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Mortgage rates remained near their all-time lows as we moved into the fall months. Rates on 30-year home loans were more than one percent below their levels of a year earlier. Homebuyers and refinancing owners would save about $200 per month on a $300,000 loan as a result. That means there's still plenty of opportunity for households who are thinking about buying or reducing their existing payments.
Talk with us about your goals, and we'll help you select a rate point which will allow you to achieve them. And then we'll watch the mortgage markets for you, and let you know when it's time to take action. We'll also go over your credit report with you, and review steps you can take to obtain financing on better terms. You can count on our expertise to help you emphasize your strong points.
Once we submit your loan application, we'll assist you in every step of the mortgage process. You can be confident that you'll achieve the results you want.
Sales of existing homes recently were higher than they were a year ago, reports the National Association of Realtors (NAR). August sales came in at the second-highest level seen in the previous 23 months. House prices also have risen in each of the last three months reported by the Standard & Poor's/Case-Shiller home price index. In July – the most recent month included in the index – house prices showed their largest gain in four years. "We now seem to be witnessing some sustained monthly increases across many of the markets," says a Standard & Poor's official.
Another positive sign is that the number of houses on the market continues to drop. Early this fall we had the lowest level of inventory in more than two years, NAR notes. Distressed property sales – which often are homes in foreclosure – have dropped from close to half to less than one-third of all sales, adds NAR. Fewer distressed sales and a reduced supply of houses on the market will help stabilize prices.
"The housing market is very close to reaching the point of a self-sustaining recovery," says NAR Chief Economist Lawrence Yun. Further drops in the inventory of houses for sale will confirm that the market has stabilized, he adds. More buyers also will get into the market once it's apparent that prices have bottomed, Yun predicts. "Many people with the financial capacity to buy have sat out of the market the past two years," he notes.
Numerous areas are already seeing multiple offers on well-priced homes. For that reason it's crucial to be pre-approved for a mortgage before you start looking at properties. You'll then be able to make a solid offer when you find the right house. Today's homebuyers are enjoying a unique opportunity, since both home prices and mortgage rates are at lows. Let us know when you're ready to make an important purchase, and we'll help you obtain affordable monthly payments.
Just a few years ago homeowners were waiting months before their projects could be started, since contractors were so busy. But now many home improvement specialists are eager for new jobs. Everyone from handymen to large contractors are ready to start jobs sooner and complete them faster – while potentially also offering better terms than you would have received during the boom years. And material costs are lower now due to reduced demand, which can cut your expenses drastically.
Making energy-saving improvements can pay off big. You'll save on reduced energy costs every month. Additionally, many projects now qualify for tax breaks. You can reduce your taxes by up to $1,500 by purchasing and installing energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment. A federal tax credit of 30 percent of your cost is available on projects completed before the end of 2010.
Tax credits also are provided for homeowners who install solar or other renewable energy systems. Even better, there's no dollar limit on the 30 percent tax credit provided for these projects. One commentator notes that you're more likely coming out ahead financially by making energy-friendly home improvements than you are by investing funds in a renewable energy stock or mutual fund.
You'll also gain more enjoyment and use from your house by moving ahead with an improvement project. Tax benefits and monthly savings are additional reasons to start planning your renovation soon. We can add to the value of our properties by proceeding with smart improvements, rather than focusing on glamorous makeovers.
Sharing financial goals and having similar spending habits are keys to a happy marriage, experts say. Yet a recent University of Michigan study reveals that "spenders" often marry "savers." Those findings were a bit surprising, since the researchers note that married couples tend to have closely-related outlooks on many other aspects of life. But when it comes to money management, it appears that opposites often attract each other.
Fortunately, there are ways to deal with situations where spouses have mismatched spending habits. Being willing to talk through these issues – and make compromises – can help get a relationship back on track. Start by seeing yourself as being part of a team, and it's easier to grasp the importance of working together. Talking allows a couple to better understand each other's viewpoint, and develop unique solutions that work for them.
For instance, you may set a rule that any purchase over a certain amount must be discussed by both spouses. Spenders then have freedom to buy small items which won't wreck the budget, while savers enjoy peace of mind knowing that everything is under control. Developing a budget is useful, since it matches your resources to your expenses. At that point it's often helpful to talk about your life expectations, since over-spending can result from wanting more than what's realistic.
However, don't totally neglect your dreams. Find ways to nurture your partner's aspirations, and your union will flourish. Continue talking about money over the years, since your situation and goals will change with time. Having a shared view about finances can make family life flow easier.
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