Like credit cards or car loans, some mortgages allow borrowers to have co-signers on the loan with them, enhancing their application.
Before applying for a mortgage, borrowers need to build a plan for how they are going to manage their credit both going into the process and as they go through it.
Residential Construction Spending Up
Last week’s mortgage and housing-related reports began with Construction Spending for December, with a reading of 0.10 percent or a seasonally adjusted $930.5 billion.
December’s reading fell short of an expected increase of 0.40 percent.
If the temperature in your home is too hot at night, then you can’t sleep. If it’s too cold during the day, then you have to wear excessive layers.
Generally when you are purchasing a home, you are buying below the appraised value and you are making a down payment. The good news is this means you have “instant equity” in your home.
So you find yourself with a little bit of extra money – perhaps due to a raise, an inheritance or an unexpected windfall?
According to a statement provided by the Federal Open Market Committee of the Federal Reserve, the committee has approved another reduction of the Fed’s monthly asset purchases.
Last week brought mixed news; while the Department of Commerce reported a dip in new home sales, mortgage rates also fell. The Federal Reserve’s FOMC statement revealed that quantitative easing would be further reduced by an additional $10 billion monthly.