Mortgage rates have been increasing lately. It can be very frustrating as a prospective home buyer, but there is good reason for it. This blog post explains why interest rates are increasing, who is responsible for causing these rates to increase and why it isn't the worst thing ever (albeit frustrating). While rates were bumped a couple of times at the end of 2016, we're expecting them to be raised more than once in 2017. If you're worried that these rising interest rates are going to keep you from buying, don't fret- the increase is pretty nominal on an average house, but I would certainly recommend talking to mortgage lender about your borrower power before you file your taxes next month. A good lender can suggest some things that can have a big affect on your borrowing power later down the line. As always, remember me if you're interested in buying or selling residential, investment or commercial real estate in Charleston!
This post is aimed at new and aspiring real estate investors that want to purchase rental properties. Like most things, newbies will undoubtedly make a lot of mistakes. But, even small mistakes when you own a rental property can be quite costly. This blog post discusses 8 easy to make mistakes and how to avoid them.
The real estate industry changes constantly. While things like rates and loan products seem to evolve constantly, every few years something major will change that has a major effect on the industry. Every now and then, there will be perhaps a new version of the state contract or a new addendum that pops up. Things like this are perfectly fine as they are improved or developed to better serve our clients and they take very little time to acclimate to. However, some times there are major changes that can stunt the whole industry for a short period of time. Recently, it was revealed that we will be using an entirely new closing procedure when buying or selling a home. This was also designed to protect both buyers and sellers after many were unaware of their predatory loans in the mid-2000's. Rather than using the HUD-1 as the closing document that were all so used to, we will not be shifting to a new document and disclosures process. This process will take a little bit longer to get through than the old HUD-1, but it gives buyers much more transparency when it comes to their loan product. This blog post is all about the new RESPA-TILA activity and the new closing processes that have sprung from it. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC.
Congress works with various other Government entities and Government-affiliated organizations to help homebuyers purchase homes. They mainly responsible for setting the rules and regulations that Government-endorsed lending agencies like Fannie Mae and Freddie Mac follow to underwrite loans. Congress wants to bolster homeownership since the country has rebounded from the recession. The National Association of Realtors is urging Congress to loosening up on some of their lending restrictions in order to increase the number of new homeowners across the country. One major hurdle that many people face is their lack of stellar credit. NAR would like to see Congress reform their credit requirements to see a huge increase in homebuyers. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, South Carolina!