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Average fixed mortgage rates remain largely unchanged as analyst expectations turned from world events to the Federal Open Market Committee's (FOMC) October minutes, Freddie Mac recently reported. According to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point; the 15-year FRM averaged 3.18 percent with an average 0.5 point.
"Treasury yields stabilized about 5 basis points below last week's level as the market shrugged off economic data and world events and turned its attention to the minutes of the October FOMC meeting," says Freddie Mac Chief Economist Sean Becketti. "In response, the 30-year mortgage rate ticked down a basis point to 3.97 percent. The FOMC minutes were couched in careful Fed-speak, and early marke...
Turned down for a mortgage? You're not alone. Many borrowers are finding it difficult to navigate lending requirements and reapply for a loan to buy a home, despite significant improvement in the housing market.
If your mortgage application was rejected, take heart. Mike Sullivan, director of education for Take Charge America, a national nonprofit credit and housing counseling agency, says prospective homebuyers can successfully reapply if they consider the following factors:
Cash Flow – One of the primary roadblocks to obtaining a mortgage is cash flow. At a minimum, borrowers need a 3-percent down payment and about 3% of the mortgage for closing costs. They must also take moving and ongoing maintenance costs into account, including utility deposits, appliances, a law...
(BPT) - Owning a home is part of the American Dream, yet standards on income, credit and debt are making it tougher to buy a home than it was 10 years ago. Even though requirements are relaxing, only three out of five borrowers get approved.
While stricter standards make it tougher for young families to qualify for a mortgage, millennials said they understand why these standards exist and think the tougher requirements won't stand in their way of buying a home.
In fact, millennials today are serious about doing what's required to get a mortgage. The research surveyed 1,000 millennials who don't own a home and found 35 percent plan to buy within five years. What's more, millenials are taking steps now to turn their dreams into a reality by getting their credit in order, paying down debt and saving fo...
(BPT) - You never get a second chance to make a first impression. This steadfast advice isn't just for interviews and first dates; it's also applicable to your home.
Whether it's a potential buyer or simply a visitor, within seconds of seeing your home's exterior, that first impression will be made. That's why experts from home builders to real estate agents sing the praises of stellar curb appeal.
If you're thinking of selling your home or just want to give it a facelift, here are ways you can increase your home's curb appeal:
Revamp the roof
Your roof is an important element of the exterior design aesthetic. If a dingy old roof is killing your curb appeal, a style and color upgrade can breathe new life into your home's facade.
The first step is to evaluate roofing options for sty...
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