Lenders have guidelines regarding max DTI to approve a loan. Many lendaers allow for DTI ratios up to 50%. Still, loans with higher DTI ratios typically have worse terms. Higher DTI may require a higher down payment to meet loan approval criteria....
U.S. mortgage rates are inching closer to 8%, a two-decade high, making homeownership increasingly out of reach for many Americans. The Federal Reserve's aggressive tightening campaign against inflation is causing upward pressure on market rates, making existing home sales slump further and potential first-time borrowers hesitant. Lawrence Yun, chief economist at the National Association of...
According to Bankrate and Freddie Mac, the current average interest rate for a 30-year-fixed mortgage is 7.58%, which is the highest it has been in over 20 years. Experts are now predicting that this could go up to 8%, if the economy continues to show signs of strength and the Federal Reserve raises interest rates again. If this happens, the housing market could go back into a deep...
Home sales in Atlanta ↓14.9% MoM, amounting to 4,896 properties sold. Sales volume measured at $2.37B, ↓ 17.4% MoM....
Georgia home prices show significant upward trajectory, reflecting robust demand and limited inventory....
Plan your finances and consult an advisor before house hunting to set a budget within 30-35% of your income. Define must-have features based on lifestyle and plans to streamline the home-searching process after budgeting.Mortgage pre-approval helps serious buyers determine affordability, compare lenders, and gain a competitive edge....
Mortgage rates have been steadily increasing for the past six weeks, causing a slight dip in home purchases and an increase in the available inventory of homes for sale. The economy is strong and the Federal Reserve is expected to keep rates high for longer, further increasing monthly payments and making home buying less affordable. Inventory is expected to peak at the end of August, with 20% fewer...
This article discusses the financial obligations of both homeowners and renters, and how to determine if you can afford to buy a house. Homeowners have to pay more than just their monthly mortgage payments, such as taxes, insurance, and repairs. On the other hand, renters usually only need to pay their monthly rent and a deposit when they move in, along with optional pet or cleaning deposits. It is...
Avg home price/sq-ft in Middle Georgia increased to $123 from $118, reflecting recent growth. A 2,058 sq-ft home on Ashford Chase Court sold for $255K, indicating market activity. Figures based on sales from July provide current trend insight. Recent data suggests ongoing price fluctuations in Middle Georgia's housing market....
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