The Fed hiked interest rates again at the end of July 2023. What does this mean for you and possibly buying a new Baltimore home and getting a mortgage? Hopefully there won't be much effect on your potential mortgage rate. Mortgage rates are affected by many factors. Yes, the Fed's spike may be one of [...]
The Fed hiked the interest rate up 1/4 of a point on Wednesday, March 22, in an attempt to continue to fight inflation. This is the ninth interest rate hike in the past year. The Fed did imply that the collapse of Silicon Valley Bank and Signature Bank may pause further increases in interest rates, [...]
The Silicon Valley Bank collapse has many people worried, and some wonder if more collapse may happen, like Signature Bank, and Credit Suisse, how this may affect investing, real estate, mortgages, and other financial institutions. Please note: I am not a money professional and cannot give money, legal, tax or financial advice. Below, please find [...]
How much of a downpayment do you need to buy a home? The long and short of it is that it depends on your situation, loan qualifications and loan type. That being said, according to a NerdWallet Home Buyer Report, 62% of Americans believe you need to put 20% down on a house. In reality? [...]
Should I refinance my mortgage in Towson? With rates as low as they are right now (please note, the date of this post is in July 2020, and mortgage interest rates can change daily,) many people who have mortgages at higher interest rates are considering whether they should refinance their mortgage. But should you? The [...]
Your credit score is something that is important whenever you are attempting to finance anything - a car, a credit card - and yes, a house. But if you haven't built your credit, or don't know how to rebuild your credit if there were a past issue, you may not understand the steps to take [...]
Millennials want to own homes. Seventy-two percent of Millennials surveyed prioritize buying a home over marriage and having children. The reasons given in the CNBC survey were that those surveyed would like to have stability or feel they are established if they own a home. The only priority over homeownership is planning for retirement. Those [...]
How does the interest rate on a mortgage affect my homebuying power? First, you should understand that the higher your mortgage amount, the more the rate could affect your homebuying ability. In an article by smartasset (TM), it notes that a 0.5% rise in interest rates can raise your monthly payment by $28 per $100,000 [...]
Millennials and homebuying questions - these go hand in hand. Of course, most homebuyers have a lot of questions, but this generation has a unique position where they are between those who had to put 20% down in order to buy a house, and those who do not believe they will ever have the money [...]
Mortgage applications are up both from last week and last year at this same time. There were 4.5% more mortgage applications submitted last week than the week before, and 6.1% higher than the same time last year. This is the highest level of new purchase mortgage applications since April 2010. CNBC has a great article [...]