Category Archives: Loans

Mortgage Rates Again at Historic Lows

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Low Interest Rates

Just two weeks ago, we posted an article discussing where mortgage interest rates may be heading over the next twelve months. We quoted projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors. Each predicted that rates would begin to rise slowly and steadily throughout 2016.

However, shaky economic news and a volatile stock market have actually caused rates to drop six out of the last seven weeks, and have remained at 3.65% for the past two weeks.

30 year fixed mortgage

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. The only thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage.

Rita Boswell is who to notify when you are moving, a recognized leader in her field. Rita can be reached via email at rboswell@kw.com or by phone at 614-270-4499. Rita has helped people move in and out of many Central Ohio communities.

Search for Central Ohio homes at www.SeeBeautifulHomes.com

“Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!”

I service Real Estate sales in the following Central Ohio towns: Dublin, Powell, Delaware, Lewis Center, Galena, Sunbury, Westerville, Worthington, Columbus, Hilliard, New Albany, Blacklick, and Gahanna.

See all my Rave Reviews. People Say The Nicest Things!

 

Will Appraisals Continue to be a Challenge in 2016?

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Appraisal-Challenge-2016

First American Title issues a quarterly report, the Real Estate Sentiment Index (RESI), which “measures title agent sentiment on a variety of key market metrics and industry issues”. Their 2015 4th Quarter Edition revealed some interesting information regarding possible challenges with appraisal values as we head into 2016.

“The fourth quarter RESI found that title agents continue to believe that property valuation issues will be the most likely cause of title order cancellation over the coming year.” 

This shouldn’t come as a surprise. In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is the bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.

Another monthly report by Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation. Here is a chart showing that difference for each month through 2015.

Will Appraisals Continue to be a Challenge in 2016? | Keeping Current Matters

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. That is why we suggest that you use an experienced real estate professional to help set your listing price.

 

The above Real Estate information on who to notify when you are moving was provided by Rita Boswell, a recognized leader in her field. Rita can be reached via email at rboswell@kw.com or by phone at 614-270-4499. Rita has helped people move in and out of many Central Ohio communities.

Search for Central Ohio homes at www.SeeBeautifulHomes.com

“Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!”

I service Real Estate sales in the following Central Ohio towns: Dublin, Powell, Delaware, Lewis Center, Galena, Sunbury, Westerville, Worthington, Columbus, Hilliard, New Albany, Blacklick, and Gahanna.

Tips To Strengthen Your Credit Score

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Tips To Strengthen Your Credit Score - Rita Boswell1

Tips To Strengthen Your Credit Score – This is always a tricky subject. Just for the simple fact that everyone’s situation is different. To help you out, here are a few tips from Bankrate that will help you move in the right direction…

Watch Your Credit Limit – A way to help strengthen your credit score is to keep the balances on your credit cards low. How much revolving credit you have vs. how much you’re actually using. According to Bankrate, the optimum is 10% or lower.

Reduce The Number Of Cards – This isn’t what you think! This means stop using all of your credit cards. Instead have one or two cards you use for everything. It may hurt your credit score to have a $50 balance on one card and a $30 balance on another. Instead, pay those off and keep to just a few main cards.

Good Debt vs. Bad Debt – Good debt is where you have a long history of repayment records, such as a car loan. Some try to get this removed from their credit report once they pay it off thinking it could be harmful to their score when in fact it can be great for their credit score.

Pulling Credit – When shopping for your next big purchase such as a home, car, etc, these lenders will need to pull your credit score to see what loan options you have. Try sticking to a short time frame when shopping around and pulling your credit score with different companies.

Pay Bills On Time – This might seem obvious but it’s even more important when you are trying to make a big purchase. If you are saving up for a home, don’t pass on paying that electric bill because you need that money for your down payment. Mistakes like this can change your credit score which can effect the purchase of your home.

Don’t Hint Risk – Missing payments or paying less on your credit card than you usually do can hint risk to your card issuer. Taking out cash advances or paying for a divorce attorney can do this as well. Although it doesn’t necessarily effect your credit score, it is still something you should avoid.

Stay Informed – Whether you are looking to make a big purchase or not, it’s still important to know where you stand on your credit report. However, don’t obsess over until the moment comes where you are ready to make that big purchase. Pay your bills on time, keep a low balance on your card and create some consistency. Feel free to monitor your score every four months or so to know where you stand.

With these tips in mind, strengthening your credit score will be an easier process! Do you have any tips to share? Comment to share with us!