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What’s Ahead For Mortgage Rates This Week – November 20, 2023

With the release of the CPI and PPI data, much of the broader market has been anticipating the potential cooling of inflation numbers month-to-month and those expectations have been met. There’s a consistent trend of inflation slowing down which brings a greater potential for the end of any rate hikes from the Federal Reserve, signaling a soft-landing for the economy which has been touted by Jerome Powell. With a soft landing, it does also signal a strong potential for the Federal Reserve to begin lowering rates in the coming future.  Consumer Price Index Despite the report beating inflation expectations and…
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Financing Your Oasis with a Construction Loan for Swimming Pools and Spas

Creating a backyard oasis with a swimming pool, hot tub, or water feature can transform your outdoor space into a haven for relaxation and entertainment. However, financing such a project often involves careful planning and consideration. One popular financial option for these endeavors is a construction loan. Understanding Construction Loans Construction loans are specialized financing options designed to fund the building or renovation of properties. They differ from traditional home loans in that they provide funds in stages, often referred to as "draws," as the project progresses. These loans typically have variable interest rates and shorter terms compared to standard…
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Comparing Temporary and Permanent Mortgage Buydowns

When it comes to mortgages, a "buydown" generally refers to paying an extra fee upfront to reduce the interest rate over a specific period. There are typically two types: temporary buydowns and permanent buydowns. Permanent Buydown: With a permanent buydown, the borrower pays extra fees at the beginning of the loan to permanently reduce the interest rate over the entire life of the loan. This differs from a temporary buydown because the reduced rate remains constant for the entire loan term, potentially resulting in lower overall interest payments. Temporary Buydowns A temporary buydown is a type of mortgage financing in…
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Speed Your Mortgage Approval up by Following This Checklist

Have you finally found your dream home after months of searching, and then you are told that the seller has received other offers? No buyer wants to find themselves in a bidding war against another buyer as it is a stressful situation. Being unprepared and not having your finances in order will make it even more stressful. Here are a few quick ways if you're looking to speed up your mortgage approval process, here's a checklist to help you prepare: ·        Review your credit report: Maintain a good credit score by paying bills on time, reducing existing debt, and avoiding…
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Which Big Tax Breaks Are Available From Home Credits

There are several big tax breaks available from home credits that can help homeowners save money on their taxes. Here are some notable examples: Mortgage Interest Deduction: This is one of the largest tax breaks for homeowners. You can deduct the interest paid on your mortgage loan, up to a certain limit, as an itemized deduction on your federal income tax return. The Tax Cuts and Jobs Act of 2017 reduced the mortgage interest deduction limit for new mortgages, but it still remains a significant tax break for many homeowners. Property Tax Deduction: Homeowners can deduct the amount they pay…
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What’s Ahead For Mortgage Rates This Week – November 13, 2023

The week following the FOMC rate decision meetings are typically very light, with the two most influential releases being the University of Michigan Consumer Sentiment and the weekly Job Claims reports. The more positive news is mortgage lending rates have been on the decline in the last two weeks. Consumer Credit Reports Consumer sentiment fell in November for the fourth month in a row due to tensions with the Middle East and there is lingering hawkishness from the Federal Reserve, which could spell continued rate hikes in the future. The preliminary reading of the sentiment survey declined to 60.4 from…
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