Philadelphia has been ranked the #2 city for real estate performance over that last 10 years with an average annual increase of 8.3%…read more
Computers are a great tool for finding the perfect home, but computers have one failing. They are stuck at home. For this reason, smart phones on mobile applications make a lot of sense for home buyers.
Get a review of some hot real estate apps for Android phones
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The Federal Reserve sets the Fed Fund rate. This is the rate that banks pay when they borrow from the treasury. This is important to perspective home owners because mortgage rates follow the Fed Fund rate.
The Federal Reserve sets the rate with two goals in mind. They are charged with keeping inflation in check and to strive for full employment. The Federal Reserve operates on the principal that higher interest rates make it harder for business to expand but reduces inflation. Conversely, lower interest rates reduce unemployment but can lead to inflation.
We currently have high unemployment and low inflation. In response, the Fed Fund is 0.25%. It can’t get much lower.
The Federal Reserve will announce their new rate. The announcement is expected to be boring…no change. This means that mortgage rates will remain low for at least a while, and low mortgage rates mean more affordable homes. If you are thinking about buying your first home, this may be the ideal time. Prices are down and mortgage rates are low. It is a buyers market.
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There is a common misconception about credit scores. Yuliya Demyanyk, a senior research economist with the Federal Reserve Bank of Cleveland explains the your credit score is really a credit rank. Your credit reliable is weighed against other American’s. This is why your credit score can change when your dedication to paying your bills has not.
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Here are 7 ways to save money on your mortgage:
- Make an extra payment each year
- Create Bi-Weekly payments
- Cut your PMI
- Fight your property assessment
- Recast your mortgage
- Get a loan modification
- Refinance your mortgage
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Have you been looking for motivated seller. If you have good credit and some money for down payment, there is no better time than now to buy your first home or to invest in real estate.
high levels of mortgage distress may well persist for some time to come, Ben Bernanke (read more)
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Mortgage rates for 30-year fixed mortgages remained unchanged from last week…read more
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If you are a borrower who plan to stay long term in your property and do not like any surprises with increases in your monthly payments and want to enjoy steady low monthly payments fixed rate mortgages are a good option for you. But if you are someone who plans to move or upgrade within a shorter period of time, adjustable rate mortgages could be a good option to lean on. It is always good to consult mortgage experts to find which mortgage option fits you best…read more
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According to a recent nationwide survey by First Alert, 66 percent of American households do not contain the number of smoke alarms mandated by the National Fire Protection Association. And that number spikes to 90 percent for homes that don’t have adequate detection for carbon monoxide; 40 percent of homes in the survey had zero working carbon monoxide detectors…read more
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