Blog Posts By Date: December 2019
There’s more to consider than the size of your home loan
Mortgage rates matter massively when applying for a home loan, but the combination of Mortgage rates and Fixed rates influence the interest you'll pay over the duration of your loan. This combination is what we refer to as your "home buying power" — meaning how much home you can afford. Home loan rates have been close to record lows in the course of recent months. That implies numerous prospective homebuyers can almost certainly afford the cost of higher-priced homes.
How today’s mortgage rates affect buying power
Mortgage rates dove in August and September this year, approaching record-breaking lows. September's low reached 3.5% for a 30-year, fixed-rate mortgage. At that rate, it is possible to afford the cost of a home esteemed at more than $400,000 and pay just about $1,500 every month (excluding charges, protection, or HOA expenses). In 2018, when rates were over 4.6%, a monthly payment may have gotten you a home valued under $375,000. Truth be told, with each 0.125% change in contract rates, your purchasing power can rise or fall. more...
12/27/2019
How Fannie Mae Affects Your Mortgage
What is Fannie Mae?
The Federal National Mortgage Association, also known as Fannie Mae (FNMA) strongly leads the secondary mortgage market. Alongside its partner, Freddie Mac, Fannie Mae buys about 66% of America's home loans from the moneylenders that start them. This opens up cash opportunities for organizations to continue loaning and buyers can continue purchasing their homes. For the most part, Fannie Mae and Freddie Mac are behind the rate you get from your home loan bank. The two assume a major job in keeping U.S. contract rates moderately low.
What does Fannie Mae do?
Fannie Mae is a gigantic player in the home loan process, but not many borrowers comprehend what it truly does. Fannie Mae does not have any branches or ATMs, you can't get cash from it. But the interest rate you pay and the kind of home loan financing you get are heavily affected by Fannie Mae. To see how Fannie Mae functions, consider a neighborhood bank or home loan organization.
On the off chance that mortgage company has $25 million to start mortgage lending contracts, and in the event that the run of the mill contract is $200,000 — that mortgage company can create 125 home loans. ($200,000 x 125 = $25 million.) For example, if your contract client number is 130 at that mortgage company, you're in a tough situation. There's no cash left to loan. That is how Fannie Mae and the secondary mortgage market has become the most important factors. more...
Downtown Oakland’s development has been long coming, but the 2008 recession delivered a critical blow to the proposed plan. Freezing practically all development in Oakland until around 2015, as high priced rents were driving the residents and organizations out of San Francisco eastbound.
Now, a flood of relocation from San Francisco alongside nearby business development has made Oakland one of the most sizzling neighborhood economies in the nation. Extra office ventures totaling in excess of 4 million square feet, or space for 20,000 additional workers, are under development or scheduled in Downtown Oakland, which presently has around 80,000 total jobs. more...
According to an analysis completed by ATTOM Data Solutions, buyers willing to close on a home purchase after Christmas should be aware of substantial discounts on single-family homes and condos. These properties fall below full market value in December and have for the past six years.
“Closing on a home purchase the day after Christmas or on New Year’s Eve can be one of the most financially beneficial holiday-season gifts you can get. While lots of folks are shopping the day-after Christmas sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount. That’s a far cry from buying during June when they are likely paying about a 7 percent premium.” said Todd Teta, chief product officer with ATTOM Data Solutions.
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Every 18 seconds another preventable break-in will occur in the United States, totaling to over 200 break-ins within an hour. The average monthly cost for home security monitoring services is $30/month ($360/year). Monitoring prices can be as low as $9.99/month ($120/year) for basic monitoring, and upwards of $100/month ($1,200 annually) for more premium services with complex devices. Even though implementing proper home security can become expensive, there are small steps you can take to improve home security and genuine feelings of serenity before leaving your home.
Lock your door and windows
This appears to be a conspicuous tip, yet 30 percent of thieves report breaking into a home through an opened window or entryway. Life gets occupied and we hurry to work, school, and activities. Take a couple of moments before you leave to check the entryways and as of late opened windows on the primary level. In the event that you'll forget to, stick a note in your entryway to remind yourself before exiting.
Additionally, do not forget to close your blinds and curtains. Prior to entering a home, a robber needs to realize what they're going to take. A planned home break-in's duration typically lasts between 6-12 minutes, therefore burglars will investigate a home's valuables through windows before the break-in.
Train your dog
Appropriately prepared pooches are Effective at hindering home invaders. While they are able to defend themselves by biting, their loud barking can cause intruders to panic and caution somebody of the bulgar's presence.
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A large house with a sizeable yard and a white picket fence used to be the American dream. Even if you love your house, however, all that space can eventually become difficult to maintain. Especially as we age, many people tire of maintenance and upkeep. Modern seniors want to spend their retirement years living life to the fullest, not cleaning and repairing their property.
Downsizing, or relocating into a smaller and more easily managed home is an ideal option for many seniors. Of course, there’s a lot to consider when planning your move. For instance, you’ll need to determine what to do with your current home. Here are some ideas. more...