As the calendar turns to February and we look back on the first month of 2022 economically—it ended almost identical to what we had expected. Mortgage rates are trending upwards, stock markets are volatile, and the Federal Reserve confirmed that they will start hiking the Fed Fund and Prime rate. The only thing that changed is the Fed is now
Welcome to 2022 and while I’m sure each of us over the next week will inevitably write, type, text, or data, enter the wrong year somewhere 2022 is here and we’re ready. This is the first time since 2018 where we enter a year not really having a line of sight as to what the first quarter is going to
Before the pandemic, 15-year mortgages were simply too expensive for many homeowners seeking to refinance. Popular instead was the 30-year fixed-rate loan, which typically comes with a more affordable monthly payment. But now the tide seems to be turning, with 15-year mortgages accounting for 17 percent of home loan applications this past September, up from 10.2 percent a year earlier,
If you are one of the millions of Americans who received forbearance and were allowed to pause your monthly mortgage payments during the past year, that could have implications when it comes time to file your taxes this year and in the years to come. Exactly how will forbearance affect your ability to deduct the interest? Individuals typically use what’s
As you prepare to file your 2020 taxes, you might be asking yourself what the perks of owning a home are. Well, while the revised Tax Cuts and Jobs Act of 2018 remains in effect, the pandemic has changed the scene somewhat. The IRS has delayed filing season by about two weeks, for example, meaning it won’t begin accepting or
Are you ready to make the leap from renter to homeowner? First, you want to be sure you’re prepared to take stock of your financial situation and determine if you’re ready for the responsibility. For many, the top concern is affordability—including having enough cash saved up to fund a down payment and a credit score good enough to qualify for
When purchasing a home with a mortgage, your lender likely will require you to buy title insurance to guard against the possibility that someone else might have a claim on your property. In essence, it ensures that a homeowner and their lender will be alright in case the seller or previous owners didn’t have the absolute ownership of the house.
Getting pre-approved for a mortgage is a key part of the process when it comes to shopping for a home. Many sellers even will require you to include a pre-approval letter with any offer to ensure that you’re a serious, well-qualified buyer. Getting approved also helps you determine how much you’ll be able to spend. Just because you get a
Mortgage closings can be delayed at a time when home loan volume is high, such as it is during the continuing pandemic. So, you might want to plan for that possibility in advance. For example, you may need to secure backup housing in the event of a delay or pay more money to extend your rate lock. Ultimately, the more
Mortgage principal is the amount you borrow from your lender to purchase your home. If your lender gives you $250,000, for example, your mortgage principal is $250,000. You’ll pay this amount off in monthly installments for a predetermined amount of time, maybe 15 or 30 years. You also might have heard the term outstanding mortgage principal before. This refers to
