FHA Mortgage Insurance Premiums Are Going Down: Here's What You Need to KnowWith the announcement by the Department of Housing and Urban Development that the Federal Housing Administration (FHA) is set to reduce its rates, it’s an exciting time for many homeowners who are preparing to buy. If you’re shopping around for a home and are wondering how these changes to premiums may benefit you, here are some of the ins and outs of what this announcement means.

The Details On Lower Premiums

For homeowners who are taking out a mortgage that is insured by the government, the reduction in annual mortgage insurance premiums can be a great benefit associated with investing in a home. While this reduction will definitely help homeowners save money, it is not a significant enough amount to make a large difference in the overall cost of the home. However, it can be a more marked difference for those homeowners who are taking out a home loan for a larger amount.

How Big A Benefit?

While those who require a larger home loan can certainly see a little bit more savings by the end of the year, the amount saved for small-time borrowers may not be enough to stimulate home investment. According to Laurie Goodman of Urban Institute’s Housing Finance Policy Center, there are other things the FHA could offer that would be more beneficial to potential homeowners and would facilitate more investment in the housing sector. This reduction may be a benefit for those already set on buying, but it may not provide enough of an impetus for those who are on the fence.

Is It Time To Buy?

With mortgage rates set to rise and the benefit of the FHA’s reduction in rates, it’s an ideal time to buy for the homeowner with a solid credit history and a down payment. However, for those who are still considering their options and are struggling with credit issues, the FHA’s reduction may not be enough of a benefit to make it a worthwhile investment. Before making a decision, it’s important to sit down and determine if investing in a home is the right financial decision for you.

The reduction of mortgage insurance premiums by the FHA will result in money savings for the homebuyer, but it’s important to determine beforehand whether this will provide a significant enough benefit to invest. If you’re currently on the market for a home, contact your trusted mortgage professionals for more information.

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5 Things Nobody Tells You About Selling Your First Home

by Yael Ishakis on February 23, 2017

5 Things Nobody Tells You About Selling Your First HomeIt’s often so exciting to think of buying a new home that homeowners forget about the sale, but there are a lot of details involved in putting a home on the market. Whether you’re just considering selling or are readying to put your home up, here are some things you might not know about the process.

Marketing Strategy Is Important

The days of putting a sign on the front yard and waiting for buyers are gone, so it’s important to have a strategy that will successfully highlight your house. Whether you decide to make a website, use social media or invest in a professional photographer, ensure you’re prepared to put your home out there.

The Right Price Is Everything

You have the ability to change your asking price at any time, but it’s best to hit the market with a price that is both reasonable and competitive. This will not only prevent your home from lingering on the market, it will make it more likely you’ll get the offer you’re looking for.

Fixing It Up Is Important

You might want to avoid minor fix-ups before selling your home, but maintenance issues can impact the offers you’ll receive. Instead of leaving these for the next homeowner, put time aside to do paint touch-ups, repair doors or insulate the windows so the small things don’t affect your offer.

Prepare To Pack

It’s great to receive an offer on your home, but packing up can be one of the most stressful aspects of moving. Instead of leaving this to the last minute, do some preliminary ‘spring cleaning’ to discard the stuff you won’t use and pack up the stuff you won’t soon need. This will make moving out a little smoother.

Be Ready For An Open House

It can be a pain to stage your home and leave on short notice to accommodate an interested homebuyer, but a good open house is one of your best bets for selling your home. This means your house should be clean and clutter free all the time so only a few last-minute fix-ups will be required.

There are a lot of things involved in selling your first home, but by completing the little fix ups and choosing the right price, you’ll be well on your way to an interested buyer.

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Did You Know: 3 Reasons Why Mortgage Pre-approval Should Be Your Very First Step

February 22, 2017

There are so many details involved in the mortgage process that you may not be aware of what pre-approval is if you’ve just entered the market. However, pre-approval assesses your ability to make monthly mortgage payments and can be an important first step in the home-buying process. If you’re currently contemplating a home purchase, here’s why you may want to consider pre-approval first.

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What’s Ahead For Mortgage Rates This Week – February 21, 2017

February 21, 2017

Last week’s economic releases included readings on housing starts, building permits issued and the National Association of Home Builders/ Wells Fargo Housing Market Index. Fed Chair Janet Yellen testified before the House Finance Committee and consumer spending and core consumer spending reports were also released. Mortgage rates and new jobless claims were little changed week-to-week.

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Call in the Pros: 4 Ways That Using a Mortgage Professional Will Save You a Lot of Money

February 17, 2017

It may seem better to go it alone when it comes to acquiring a mortgage, but there are many benefits associated with using a mortgage professional that can make finding your dream home a lot easier. If you’re currently getting prepared to hit the market and are weighing your options, here are some reasons that a professional who knows the neighborhood will save you money.

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2017 Home Decor Trends: Stay on Top of Modern Trends With This Handy Guide

February 16, 2017

Now that 2017 is here, it’s time to consider which upgrades you will make to your home. If you don’t have any major renovations planned, you can still tackle smaller projects or theme rooms. In today’s post we’ll explore some of the home decor trends expected to be popular in 2017.

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4 Misconceptions About Reverse Mortgages — and Why You May Decide You Want One

February 15, 2017

With so many mortgage products available on the market, it can be hard to know which ones will serve you best as a homeowner. As a result, there are many mistruths surrounding reverse mortgage products. Let’s clear away some of the misconceptions.

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Buyer’s Remorse: 3 Things You Should Never Say When You’re Negotiating to Buy a Home

February 14, 2017

The prospect of finding the home you’ve always dreamed of can be such an exciting prospect that it’s easy to forget all about the process of negotiating. However, it’s important to keep a few things to yourself when it comes to the art of making the deal. If you’re currently searching for the right place and are preparing to sign on the dotted line, here are a few phrases it’s best to avoid.

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What’s Ahead For Mortgage Rates This Week – February 13, 2017

February 13, 2017

Last week’s scheduled economic readings were limited and included new jobless claims and Freddie Mac’s mortgage rates survey. In other news, all types of mortgage applications rose by 2.30 percent this week as compared to the prior week.

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Worried About Future Mortgage Rate Increases? Here’s How to ‘Stress Test’ Your Finances

February 10, 2017

When it comes to real estate, there are always going to be upswings in the market that will have an impact on your mortgage payment and overall financial health. If you’re concerned about rates on the rise, here are a few tips to test out you’re fiscal well-being.

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