March readings for the S&P Case-Shiller National Home Price Index showed that month-to-month home prices rose by 0.40 percent in March. The 20-City Home Price Index, which is considered a benchmark indicator by U.S. real estate professionals, rose by 0.50 percent month-to-month in March but posted a negative reading of -1.10 percent year-over-year. Analysts said that the slim supply of homes for sale drove up prices as demand for homes exceeded available inventory. Homeowners took a “wait and see” position as mortgage rates rose and concerns over the economy persisted. Those … [Read More...]
Crafting a counter-offer that doesn't scare away a potential home buyer can be tricky. Here are five tips to help you navigate the negotiation process while keeping the buyer interested: Keep emotions in check: Avoid letting your emotions drive the conversation and try to remain objective throughout the negotiation process. Keep in mind that the buyer is also looking for a fair deal, and it's important to approach negotiations with a collaborative attitude. Understand the buyer's needs: Understanding the buyer's needs and motivations can help you craft a counter-offer that meets their … [Read More...]
It is unlikely that an unconventional job will hurt your mortgage approval, as long as you can demonstrate a consistent and stable income stream that meets the lender's requirements. Lenders are primarily concerned with your ability to repay the mortgage, and they will evaluate your income and employment history to determine whether you are a suitable candidate for a loan. It's also worth noting that the type of property you are seeking to purchase, as well as your credit history, debt-to-income ratio, and other financial factors, will all play a role in the lender's decision. So while an … [Read More...]
Last week’s economic news included readings on new and pending home sales and inflation. The final monthly reading for May consumer sentiment was released along with weekly readings on mortgage rates and jobless claims. Shortage of previously-owned homes for sale directs buyers to new homes Homeowners weren’t in a hurry to sell their homes due to the low mortgage rates they obtained during the pandemic. Current mortgage rates are higher than pandemic-era rates, which influenced homeowners to stay in their homes and keep their lower existing mortgage rates. Home buyers turned to new … [Read More...]
Whether or not to help your kids pay for their mortgage is a personal decision that depends on your financial situation, your relationship with your children, and your beliefs about financial independence. It's important to evaluate your own financial situation before deciding whether to help your kids pay for their mortgage. Make sure that you can afford to provide financial assistance without jeopardizing your own financial security. Your relationship with your children can also be a factor in your decision. If you have a close relationship with your children and want to help them achieve … [Read More...]
A bridge loan, also known as interim financing, is a short-term loan used to provide temporary financing until a borrower secures long-term financing or sells an asset. Bridge loans are commonly used in real estate transactions, such as when a buyer needs to close on a new home before selling their current home.
Bridge loans are typically secured by the borrower's current property, which serves as collateral. The amount of the loan is determined by the equity in the borrower's property and the value of the property they are purchasing. The loan is intended to bridge the gap between the … [Read More...]
