Category: Uncategorized
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Maximize Savings for Buying Your First Home With the 28% Rule
The 28% rule suggests spending no more than 28% of gross income on a mortgage. FHA allows up to 31% of gross income for mortgage payments, offering more flexibility.
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Late-Q3 2024 Rate Cuts: Best Time to Buy?
Recent years have seen high mortgage rates and elevated home prices, making buying a home difficult.Cooling inflation has lowered mortgage rates to a 15-month low, offering new opportunities for homebuyers.
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Iowa Mortgage Delinquency Rate Is Lower Than U.S. Average
The COVID-19 pandemic led to increased unemployment, resulting in temporary homeowner protections under the CARES Act. As the economy shifts, homeowners struggle with rising inflation and home prices, complicating mortgage payments. U.S. mortgage debt surpasses $12.5 trillion, with delinquency rates climbing due to high interest rates and the cessation of financial aid. Delinquency rates vary…
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Don’t Get Burned: Essential Refinancing Tips
Rates remain high but may fall soon, making refinancing potentially beneficial for recent borrowers. Verify sufficient home equity (typically 15-20%) before considering refinancing your home equity loan.
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Will lower mortgage rates keep home prices high?
Home affordability has improved recently due to lower mortgage rates, despite elevated home prices. The FHFA's House Price Index rose 4.5% from July 2023 to July 2024, with existing home sales down 2.5% in August. The median sales price increased 3.1% to $416,700, marking 14 consecutive months of price rises. While housing inventory is improving,…
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Predictions 2025: Turning Point or Cooling Down?
Home prices to rise slightly, 1-2% above inflation. Increased affordability from rising real incomes.
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PMI: What Is It and Do You Need It?
Private Mortgage Insurance (PMI): PMI protects lenders when borrowers put down less than 20% on conventional mortgages.PMI Costs: PMI rates vary, influenced by credit scores, with lower scores leading to higher costs.
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Tips for Building Your Dream Home: Invest in Luxury
Building a luxury home creates a personalized sanctuary with comfort and longevity. Location is crucial: seek exclusivity, tranquility, and easy access to amenities for your luxury home.
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Millennial Money Moves: Top 5 States for Homebuying
California attracts rich millennials with its vibrant economy, diverse culture, and tech job opportunities. New York is favored for its bustling urban lifestyle, luxury shopping, and strong job market.
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2025 Home Upgrades: Forecasted $466B Increase in Spending
Homeowner spending on upgrades is set to rise through early 2025. Annual spending on home maintenance and improvements will exceed $466B through Q2 2025.