Don’t let buying a home intimidate you… get familiar with the lingo used during the home buying process! Your REALTORS® at NextHome Metro Group have compiled a list of some of the most common terms used when buying a home. Be sure to bookmark this handy home buyer’s glossary for future reference!
Confused about what’s actually required to qualify for a home mortgage loan in today’s housing market?
There was high outbound activity in the Northeast for the 5th year in a row! Most of the moving can be attributed to Baby Boomers relocating upon retirement.
According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed rate mortgage interest rate has jumped up. The last few weeks we’ve seen 3.94% to the current higher rate of 4.03%. Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly.
Why are mortgage rates going up? Basically, the better the economy, the higher interest rates will go.
The housing crisis of the past is finally in dissipating as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up and distressed sales (foreclosures and short sales) are at their lowest mark in almost a decade. This year has been great for real estate and it will continue.
There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the percentage of those owning a home reached an all-time high of 69.4%, with the 2015 reported rate at 62.9%. When comparing these 2 figures, there is some room for concern regarding the difference.
The results of the latest Rent vs. Buy Report from Trulia show that home-ownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL) and 37.7% nationwide!