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The Power Of A Shorter Mortgage Rate Lock // Today's Mortgage News - Gr...

The housing market will get even tighter over the course of 2018. More folks are eager to buy, but the supply of homes for sale just isn’t big enough. Competition for listings figures to be fierce. But signs of relief are starting to appear. The market is still plagued by too few homes for sale…the legacy of the construction bust that followed the bursting of the bubble a decade ago. Builders would like to make up for lost time, now that the economy is strong and demand is back. They just can’t. Land is scarce. Skilled labor is even scarcer. Costs of building materials are up. And fewer homeowners are inclined to sell when they know finding a new place could be tough. So inventories of homes for sale will shrink from their already paltry levels…bad news for buyers. The tightest markets are in the West: Several Calif. cities. Seattle. Portland, Ore. Many of them make new construction very difficult, which discourages badly needed supply increases. Close behind: Reno, Nev. Boise, Idaho. Utah. There are fewer restrictions on building in such areas. But people are moving in so fast that builders can’t keep up. Ariz. picked up 100,000 new residents in a single year, for instance…most of them in Phoenix. Such shifts will keep demand strong for years. Many Southern markets will stay hot or heat up further: Dallas, Atlanta. Nashville and Chattanooga, Tenn. Charlotte, Raleigh and Durham, N.C., and much of Fla. The good news for buyers: New-home construction is gradually revving up to meet the demand. Issuance of building permits for single-family homes has doubled since 2011, though construction is still nowhere near high enough for today’s market. And many builders are switching to starter homes, which are sorely lacking. For years, builders focused on high-end luxury homes, which promised better profits. Now there are plenty of big houses and far too few small homes for younger buyers. Mortgage rates are headed higher. But lenders will offer other concessions to cash in on rising demand. In particular, they’ll keep easing their credit standards so that buyers with weaker credit scores will have a better shot at securing a loan

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Top Ten Terms for Mortgage Loans

Top Ten Terms for Loans

Everyone knows that you should never sign on the dotted line without reading the contract.  This same term applies to loans.  Signing a loan without knowing the terms and what everything means can be detrimental to your finances, credit and future investments.  Before you sign on the "dotted line", (although its not really dotted) make sure that you know these terms and how they will apply to you. 

1.  Interest rate.  Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of the lenders money. Interest rates are typically noted on an annual basis, known as the annual percentage rate (APR). Interest rates change everyday, sometimes several times each day depending on the market.

2.  Fixed Rate.  A fixed rate will be an interest rate that stays at the same percentage throughout the entire period of your loan. 

3.  Variable Rate.  A variable rate will change according to the economy and the charts that are stating what the rates should be for interest.  A variable rate usually changes every year and adjusts according to a specific given range of percentages. 

4.  Principal.  The most commonly used refers to the original sum of money borrowed in a loan.

5.  Escrow.  This is similar to a savings account of your loan.  Escrow account holds money in it to pay property tax and home insurance.  Your monthly payment includes principal, interest, escrow payment for taxes and escrow payment for insurance.

6.  Title.  A title will be what you get to your home after it is officially yours, stating that the property belongs to you. 

7.  Deed.  A legal document that grants the bearer a right or privilege typically it is the legal document giving ownership to a property.

8.  Home Equity Loan.  This is a loan or line of credit that you can get for your home that borrows the equity in your home.  Equity is the difference between how much you owe and what the property is worth. 

9.  Appraisal.  The appraisal is an estimated value of what the home is worth.   The appraisal is estimated based on comparing your property to other similar properties.  It is an estimate given by a professional, licensed, State regulated appraiser. 

10.  Equity.  The difference between what you owe and what your property is worth.

Once you know some of these basic terms, you will be able to expand on your knowledge and find the exact loan that will fit your needs.  These basic definitions will help you in making the right decision for the type of loan that you want. 

For more information please contact me:

www.anthonypatton.loan

214-226-0885  text or call

apatton@highlandsmortgage.com