In today’s housing market, many are beginning to wonder if we’re returning to the riskier lending habits and borrowing options that led to the housing crash 15 years ago. Let’s ease those concerns. Several times a year, the Mortgage Bankers Association (MBA) releases an index titled the Mortgage Credit Availability Index (MCAI). According to their website: “The MCAI provides the only standardized…
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What does it cost to refinance? What are the benefits? Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least one point lower? That may have been true years ago, but with refinancing dropping in cost over the last few years, it’s never the wrong time…
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On his personal website, self-made millionaire David Bach makes a striking statement: “Not prioritizing homeownership is the single biggest mistake millennials are making.” He further stated, “Buying a home is an escalator to wealth.” Bach explains: “Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of…
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Credit scores surprise many people who assume that if they never miss a payment, their FICO must be good. But your credit score is more than just your payment history. It takes 5 factors to create a credit score: Payment history Credit utilization (amounts owed and number of accounts) Credit mix New credit Length of…
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“Measure twice, cut once,” so the old age goes. Buying a home is an expensive proposition, no matter how you slice it. It entails many significant costs, and for many, this is the single largest purchase they’ve made in their entire lives. No matter whether they are spending $200,000 or $2 million on a home,…
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If you’ve got extra cash, you might consider investing that money in a rental property. Rentals can help diversify your investment portfolio and build financial stability. If you haven’t purchased a rental before, there are a few things you need to know about the down payment. How Much You Can Expect to Put Down Put…
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Fed announces rate-hike decision The Federal Reserve held rates steady today, but left the door open for further rate hikes. “Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability,” the Federal Open Market Committee said in a statement. “In support of these goals, the Committee decided to maintain the…
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Buying a new home is one of the most exciting events in your life, but the enormity of it all can be daunting. You’ve got to set your price range. Then you need to research your new neighborhood. And before you move, all your belongings will have to be packed into boxes. With everything going…
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