PLUNGING INTEREST RATES COULD HELP BUYERS ON THE FENCE

Mortgage rates are falling fast, and they could sink even lower reports Mortgage News Daily. The 30-year fixed-rate mortgage now averages 3.34%, a rate last reached in 2012 and briefly in 2016. That is for borrowers with strong financials and credit scores. As coronavirus fears hit financial markets, U.S. bond yields are tanking, pushing mortgage rates that loosely follow the 10-year Treasury yield toward an eight-year low. They could sink...

Is the list price the sales price

Century 21 Hometown Realty has 300 properties for sale in company inventory today. There are about 1000 single family homes listed in the region. The top 10 brokerages in CCRMLS combined to sell about 400 homes. Century 21 Hometown sold around 100. By all accounts, the county only has two to three months of inventory. If you are searching for a home in a specific town or for a specific...

Credit Scores for Home Loans

If you are planning to finance or refinance your home, you need to understand a thing or two about what is happening in the mortgage universe. As you may already know, the mortgage industry had very low standards for consumer credit ratings and home loan downpayments a few years ago. The story on the street was that if you had a pulse, you could get a home loan with no...

Housing advice from Moms

Moms are the greatest. Although many moms are working today, they are still run the roost at home and have the best advise when it comes to home ownership. In honor of Mothers Day, Century 21 Hometown Realty celebrates the wisdom of mothers. Here is advice that we were able to locate from Moms. How much can you afford? Lenders like PrimeLending, our mortgage partner play a significant role in...

Your Fair Credit Rights

We've all heard that many things in life are not fair. But the process of qualifying for a mortgage shouldn't be one of them. That doesn't mean you necessarily get the loan you apply for. It does mean that you have the right to be judged on your financial stability and credit history rather than on biases. Two federal laws, theEqual Credit Opportunity Act and the Fair Housing Act, prohibit...

How to adjust your underwater mortgage

Bakersfield’s real estate bust was certainly one of the worst in the country, and because of that, many homeowners have faced real challenges when evaluating the mortgage on their home. To a lesser extent, there was also plenty of pain felt by homeowners along the Central Coast too. Underwater homeowners wistfully listen to radio ads boasting refinances with ‘record low interest rates’, knowing that taking advantage of those rates in...

How Interest Rates impact the housing market

Here in California, buying a home or other property is a factor of loan affordability. Today, we see a lot of "cash buyers" in the market - but that simply means that they have already arranged financing. In this borrowing home ownership economy, the interest rates play a very significant role in the value of homes. The national economic recovery in America has reached every part of the economy except...

Top 8 Things to Know about a Mortgage

Deciding what kind of home loan is best for your needs is an integral part of the home buying process. But it’s not always easy, according to California mortgage broker Prime Lending. Prime Lending notes the eight most important factors to compare when shopping for a mortgage: • Principal – The principal is the amount you are borrowing—or the price of the home you are buying minus the down payment. Lenders...