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Mythbusting the adjustable rate mortgage (ARM)
(BPT) - In pop culture, myths can sometimes be mistaken for truth. Common ones, like, "don't swim for a half hour after eating," or "we only use 10 percent of our brain," are false even though they're widely taken for fact.
The adjustable rate mortgage (ARM) earned a bad rap after the 2006 housing crisis. The problem was, before the crisis, many borrowers were able to qualify for more home than they could actually afford by using interest-only, No Income Verification or No Ratio ARM products. When the housing market tanked and many houses lost value, some homeowners with rising mortgage payments either foreclosed or walked away from their properties.
Fast forward 10 years to today. The ARM is back to show potential homebuyers it's not the villain of the housing market. It's time to debunk the myths that give ARMs the "b...
1
5 tips to help you make the most of this year's real estate season
(BPT) - Spring is here! This season of new beginnings also marks the start of the year's busiest real estate period. According to the Federal Home Loan Mortgage Corporation, the housing market in 2016 is set to be quite active with a 3 percent increase in total home sales compared to the previous year. If you're planning to enter the housing market this year, buying or selling a home is a big decision and you can count on plenty of competition. To ensure you make the correct home buying or selling decisions, it's important to do your research and arm yourself with valuable information.
'Selling or purchasing a home is one of the biggest and most important transactions many consumers will make in their lifetime,' says Tim Haynes, president of
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Buying a Home? 3 Ways to Beat the Competition
With home prices on the rise and mortgage rates still relatively low, now is the ideal time to buy a home. But in this type of market, competing offers can shut you out of the home of your dreams if you're not prepared.
Beat the competition this home buying season with these 3 tips, courtesy of NeighborWorks America, a national nonprofit corporation.
1. Seek professional guidance. More than two-thirds of homebuyers in a recent NeighborWorks survey said that the home buying process is complicated. The best way to get a thorough understanding of the process is to consult with a real estate professional. If you find your finances are lacking, you may also want to meet with a housing counselor, who can offer additional support.
"The housing market is tough right now, with fewer homes for...
19
How to Prevent Tree Roots from Damaging Your Property
Trees are hardy plants, and their roots fight back against man-made limits around them. In urban and suburban landscapes, tree roots are often forced to grow between buildings or under driveways and walkways-and they can cause costly damage if left unchecked.
"Before you plant a new tree in your yard, you need to understand how a tree could damage your property, and take appropriate measures to prevent that damage," says Tchukki Andersen, a board-certified Master Arborist and staff arborist with the Tree Care Industry Association (TCIA).
Woody tree roots thicken as they grow, gradually pushing shallow roots toward the surface. Since soil near the surface is best suited for root growth, most tree roots are just below the surface, placing them directly in conflict with man-made obstacles. Where the soil is covered by a solid driveway or patio, upward growing roots will grow against the underside of th...
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Mortgage Rates Favorable for Spring Homebuyers
Buyers in the market for a home this spring can expect lower mortgage rates across the board.
According to the Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage (FRM) stands at 3.68 percent, and the 15-year FRM stands at 2.96 percent.
"The 10-year Treasury yield ended the survey week exactly where it started; however the solid February employment report boosted the yield noticeably on Friday and Monday," explains Sean Becketti, Freddie Mac's chief economist. "Our mortgage rate survey captured the impact of this temporary increase in yield, and the 30-year mortgage rate rose 4 basis points to 3.68 percent. This marks the second increase this year. Nonetheless, the mortgage rate remains 33 basis points lower than its end-of-2015 level."
The 5-year Treasury-index...