowners discovered that the value of their home had…
Mortgage rates have (thankfully!) hovered at historic lows for a couple of years, but it’s likely that we’ll see rates rise in 2016 due to speculation that the Fed will raise rates next month. How much more will you pay on a new home if the interest rate rises? It affects your monthly payment a bit…
It’s no secret that the housing market continues to improve, and a recent report from the National Association of Realtors suggests that Americans are more optimistic than ever about the future of real estate. In fact, more than eight in ten Americans think that purchasing a home is a good financial decision! Additionally, 61% of renters…
Mortgage applications drop 3.5% this past week (including an adjustment made for Columbus Day) amidst fairly stable rates. The majority of these mortgage applications are buyers applying for a home loan, although a sizable portion of these applications are from homeowners looking to refinance. While higher rates are typically to blame for a decrease in mortgage…
More and more Americans are paying their mortgage on time, according to credit-reporting agency TransUnion. In fact, mortgage delinquency dropped an astonishing 20% in the past year alone! Mortgage delinquency is defined as a borrower being more than 60 days past due on his or her payment. This is the lowest mortgage delinquency rate that…
A recent report published by Philadelphia Magazine offered a bit of cautious optimism for Millennials accruing significant student loan debt. Treated as the elephant in the room in regards to home ownership, it’s no surprise that paying back years of pricey tuition has deterred some young people from buying a house. The good news? You’re actually…