With so much to think about when you’re applying for a mortgage, it’s hard to give even a second’s thought to how you actually make those monthly payments once you begin your repayment of the loan.
In order to get preapproved for a mortgage, your mortgage lender will need to verify your income and asset information to determine how much home you can afford and the interest rate you’ll pay on the loan.
While we aren’t beyond the pandemic by any stretch of the imagination yet, the fundamentals have grown stronger. The Federal Reserve tried to impart that message last Wednesday, while still pointing out that they were prepared for any change in course. For the first time, the Fed talked about discussions to slow asset purchases.
If you’re feeling overwhelmed by debt, you’re not alone. Many Americans are dealing with major credit card debt on top of mortgages, student loans, car loans, and medical bills. With some of the highest interest rates of any debt, credit card debt is one of the worst to carry. In fact, consumers pay double or even triple the interest rates on credit cards than they do on most auto loans, student loans, and home loans.
The median price of an existing home according to the National Association of REALTORS® was $350,300 in May. It’s a new record high and 23.6% above where prices were in May 2020. When looking at new home sales, the median sale price was up 18.1% on the year at $374,400.
We adore our cats and dogs. Those of us who proudly wear the badge of pet owner love our fur babies, consider them members of the family, and ferociously defend them. Our love is unconditional, and we may have even carried out home renovations to accommodate our pets. In fact, some of the costs of those renovations you made might be recouped by value added to your home’s sale price.