 |
Don’t Try to Outsmart the Markets
 Getting ready to refinance your mortgage but waiting for rates to fall just one more time? Is that extra 1/8th percent ready to drop? Some consumers begin to follow economic news and perform no shortage of due diligence trying to pick the perfect time to lock in an interest rate. Loan officers are asked on a daily basis, “What are rates going to do?” The fact is nobody knows and for those who say they know, well, they don’t. Even the most learned of financial analysts get it wrong. There are just too many ingredients that affect mortgage rates, some expected but many unexpected, for any solid projection to come to fruition. Yes, there are certainly general trends that can be pointed to but trying to outsmart
|
|
|
|
Mortgage Rates
U.S. averages as of April 2020:
30 yr. fixed: 3.5%
15 yr. fixed: 2.92%
5/1 yr. adj: 3.34%
 |
|
|
|
interest rate markets can go wrong rather quickly.
Conventional mortgages, both fixed and adjustable, are tied to specific indices. A traditional 30 year
|
|
|
|
New York Might Pass an Anti-Flipping Bill. Are Other States Far Behind?
 That dream of buying a house in a state of disrepair and fixing it up to sell for a big profit is one many of us share. And the people you see on TV aren’t the only ones who are doing more than dreaming. According to ATTOM Data Solutions’ most recent stats, more than 200,000 U.S. homes were bought and resold within a 12-month period in the year 2017.
“That’s just under 6% of all the single-family homes and condominiums sold that year,” said Investopedia.
But, if the state of New York has its way, it might soon be harder to pocket that cash. There are actually two bills making their way through the system: Assembly Bill A5375A and Senate Bill S3060E. Each of them “Imposes a tax on the
|
|
|
|
What Is a Home Renovation Loan and Should You Think About One?
 For many homebuyers, a picture-perfect, move-in ready home is the dream. For others, a project house they can get for a discount and then put their personal stamp on is too good to pass up. The problem with many of these “project houses,” though: coming up with the money to complete the projects.
Once you’ve depleted your savings to gather the funds for your down payment and closing costs, there may not be much left over to knock down that wall between the kitchen and living room, redo the counters and cabinets, and put in new hardwood flooring. Add in the costs of new furniture and hiring movers, and it could be years before you’re finally ready to make those improvements.
This is where a home renovation loan can help.
What is a home renovation loan?
Although they are growing in popularity, home renovation loans are
|
|
|
|
|
The Law Offices of Fred Peet
55 Patchen Road
South Burlington, VT 05403
802-860-4767
800-683-3903 (toll free)
802-860-2822 (fax)
fpeet@peetlaw.com
| |
|
