Health & Fitness
Tips to Help You Plan for Financing a Home
We are riding the waves in unchartered waters with the housing recovery and this one is turning out to be a class five torrent of surprises. Find out how to navigate the waters with our housing tips.
We’re sharing a heads-up of what is sure to be the first of many reminders that the artificial loan ceiling limit of $729,500 for pseudo-conforming loans is dropping down to $625,500 later this year.
These limits are the same as the 2010 high-cost area loan limits and apply to all loans originated on or before September 30, 2011. Loans originated on or after October 1, 2011, will use the "permanent" high-cost area loan limits established by FHFA under a formula of 115% of the 2010 median home price, up to a maximum of $625,500 for a 1-4 unit property in the continental U.S.
What does this mean to you?
Find out what's happening in Belmontwith free, real-time updates from Patch.
If you’ve been thinking about getting a home loan you may not want to wait to refinance or purchase. Higher interest rates combined with lower conforming limits will translate into an effective higher cost of homeownership.
Will higher rates cause home prices to decrease; most certainly, but to a much lesser degree on the Peninsula. That's because with the higher income levels many Bay Area residents enjoy they can absorb some of the added costs of homeownership—to some extent.
Find out what's happening in Belmontwith free, real-time updates from Patch.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending April 29 rose 4%. Refinancing applications increased 6%. Purchase volume rose 0.3%. This is completely in-line with what we would expect with interest rates rising and the purchase volume increase underscores the uptick in homes sales.
Remember many media reports you hear are from outside our area--real estate is VERY local and what happens in one part of the country, state or even city could be entirely different than where you live.
Drew and Christine Morgan are REALTORS® in Belmont, CA employed by RE/MAX Star-Carlmont
(650) 508-1441
The information contained in this feature is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.
