As global markets reel from the coronavirus outbreak, the Federal Reserve slashed the federal funds rate by 1 percent March 15, bringing the rate to virtually zero. Does that mean mortgage rates will hit such lows as well? No. Mortgage interest rates are impacted more by the bond market, not the Federal Reserve. Even before Sunday’s rate cut, mortgage and refinance … [Read more...] about What Does the Fed Rate Drop Mean for Homebuyers?
Mortgage
5 Things You Need to Know about Working With Lenders (#4 is Crucial) Take this critical step to prevail in a home bidding war.
If you’ve decided to hit the open houses and really look for that perfect home in the coming months, now is the time to start preparing yourself for the process. With the D.C.-area real estate market on the heels of a rather competitive 2019, you want to be sure you’re ready when you find—or even stumble upon—that perfect home. Although it’s not quite as fun as touring homes … [Read more...] about 5 Things You Need to Know about Working With Lenders (#4 is Crucial) Take this critical step to prevail in a home bidding war.
Lending Rule Changes Take Effect Monday
The Urban Turf offers some helpful information on new lending rules set to take effect on Oct 3: "What DC Homebuyers Need to Know Starting Monday. New home loan applications received on or after this Saturday will be subject to the Consumer Financial Protection Bureau’s final rule for TRID. TRID stands for TILA-RESPA Integrated Disclosures, forms that will replace existing … [Read more...] about Lending Rule Changes Take Effect Monday
Higher Prices, Inventory, and Low Rates Benefit Both Buyers and Sellers
Home prices are up, but so is inventory in Northern Virginia, which is proving to help both buyers and sellers as we move into the dog days of summer. With 30-year fixed rates as low as 3.8 percent, conditions are ripe for continued steady activity as we head into the fall. Although average home sale prices in June for Northern Virginia were virtually unchanged from June … [Read more...] about Higher Prices, Inventory, and Low Rates Benefit Both Buyers and Sellers
VA Loans Offer Great Benefits for Veterans
Among the variety of loan choices for hopeful home buyers, a good bet could be a VA loan for current and former service members in good standing. But some may not know the ins and outs of a VA loan, so we thought we’d highlight some VA loan features. To do so, we contacted our friend Eric Boutcher, team loan officer at Atlantic Coast Mortgage LLC, to fill us in on how a VA … [Read more...] about VA Loans Offer Great Benefits for Veterans