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Here’s why I think interest rates will gradually rise in the coming months.Today I’m going to talk about why rates are poised to increase. In the last year, we had to deal with an extreme economic event: COVID. To keep the economy from falling off a cliff, the Federal Reserve took extreme measures, the same measures they enacted during the 2008 rec…
 
Since I began work in originating loans, I have reviewed tens of thousands of credit reports, mortgage states, income documents, and so on. I rarely find people in their 40s or even their 50s who have paid off a majority of their mortgage. Why is that? The reason is that most people don’t stay in their mortgages for very long, and when they choose …
 
Are home prices going to crash? A lot of people have this concern, and it’s easy to see why. Prices have been rising for so long that people assume they will have to crash eventually. However, this isn’t necessarily the case, and today I want to talk about all the reasons why that is. I started my real estate career during the last big crash in 200…
 
Home prices are generally affected by the same things like unemployment, interest rates, and supply and demand. What impact will the coronavirus have on these things? Schools are closed, people are staying home, and an economic event is happening right now. While we work to contain the virus, what effect will that have on real estate prices?Here’s …
 
Several weeks ago, mortgage rates hit their lowest levels in history, creating an environment for more people than ever to benefit from refinancing. Since news networks are blasting viewers with headlines like “Coronavirus leads to lower rates,” people who otherwise wouldn’t have noticed rate changes are paying close attention and looking to get in…
 
Today’s topic may seem strange to some. Why do some people find success buying or selling a home after switching agents? Being a loan officer, I have the privilege of working with dozens of the top agents in the area. I’ve had the honor of helping thousands of people through the home buying process. Over the years, I have discovered there is a lear…
 
A topic that has gotten a lot of attention recently is: Are we headed into a recession? More importantly, will a recession impact our housing market? Today I’ll answer these critical questions and try to ease some of the anxiety people are experiencing about the potential upcoming recession. Just a heads up: There’s no reason to be as fearful as so…
 
Interest rates have come down recently and a lot of people are thinking about refinancing. However, I’ve been having a lot of conversations with homeowners who are cross-shopping for the best rates, and there have been moments where I’ve looked at the numbers and let them know that it actually doesn’t make sense for them to refinance.It’s strange h…
 
It’s no surprise that fewer people list their homes and fewer people look for homes to buy in the fall and winter months, but a big reason for this is because they assume there’s more opportunity in the spring. Is that true? In some ways, yes. In other ways, no—there is plenty of opportunity for both buyers and sellers in the fall and winter market…
 
In 2014, Jeff Grossarth and I introduce the “Homes for Heroes” program to Connecticut. Since then, we’ve helped dozens of families save thousands when buying or selling a home. This program is specially made for law enforcement, firefighters, EMS, military members, healthcare professionals, and teachers. To find out how you can benefit from this pr…
 
How do you find the right agent to represent you? There are a few tips to take into consideration.Oftentimes, I’ll hear people tell me they hired their agent because they liked them as a person. There’s nothing wrong with hiring a likable agent, but a home is one of the biggest purchases you’ll ever make, so choosing the person who will guide you t…
 
It seems like every year during January and February, as I pull new credit reports for people entering a mortgage contract, I continue to shock them with their FICO scores. They’re always a little lower than what they expected, and the culprit is holiday shopping.How does this happen? As people put their holiday shopping on credit, their balances i…
 
The website Zillow came on the scene many years ago, serving as a way for people to see what their homes were worth.Today, it has become a popular tool that most homebuyers now use to gauge what their home would be worth if they chose to list it. This has become a huge pain for consumers who are looking to get an accurate sense of their home’s wort…
 
We’re officially heading into fall. Pumpkin spice lattes are everywhere and the leaves are starting to change color.Fall is a really fun time of year, but this season does mean something entirely different for our real estate market. Today, I’ll explain what separates the spring real estate market from the fall real estate market.Most people who wa…
 
Many blame adjustable-rate mortgages for the financial and housing crises a few years back—but are they really all bad? Years ago, an adjustable-rate mortgage (ARM) was almost like a bad word. After the financial crisis and the housing collapse, a lot of people blamed much of that on adjustable-rate mortgages. I personally believe that that’s becau…
 
We’ve all heard of “the American Dream,” but where did the phrase originate and when did homeownership become part of that idea? First appearing in the book “The Epic of America,” author James Truslow Adams says: “The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each …
 
I have been doing this job for a long time and the one thing I have realized is that nobody likes to pay mortgage insurance. In fact, a lot of people actually prolong the home purchase so they can accumulate the 20% down payment to avoid paying it.But, what exactly is mortgage insurance? It is an insurance policy that protects lenders against early…
 
I hear this questions all the time: “I heard rates went up with the Federal Reserve. Does that mean mortgage rates have gone up too?”Quite simply, the answer is no. What the Fed controls is the fed funds rate. This is the borrowing cost of capital that banks borrow against the federal government. When the fed funds rate increases, short-term loans …
 
We’ve finally made it to May! The housing market has been pretty active, but under the surface, there have been a couple of issues facing buyers in the current market.We have a large imbalance between quality inventory and the number of buyers. There are a lot of buyers chasing increasingly limited inventory, which creates multiple bid situations w…
 
What will happen with mortgage rates during 2018’s second quarter?First, let’s recap what happened with mortgage rates during the first quarter of 2018. At the beginning of this year, their trajectory was much higher, and they increased by as much as 0.5% because the bond market was getting very nervous about economic inflation. When there’s econom…
 
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