Posts by Mid-Island Mortgage Corp.
Homebuyers Regain Some Control As Supply Grows And Demand Pulls Back
Limited Sense Of Control Comes At Great Cost May marked a turning point in the pandemic housing frenzy, as buyers regained some control over the market, according to a new report from Redfin, the technology-powered real estate brokerage. This limited sense of control comes at a great cost, as 5% mortgage rates and record-high prices…
Read MoreHomeownership Could Be in Reach with Down Payment Assistance Programs
A recent survey asked prospective buyers to identify the biggest obstacles in their homebuying journey. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home. If you feel the same way, the good news is there are many down payment assistance programs…
Read More4 Tips to Boost Your Credit Score Fast
When you have a good credit score, you can get better terms and lower interest rates on loan products and credit cards. But it’s not always easy to just boost your credit score overnight. First, you need to consider why your score is low. “Understanding the specific circumstances as to what is impacting your score is your…
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The housing market is hot right now — if you’re a seller. Buyers, on the flip side, are having a harder time finding homes. Americans are aware of the struggles they face in buying a home. More than 70% of U.S. adults believe the housing market is currently in a bubble, and more than half…
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Mortgage rates are on the rise in 2022. If you still want to pull some cash out of your home, here are your options. For many homeowners, the pandemic offered an unprecedented opportunity to build wealth. Those opportunities still exist, even though they are getting harder to come by. Thanks to skyrocketing housing prices, the…
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American homeowners are sitting on a record amount of home equity, but taking advantage of the extra cash becomes more difficult as interest rates rise. By the end of the third quarter of this year, borrowers had a record $9.4 trillion in tappable home equity collectively, or an average of $178,000 per borrower, according to…
Read MoreBackup offers are a good idea for both buyers and sellers of a home
“It ain’t over till it’s over.” — Yogi Berra, baseball philosopher In real estate, a house isn’t sold until the Fat Lady sings at the closing. Until then, the seller should keep their options open by accepting backup contracts. Likewise, a buyer whose bid for the property fell short should consider asking the seller to…
Read MoreBiden’s FHA Updates To Student Loan Debt Policies Are Anticipated To Help Students With Outstanding Loans Qualify For FHA Mortgage Financing
WASHINGTON, D.C. – Individuals who are experiencing student loan debt now have a better shot at qualifying for a home loan thanks to changes that the Biden Administration has made to federal mortgage lending rules. The Federal Housing Administration (FHA) recently announced changes to its student loan calculations that are anticipated to create an easier environment in…
Read MoreHome Prices Rose Twice as Fast in Car-Dependent Neighborhoods as Transit-Accessible Areas
Legislation would axe downpayment and monthly mortgage insurance fee for firefighters, police officers, paramedics, teachers New legislation would extend a benefit similar to Veterans Affairs (VA) loans to first responders and teachers who buy homes. U.S. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill, dubbed the Homes for…
Read MoreNumber Of Homes For Sale Surpass 2019 Levels
More sellers seem to be returning to the market as the number of homes listed for sale surpass 2019 levels, according to a new report from Redfin. KEY TAKEAWAYS New listings of homes for sale are up 4% from a year earlier, and up 3% from the same period in 2019. Median home-sale price grew…
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