by kramoltz@hotmail.com | Mar 13, 2023 | Home Buying, Mortgages + Lending, Real Estate Facts & Figures
1. First-time Buyers are Scarce. The first-time buyer share of the market dropped to 26% over the past year. Historically, first-time buyers buy around 40% of homes. The reason was the high prices and the rise in interest rates. Hopefully the price correction...
by kramoltz@hotmail.com | Feb 14, 2023 | Mortgages + Lending
Buying down an interest rate is a way for a seller to offer a financial incentive to a buyer. It results in a temporary reduction, which means lower payments under the buyer’s loan. Because of the dramatic increase in rates and the negative result on home sales, in...
by kramoltz@hotmail.com | Mar 1, 2022 | Mortgages + Lending
With the new year comes a change in reverse mortgage programs. As before, you must live in the home as your primary residence and must complete a financial assessment. But the maximum loan amount has risen from $822,375 to $970,800 as of January 1, 2022. The loan...
by kramoltz@hotmail.com | Dec 28, 2021 | Home Ownership, Mortgages + Lending
Reverse Mortgages. Reverse mortgages are an ideal tool for the retired or soon to be. I have written several times about this option, the most recent in Should You Get a Reverse Mortgage? A reverse mortgage is available to those 62 and older and typically results in a...
by kramoltz@hotmail.com | Nov 1, 2021 | Mortgages + Lending
Home Equity Line of Credit. A HELOC is a new loan with a revolving line of credit feature. You borrow what you need within the loan limits. The flexibility of a HELOC can be useful for occasional cash needs when running a business. HELOCs have a withdrawal period...
by kramoltz@hotmail.com | Oct 19, 2021 | Home Ownership, Mortgages + Lending
Mortgage holders of more than 500 Phoenix and Scottsdale properties are now able to cancel their flood insurance due to flood map changes that went into effect July 20, 2021. That is because the flood insurance rate maps for a portion of northwest Scottsdale and...
