(1) Not getting a mortgage pre-approval. This is step one period. (2) Shopping for a home you cannot afford. Know your budget and don’t go over it. (3) Using a shady mortgage lender. Incompetent lenders will blow up your home purchase. (4) Submitting a lowball offer. Many home sellers will not even respond. (5) BuyingContinue reading “5 Common Home Buying Mistakes”
There are approximately 1.4 million Florida homeowners who would benefit from refinancing their homes because of lower mortgage rates according to a national research. firm. These homeowners are high quality refinancing candidates because they have at least 20% equity in their homes and a credit score over 720. Florida is second in the nation inContinue reading “$309 Average Monthly Savings”
Nationally, October saw a large increase in foreclosure filings from the previous month. Miami was in the top 5 cities nationally. Some homeowners may be unaware that mortgage lenders have instituted forbearance programs and loss mitigation departments to help struggling homeowners due to COVID-19. Please contact Ed Curry at 941-799-9440 if you are thinking ofContinue reading “Foreclosure Filings Increase 20%”
Forbearance, (when mortgage lenders allow you to delay payments for a specified time) rates are at a 7 month low. Many homeowners took advantage of forbearance plans in the early Spring due to COVID-19. Mortgage forbearance plans make up almost 6% of all mortgages which is the lowest rate since April when it was 3.74%. Continue reading “Forbearance Plans Drop to New Low”
This year mortgage rates reached an all time low for home buyers. After the 2016 election rates jumped from 3.74% to 4.24%. Many economists agree that mortgage rates will hover around 3%. The Federal Reserve has been keeping the Federal Funds Rate near zero which indirectly helps mortgage rates stay low. Additionally, there is stillContinue reading “Will Mortgage Rates Rise After Election?”
A large number of FHA mortgage delinquencies have placed Orlando (9) and Tampa (10) in the top ten cities in the nation. This could become a serious situation as COVID-19 unemployment benefits expire and unemployment remains high. Nationally, in September over 3.5 million FHA mortgages were enrolled in a forbearance plan. Ed Curry has earnedContinue reading “Delinquencies Place Two FL Cities in Top 10”
20 and 30-year-old home buyers are helping to keep the home sale market strong. More than half of new mortgages were made to this demographic according to Realtor.com. Millennials have now surpassed Baby Boomers as the largest adult group in America.