Weekly roundup of mortgage news for October 2, 2020
Whether you’re looking to buy a home or refinance one, we’ve got the news you need.
Mortgage rates have remained near their all-time lows this week, but while rates have remained stable, that doesn’t mean nothing has changed in the housing and mortgage world. Check out some of the week’s top mortgage news to stay up to date.
While it is impossible to predict what will happen to mortgage rates, there is good reason to believe that the current low rates are likely to last for some time. The Federal Reserve is expected to keep the benchmark interest rate very low and will likely continue to buy mortgage-backed securities for the foreseeable future, both of which will help keep interest rates low. for home buyers.
Your spouse’s bad credit can affect your ability to get a mortgage, but you have options. You may be able to work with your spouse to improve their credit score or qualify for a mortgage on your own if your income is high enough.
In many real estate markets, home sellers receive several offers very quickly after a home has been put on the market. If you want to win a bidding war for a home you love, you need to make sure you have mortgage pre-approval; that you are ready to work on a schedule set by the seller; and that you offer a higher deposit.
If you are shopping for a new home, make sure you know how much you can spend on a mortgage payment; how much time you will have to devote to maintaining your home; and whether you have enough emergency savings to feel comfortable taking on the responsibility of homeownership.
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In the days of COVID-19, buying a home virtually may be the best option for many. Buying a home virtually can be easier than you expect due to the level of detail you can get online, but you’ll need a detailed home inspection and a well-drafted purchase agreement to protect your interests.
It’s definitely a sellers’ market right now, but does it make sense to sell your house and buy another? Selling and buying a new home can be a smart move if you are moving to an area with a low cost of living or if you can qualify for a low interest loan to offset the cost of the home. Otherwise, even though you can get a bargain price for the house you are selling, you might be forced to pay a lot for the purchase of your new home or even not be able to find a home you like because the housing inventory is limited at the moment.
Whether you’re buying your first home, changing your life situation, or considering mortgage refinancing, The Ascent has the news you need to keep tabs on the mortgage industry as well as the wild housing market. today. Stay tuned for our latest mortgage coverage to stay up to date on all things mortgage related.