There is a good chance you have heard someone described as being house poor. What exactly does it mean? It is important to understand what it means to be house poor and how you can stay away from it. House Poor Means Spending A Significant Chunk Of Your Income On Housing Being house-poor means different things for different people. In general, it means spending a significant amount of your monthly income on recurring expenses related to your house. A few examples include your mortgage, the interest on your mortgage, your property taxes, and HOA expenses. Owning a house can be expensive, and … [Read more...]
Case-Shiller Home Price Indices: Home Prices Grow at a Near-Record Pace
U.S home prices grew at a near-record pace in January according to the National S&P Case-Shiller Home Price Index; year-over-year home prices rose by 19.20 percent in January as compared to December’s reading of 18.90 percent. Home prices rose 1.80 percent on a month-to-month basis from December to January. While home prices continued to grow at near-record rates, home price growth slowed in some areas during December but picked up in January. Craig M. Lazzara, managing director at S&P Dow Jones Indices, said: “Last fall we observed that home prices, although … [Read more...]
Looking to Close Faster? Follow This Easy Guide to Speeding Up the Mortgage Process
If you're buying a home, you'll want to try to get your mortgage processed as quickly as possible. Improperly filed mortgage applications are one of the biggest reasons why home sales get delayed, and if you have a hard move-out date already set, it's critical that your mortgage process goes smoothly. With careful planning, though, you can shorten the mortgage process and get your financing approved faster. Here's what you need to do to speed up the approval. Get Your Paperwork in Order Before You Apply One of the biggest reasons why mortgages get delayed is because the applicant is missing a … [Read more...]
How to Become a Homeowner: First Time Home Buyer Guide
Becoming a homeowner for the first time is exciting. However, for many potential buyers, the process can also be confusing. Below is an overview of the steps you need to complete in order to buy your first home. Work Out The Finances The first step in buying a home is deciding on a price range. This price range will be determined by your income, as well as your own comfort level with home prices and monthly payments. Consider all of these factors to determine the maximum amount you are willing to spend on your new home. In most cases, you will be required to pay the downpayment and … [Read more...]
What’s Ahead For Mortgage Rates This Week – January 19, 2021
Last week’s economic reports included readings on inflation, retail sales, and a speech by Federal Reserve Chair Jerome Powell. Weekly readings on mortgage rates and jobless claims were also released. Inflation Rises as Retail Sales Fall, Fed Says Current Monetary Policy Won’t Change The Consumer Price Index rose to 0.40 percent in December as compared to November’s reading of 0.20 percent. The CPI measures inflation and the Core CPI measures inflation without the volatile sectors of food and fuel. December’s Core CPI reading fell to a rate of 0.10 percent … [Read more...]
