Related Posts

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  The Housing Market Takes a Dramatic Shift

  The last few weeks have seen some of the highest interest rates for mortgages seen in almost 15 years. Rates jumped from the low 5.00% on a 30 year fixed rate mortgage to about 6.50% before settling back closer to 6.00%. With rates jumping so much, where does the housing market go from here? There are already some signs.
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  Housing Market is Giving Great Opportunities to Home Buyers

  Interest rates have jumped from the low 3’s to the low 6’s just this year. Principal and interest payments have jumped over 40% for many prospective home buyers. Many homebuyers have now been pushed to the side while more and more sellers try to move their homes. As a result of the sudden change, the housing market is truly in a recession and it will be creating more opportunities for many future home buyers.
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  The Second Most-Costly Mistake Homebuyers Make

  Several months ago, I addressed the biggest mistake most homebuyers make. This mistake costs many homebuyers thousands of dollars. You can click on that blog here: https://mycreditplan.org/Blog/the-most-costliest-home-buyer-mistake   There is another – the second biggest mistake - that most homebuyers make. It is nearly as costly as the first one. It is following incorrect advice from those (mainly loan officers) that really do not know the correct answers to your credit situation. It is sometimes innocent, but it also involves laziness and a "how dare you question me!" type attitude prevalent among lenders. It is your money and don’t you want to fight for a lower monthly mortgage or auto loan payment? In most cases, lenders will not do it. This hidden, but substantial problem, costs many homebuyers thousands of dollars.
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  Lenders Take Advantage of Borrowers with this Common Loan Program

  There is one way lenders make more interest on you and it can cost you lots of money - even if you make extra principal payments.
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  Know This Before You Elect to Skip a Mortgage Payment

  During the Financial Crisis of 2008 and beyond, many homeowners found themselves upside down in their primary residence: they owed more on their mortgage than the value of their home. Lenders came up with a possible solution to offer consumers a loan modification. How did a modification impact their FICO® scores and their finances? There is something critically important to know before anyone goes down this path of skipping mortgage payments.
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  The Federal Reserve is Adding to the Housing Problem

  In an effort to address the inflation problems, the Federal Reserve has been on a march to higher interest rates. This powerful counter action over the last year has had unintended consequences and has lead to a housing deficit. It is impacting millions across the country and will take a generation to resolve unless the Federal Reserve takes some counter actions.