The Mortgage Bankers Association's seasonally adjusted index reported a 6.5% increase in the total application volume for last week compared to the previous week. Although the rates were higher, there was a 7% increase in mortgage applications to purchase a home for the week, but it remained 38% lower than the same week in the [...]
The 2023 housing market continues to look stronger with 65% more real estate listings in January compared to last year, according to realtor.com. Although home prices are still up year over year, they have lowered from the pandemic peak, making it a more reasonable time for homebuyers to jump into the market. Mortgage rates are [...]
The housing market in 2023 continues to look better for home buyers who have been waiting to get back in the game due to the rate volatility last year. According to many experts, this could be the year of relief and opportunities for those looking to purchase a home. Gone are the days of fierce [...]
A recent Redfin report revealed exciting news for homebuyers: a record 41.9% of home sellers offered concessions in Q4 of 2022! This means that more and more sellers are offering incentives such as money for repairs and mortgage-rate buydowns to help buyers make the purchase. This is the highest increase in any three-month period since July [...]
Last year, the real estate market was so competitive that buyers had to pay above asking prices and negotiate hard to get favorable terms. Today's housing market is much more favorable for buyers, with more room for negotiation and discounts. This sets the stage for a great opportunity! Inflation is starting to ease, [...]
Recently, the Federal Reserve (Fed) raised the Fed Funds Rate by 0.5%, marking the seventh rate hike of the year. Now, you may be wondering how this could be good news for the housing market (affects mortgage rates)! It's important to note that the Fed Funds Rate is the overnight borrowing rate for banks, and it [...]
Professional: A person engaged or qualified in a profession. A mortgage professional is someone who has the experience and local community contact that is necessary to help guide you through one of the biggest financial purchases and decisions of your entire life! The big question here is what can a mortgage professional do for me [...]
The homebuying process looks something like this: Get preapproved for a mortgage, find your dream home and win the bidding war. But before you can move those boxes in and start enjoying your new property, you have one more major step to take: the home inspection. A home inspection isn't an appraisal. In fact, an inspection [...]
Neighborhood Comparable Homes Past/Recent sale prices Amenities The local market Location Schools Businesses Public transportation and rail Shopping & entertainment Highways Home Size Square Footage Usable Space garage, attics, and unfinished basements don’t count! Number of bedrooms/bathrooms Age & Condition Newer homes typically appraise for higher Plumbing/Electrical/Roof/Appliances Inspection report à can negotiate repairs Upgrades & Updates [...]
Realtors and lenders may work in the same industry, but they’re anything but competition. In fact, because of the distinct assets that both roles bring, loan officers and realtors prove to work together more successfully. At Northpoint Mortgage, we’ve seen opportunities to help our realtor partners increase their profits in at least five different partnership payoffs. [...]