The normal housing market requires 6-7 months of inventory. Currently, the market has approximately 3.9 months of inventory. From low mortgage rates to insufficient construction of new houses, there are several reasons for the high demand and low supply.
Topics: mortgage loans, single close construction loan, manufactured homes, off-site construction
There is a disconnect between where homebuilders are building and where millennials want to live. NAHB predicts in their 2019 third quarter Home Building Geography Index (HBGI) that in the coming decade, 67 % of all millennials will be living in counties where housing construction has lagged.
Topics: Construction Loans, millennials, building a new house
The Brookfield, Wisconsin-based mortgage lender is leveraging Amazon’s AI technology to achieve efficiency and transparency for its clientele and enhance their mortgage experience.
Topics: mortgage calculator, Amazon Alexa
Wire fraud is a federal crime where someone tries to defraud another individual or entity of their money or property through electronic communications. Electronic communications can include phone, fax, email, text or even social media messaging.
Topics: homebuyer, homebuying process, wire fraud, home education, security
Mortgage rates will fluctuate up and down based on the market. Rates can change daily, so you don't know what your rate will be until you lock it. By locking a rate, your lender is guaranteeing you that rate for a specific amount of time, typically 30-45 days. Once you lock your rate, it doesn’t matter if the market fluctuates. If you locked at 4 percent and rates go up, you still get the 4 percent. The risk is on the lender when you lock a rate. However, if rates go lower, you don’t get the benefits of a lower rate.
Topics: mortgage loans, float rate, float down option, locked rate
Finding the right house with low inventory can be a struggle. However, you should not count out a home that may need a little TLC.
Topics: FHA 203k loans, mortgage loans, fixer uppers
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