Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages

Written by Lakeland FL Mortgage Syndicated User on August 23, 2023. Posted in Buying Myths, For Buyers, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL.

If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then. And after years of being virtually nonexistent, more people are once again using ARMs when buying a home. Let’s break down why that’s happening and why this isn’t cause for concern.Why ARMs Have Gained Popularity More RecentlyThis graph uses data from the Mortgage Bankers Association (MBA) to show how the percentage of adjustable-rate mortgages has increased over the past few years:As the graph conveys, after hovering around 3% of all mortgages in 2021, many more homeowners...

Why Median Home Sales Price Is Confusing Right Now

Written by Lakeland FL Mortgage Syndicated User on August 22, 2023. Posted in Buying Myths, For Buyers, For Sellers, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL, Pricing, Selling Myths.

The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded.So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology...

Don’t Expect a Flood of Foreclosures

Written by Lakeland FL Mortgage Syndicated User on August 17, 2023. Posted in Buying Myths, For Buyers, For Sellers, Foreclosures, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL, Selling Myths.

The rising cost of just about everything from groceries to gas right now is leading to speculation that more people won’t be able to afford their mortgage payments. And that’s creating concern that a lot of foreclosures are on the horizon. While it’s true that foreclosure filings have gone up a bit compared to last year, experts say a flood of foreclosures isn’t coming.Take it from Bill McBride of Calculated Risk. McBride is an expert on the housing market, and after closely following the data and market environment leading up to the crash, he was able to see the foreclosures coming in 2008....

Where Are People Moving Today and Why?

Written by Lakeland FL Mortgage Syndicated User on August 15, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Lakeland FL Mortgage, Mortgage Lakeland FL.

Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market and wondering what you can do to help offset those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they’re prioritizing most right now. That information could help you plan your own move.1. People Are Moving to Cities with Lower Housing CostsOne big factor motivating where buyers are going is affordability and that’s no big surprise. People are relocating to...

The Value of an Agent When Buying Your New Construction Home

Written by Lakeland FL Mortgage Syndicated User on August 10, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Lakeland FL Mortgage, Mortgage Lakeland FL.

Buying a new construction home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home that’s under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference.An article from The Mortgage Reports sums it up like this:“Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possible snags along the way.”Here’s...

Four Ways You Can Use Your Home Equity

Written by Lakeland FL Mortgage Syndicated User on August 8, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Foreclosures, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

If you’re a homeowner, odds are your equity has grown significantly over the last few years. Equity builds over time as home values grow and as you pay down your home loan. And, since home prices skyrocketed during the ‘unicorn’ years, you’ve likely gained more than you think.According to the latest Equity Insights Report from CoreLogic, the average homeowner has more than $274,000 in equity right now. That much equity can help you achieve certain goals. In a recent article, Bankrate elaborates: “While the pandemic created serious challenges, the silver lining for anyone who owned a home was...

How Inflation Affects Mortgage Rates

Written by Lakeland FL Mortgage Syndicated User on August 4, 2023. Posted in Buying Myths, For Buyers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

When you read about the housing market in the news, you might see something about a recent decision made by the Federal Reserve (the Fed). But how does this decision affect you and your plans to buy a home? Here’s what you need to know.The Fed is trying hard to reduce inflation. And even though there’s been 12 straight months where inflation has cooled (see graph below), the most recent data shows it’s still higher than the Fed’s target of 2%: While you may have been hoping the Fed would stop their hikes since they’re making progress on their goal of bringing down inflation, they don’t...

How To Know If You’re Ready to Buy a Home

Written by Lakeland FL Mortgage Syndicated User on August 3, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Lakeland FL Mortgage, Mortgage Lakeland FL.

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make.While housing market conditions are definitely a factor in your decision, your own life and your finances may be even more important. As an article from NerdWallet says:“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation,...

Sellers: Don’t Let These Two Things Hold You Back

Written by Lakeland FL Mortgage Syndicated User on August 2, 2023. Posted in Buying Myths, For Buyers, For Sellers, Lakeland FL Mortgage, Mortgage Lakeland FL, Selling Myths.

Many homeowners thinking about selling have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles.Challenge #1: The Reluctance to Take on a Higher Mortgage RateAccording to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):But today, the typical 30-year fixed mortgage rate offered to buyers...

Tips for Making Your Best Offer on a Home

Written by Lakeland FL Mortgage Syndicated User on July 27, 2023. Posted in Buying Myths, For Buyers, Lakeland FL Mortgage, Mortgage Lakeland FL.

While the wild ride that was the ‘unicorn’ years of housing is behind us, today’s market is still competitive in many areas because the supply of homes for sale is still low. If you’re looking to buy a home this season, know that the peak frenzy of bidding wars is in the rearview mirror, but you may still come up against some multiple-offer scenarios.Here are a few things to consider to help you put your best foot forward when making an offer on a home.1. Lean on a Real Estate ProfessionalRely on an agent who can support your goals and help you understand what’s happening in today’s housing...

Category: Buying Myths