Category: Real Estate Tips

High home prices and mortgage rates are serving as a wake-up call to potential home buyers this spring that their budgets just aren’t going to go as far as they would have a year ago. In the first quarter of this year, 81% percent of consumers said they could afford less than half the homes …

Continue reading

Average closing costs for a single-family home rose by 13.4% in 2021, according to a new analysis by CoreLogic, a real estate research firm. That equates to about $6,905 including transfer taxes and $3,860 when transfer taxes are excluded. Home buyers also are facing higher borrowing costs from mortgage rates and higher home prices. The …

Continue reading

The share of mortgage applications with adjustable-rate mortgages doubled last week when compared to three months ago, the Mortgage Bankers Association reported Wednesday. ARMs, which start at one rate and then fluctuate after a set period, comprised more than 9% of loans and 17% of the dollar volume. ARMs were blamed for contributing to the …

Continue reading

The 30-year fixed-rate mortgage barely budged this week, but it’s still stressing home shoppers feeling concern about being priced out. The 30-year fixed-rate mortgage averaged 5.10%, down slightly from 5.11% last week, Freddie Mac reports. But it is one week before the Federal Reserve is expected to raise interest rates further, Nadia Evangelou, National Association …

Continue reading

There’s reason talk of sticker shock has grown increasingly common in real estate: Home prices and mortgage rates have significantly increased home buyers’ costs in just one year. Mortgage rates have risen at the fastest pace in four decades. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports. A year ago, rates averaged …

Continue reading

Mortgage loans backed by the Department of Veterans Affairs can help make homeownership more attainable for military families with its offers of zero-down-payment loans. But many vets or service members may not know what’s required to use one or how they work, a new study shows. A new study of 1,000 active-duty service members and …

Continue reading

The sharp rise in mortgage rates this year has added hundreds of dollars to new monthly mortgage payments. In fact, climbing rates have caused the monthly amount of a new mortgage payment to increase by an average of $258.57. That equals an average of an extra $3,102.84 per year and an average of $93,085.20 over the …

Continue reading

Deciding to enter the home buying market? Here are some tips on what NOT to do during the homebuying process. Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage are experts on guiding buyers through this process and answering any questions you have. #homebuyereducation

Can’t decide whether to rent or buy in this crazy market? Here is a list of reasons why buying a home makes the most sense. Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage can help you along the way with what makes the most sense for you. #rentvsbuy

Not sure what loan product is best for you? This is the list of our products we offer along with some other options. Reach out to Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage to see what the best match is for you! #productforyou

How much can a 1-0 buydown save you? These product guidelines explain the process of getting approved for a 1-0 buydown. Talk to your agent today on how to structure your offer. Ask Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage who have your best interests at heart! #buydown

The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports. “Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house …

Continue reading