Inflation vs. Interest Rates

As inflation rises, it typically causes mortgage rates to move higher as well.  That’s because inflation is the arch enemy of interest rates, since it erodes the buying power of the fixed return that a mortgage holder receives. While inflation may look tame to everyone at this time, it’s my job to dig deeper for you.  A look at the closely watched “Consumer Price Index Core Rate” of inflaRead More…

Certified Mortgage Advisor at your Service

VICTOR BALS – CERTIFIED MORTGAGE ADVISOR What does this mean? CMA Certified Mortgage Advisor™ is designed to educate and elevate the level of mortgage professionals knowledge and interpretation of our industry. This program encompasses 30 years of Barry Habib’s mortgage market and economics experience into a fast-paced and exciting designation for today’s Loan Officers. NATIONAL ASRead More…

Tips to be a Competitive Homebuyer

Homebuyers in many areas are finding themselves in a seller’s market right now. More often than not, buyers are reporting bidding wars. How can you improve your odds of winning? It may take more than just offering a little more than the asking price. Here are some ways to enhance your chances: Get a strong pre-approval letter. This is considered a must-have because it proves you can closeRead More…

WOW! Mortgage Rates – Covid 19, and the Housing Market 2021

Predictions – commentary – advice for 2021 Mortgage and Real Estate It has been several weeks since I have reported on the mortgage market and the effect of Covid 19 this year. .  We have been working 7 days and long hours since March when the pandemic took shape.  The following is my opinion and overview of what I have seen.   Combined are the views of many other seasoned professionals in Read More…

Potential Monthly Savings when Refinancing

Like many homeowners, you may be hesitant to invest in a refinance for relatively small monthly savings. But simply put, the return on investment for a refi can be better than just about any other option you might find! Example: If you invest $3,000 to refinance your loan, and your savings is $100 per month… $100 x 12 months = $1,200 $3,000 x 40% = $1,200 That’s a 40% annual reRead More…

RATES are STILL at HISTORIC LOWS!

You’ve probably even heard me say “historically low rates” before. Now, a weekly industry survey by Freddie Mac, the government-sponsored mortgage enterprise, is reporting an average 2.98% on a 30-year fixed-rate mortgage. That’s the lowest average rate in the 49-year history of their data collection and the first time their reported average rate has dropped below 3.00%. Of course, actualRead More…

New House Savings with New Construction

If you’re trying to decide between a brand new home or one that’s new to you, think about this: New homes are livable and lovable from the start. When you purchase new, you can select the design, style, and finishes you love. Your home will reflect your personality on move-in day, no changes needed. A new home is likely to “live” bigger than older homes of similar size. Modern designs Read More…

Monday’s Mortgage Myth | Pre-qualification vs. Pre-approval

HAPPY MONDAY! Many assume a PRE-QUALIFICATION is the same or as good as a PRE-APPROVAL. This is a mortgage myth.  Fact:  A pre-qualification means a lender has verbally taken your information and calculated some payments to see how much of a mortgage you would qualify for. This is merely a skin and bones approach to see if a borrower may be in line to obtain a mortgage. However, no merit wRead More…

Forbearance may Hurt Millions of home owners – COVID-19 Guidance Update 05/06/2020

Good afternoon, I wanted to take a moment and update everyone on the new mortgage guidelines that go into effect today 5-6-2020.  As I have predicted, the mortgage forbearance program is going to hurt millions of homeowners across the country. New Agency Guidelines were handed down last night on how lenders will treat forbearance.  In April 3.5 Million homeowners took advantage of skipping a Read More…