When you start researching to buy a home, you’ll see the terms “mortgage prequalification” and “mortgage preapproval” thrown around a lot. While they sound similar, they aren’t the same — and they serve different purposes in your homebuying journey. Thinking of making an offer soon? Here’s what you need to know about prequalification versus preapproval […]
Mortgage applications rose 2.2% last week compared with the previous week, prompted by a slight decline in interest rates, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinance applications, which are usually most sensitive to weekly rate moves, rose 2% for the week but were still 86% lower than the same week one year […]
Federal Reserve officials earlier this month agreed that smaller interest rate increases should happen soon as they evaluate the impact policy is having on the economy, meeting minutes released Wednesday indicated. Reflecting statements that multiple officials have made over the past several weeks, the meeting summary pointed to smaller rate hikes coming. Markets widely expect the rate-setting […]
Is there a difference between the right house for your current situation versus your ideal home for life? There’s usually a big difference for most buyers, and it’s a good idea to consider both options carefully. When deciding between a starter and a forever home, there’s a lot to think about beyond your budget. This […]
Gift-giving season is upon us — and did you know that you can potentially use gift money to help cover your down payment? You most certainly can. However, there are some limitations and a few bases you’ll need to cover so your gift money is properly accounted for. Here are a few things to know: […]
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