Initiate discussions with lenders up to 120 days before renewal to compare rates and secure the best termsExplore options beyond your current lender to ensure you're getting the most competitive rate.
Consensus on eventual rate decline, but 4% remains uncertain.
Inflation control is critical for future rate cuts.
Foreclosed properties are sold at a discount but come with risks like repairs and title issues. Buyers can find them online or in newspapers. Getting a mortgage pre-approval is crucial. Renovation loans can help with repairs. Research the property's history for liens and title issues. Home inspections are vital as foreclosed homes are sold "as is." Buying at auction requires cash upfront. Consult an attorney for legal procedures. REO agents can assist in buying from lenders. The closing process varies based on the property type.
If the job market softens to manage inflation, a rate cut could occur late this year, slightly easing 2024 mortgage rates.
Rates could drop below 6.5% by 2025, making homeownership more affordable and stimulating the housing market.
Happy Labor Day!
Labor Day is a day dedicated to honoring the contributions and achievements of workers and the labor movement.
It marks summer's informal end in the U.S., as schools often start after the holiday.
It offers a chance to ponder the historical strides in workers' rights and labor advancements.
Cheers to hardworking individuals on Labor Day! Your impact is truly appreciated. Thank you!
Happy Labor Day! Relax, Enjoy, and Make the Most of This Special Day!
Understanding mortgage payments is key for borrowers. Fixed-rate mortgages provide stability with unchanging interest rates, ensuring predictable payments. Conversely, variable-rate mortgages have fluctuating interest rates linked to market changes, offering lower initial rates but higher risks. The calculation of fixed-rate mortgage payments uses a formula involving the loan amount, monthly interest rate, and loan term. Other factors like mortgage term, extra payments, and property expenses also affect payments. This knowledge can aid in making informed decisions for secure homeownership.
The California housing market rebounded in July, with home sales reaching a five-month high, driven by declining mortgage rates. Existing single-family home sales rose 3.6% from June and 4.1% year-over-year, totaling 279,810. The statewide median home price fell slightly to $886,560 but remains up 6.5% from July 2023. Inventory levels improved, with active listings increasing by 39%. The market is expected to maintain moderate growth, influenced by economic uncertainties and fluctuating interest rates.
Check your financial health, focusing on credit score and debt-to-income ratio.
Understand your home equity, including how much you’ve built up and its current appraised value.
Association of Realtors, mortgage rates are likely to stabilize ~6%.
The long-term avg for mortgage rates is ~7%, indicating that the current rates are not abnormally high.
Community amenities enhance your living experience, making a neighborhood truly exceptional and welcoming.
A clubhouse serves as the social hub, perfect for events and fostering neighborly connections.
