Category: News

We often hear mortgage and real estate terms and we recognize the term and have a general idea what it is, but here is a detailed explanation of what home equity really means. In the simplest terms home equity is how much of your home you own. So if your home is valued at $500,000 and you have a mortgage balance of $300,000 then you have $200,000 in home equity. If your home’s value appreciated and you have more home equity then you can use the equity for thins like a home equity line of credit (HELOC) or if the mortgage is paid off you may also consider a reverse mortgage. In any case if you’re curious about your equity and options schedule a consultation with us and we can…

Economic reports last week gave signs that inflation may finally be slowing down. As a result, mortgage rates dropped significantly, Freddie Mac reported, the 30-year fixed-rate dropped to an average of 6.61% down from 7.08% the week before. This was the largest weekly drop in over 40 years, since 1981. Freddie Mac economist Sam Khater noted, “while the decline in mortgage rates is welcome news, inflation remains elevated, there is still a long road ahead for the housing market.” If you are considering buying, please contact us regarding pre-qualifying or a rate lock. Fill out our quick pre-qual app on our website to get started.

As a military family you may be accustomed to moving often and not having a permanent address. Just as soon as you feel settled in, you may receive orders to move, so here are some tips to help with buying and selling for military families. Active service personnel receive Basic Allowance for Housing (BAH) which varies on location, pay grade and number of dependencies, which they can use for renting or buying. Buying a home may offer lower monthly payments and the chance of appreciation, but if you think there is a good chance you will be transferred in the next couple of years, you may want to rent as you would be looking at having to recoup buying and selling costs. If you do think you are in a…