Property taxes are one of the main sources of revenue for local governments and they are based on the value of your property and millage rate. The millage rate is the tax rate per $1000 of assessed value, and it is set by the county and school board every year. The millage rate is based …
The following are some highlights taken directly from the 10Q report for Fannie Mae’s quarter ending September 30, 2023. Please visit www.fanniemae.com for the full report and more detailed information. Single Family Mortgage Market Origination Housing activity decreased in the third quarter of 2023 compared with the second quarter of 2023. The 30-year fixed mortgage …
First, let’s define Title Insurance. Title Insurance is a policy that protects property owners and lenders from financial loss due to defects in a property’s title. These defects could include undisclosed heirs, outstanding liens, or errors in public records. Title insurance ensures that the buyer or lender has a clear and marketable title, providing peace …
Saving for a down payment on a house can be a daunting task, but with some creativity and effort, it is achievable. Here are some creative ways to save for a down payment: – Cut unnecessary expenses: Take a closer look at your monthly expenses and see where you can cut back. Eliminate subscriptions or …
Are real estate agents useful when buying a home? The short answer is duh. The long answer is yes. They have expertise in the local real estate market and can provide valuable guidance throughout the buying process. Here are some ways in which real estate agents can assist you: 1. Expertise: Real estate agents have …
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Private mortgage insurance is a type of mortgage insurance with Conventional loans that protects the lender if you stop making payments on your loan. You can request PMI to be cancelled once your mortgage balance reaches 80% of your home’s original value, or PMI automatically terminates when your principal balance is scheduled to reach 78% …
There are many types of loans available to borrowers when purchasing a home. Conventional, FHA, USDA, VA, and Portfolio loans make up the majority of options available. The interest rate for these loans will either be a fixed rate or adjustable rate. A fixed rate mortgage is locked at that rate for the entire term …
By themselves, mobile homes are classified as “personal property” and not “real property.” Real property includes land and structures built on and/or attached to the land. Title to real property is recorded in the County Recorder’s office (or similar). Mobile homes are titled as automobiles. The title includes a Vehicle Identification Number (VIN) and is recorded with the state …
As of January 20, 2023 mortgage rates have been flat to slightly down over the past month. See below from Mortgage News Daily. You can read more about the methodology by this index here. When watching interest rate movement in the mortgage market, the 10-year treasury yield is the most correlated financial instrument we have. …
According to CoreLogic and the Wall Street Journal, U.S. Homeowners with mortgages (roughly 63% of all properties) have seen their equity increase 15.8% year over year since the third quarter 2021. This upward trend has been slower than was recorded in the second quarter of 2022. The pace of home appreciation has slowed recently as …
The Housing Correction Looks Different This Time Around Read More »
