Are you struggling to secure a mortgage due to high home prices and interest rates? You’re not alone. According to a recent report by the Consumer Financial Protection Bureau (CFPB), lenders denied loan applications because of “insufficient income” more frequently than ever before. In fact, 9.1% of all home purchase applications were denied in 2022, …
Arlington, Virginia, July 13, 2023 – A captivating house waits to be sold. Saul Loeb | AFP | Getty Images The real estate market is experiencing a surge in mortgage rates, reaching new heights last week. Consequently, overall demand for mortgages declined by 6% compared to the previous week, according to the Mortgage Bankers Association’s …
Ryan Ratliff (L), Real Estate Sales Associate with Re/Max Advance Realty, shows Ryan Paredes (R) and Ariadna Paredes a home for sale on April 20, 2023 in Cutler Bay, Florida. Joe Raedle | Getty Images News | Getty Images Mortgage interest rates have reached their lowest point since 2000, resulting in a significant decline in …
Sales of newly built homes in August experienced an 8.7% decline from July, resulting in a seasonally adjusted annualized pace of 675,000 units, as reported by the U.S. Census Bureau. These figures indicate the slowest pace since March, although sales were still 5.8% higher compared to August 2022. The Census Bureau counts are based on …
The Liberal government’s latest plan to increase the supply of rental housing involves expanding a program that helps developers secure cheaper mortgage rates. As interest costs rise and impact the feasibility of new projects, the government aims to mitigate these challenges. Yesterday, Finance Minister Chrystia Freeland announced that the federal government is raising the annual …
Courtneyk | E+ | Getty Images Americans face a potential shortfall in their retirement savings, putting them at risk financially. One factor that contributes to this is lifestyle creep, where people upgrade their lifestyle as their income increases. However, one particular upgrade – buying a second home – can be extremely risky for long-term financial …
According to Jamie Alexander, a mortgage broker at Alexander Southwell Mortgage Services, recent increases in mortgage rates may have been excessive. However, he expects them to be revised downwards. Ben Tadd, a broker at Lucra Mortgages, believes that lenders have already factored in the anticipated increase in the Bank Rate from 5% to 5.25% next …
A recent report by Rates.ca reveals that variable rate mortgage holders in Canada have incurred thousands of dollars in additional interest since the Bank of Canada began raising rates. The report compares the difference between fixed and variable rate mortgages using a hypothetical example of a five-year insured mortgage of $500,000 taken out in July …
A “For Sale” sign is displayed in front of a home in Arlington, Virginia, on August 22, 2023. Andrew Caballero-Reynolds | AFP | Getty Images Sales of previously owned homes declined by 0.7% in August compared to July, reaching a seasonally adjusted annual rate of 4.04 million units, as reported by the National Association of …
Save Money by Adopting a No-Spend Challenge Looking to save money? There’s a simple way to do it — stop spending. It may sound obvious, but ask yourself, when was the last time you went a single day without spending a penny? Those small daily expenses, like a morning coffee or parking meter fees, may …