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For the Week Ending January 18, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

The government shutdown, now the longest in U.S. history, hasn't yet slowed down the economy. It is expected to, however, the longer it continues.
Economic data has been affected though, with delays on many reports due to closed agencies. This is causing concern for investors and impacting trading.
Despite tightening labor markets and the wage pressure that can result, inflation has remained below the Fed's 2% target. This bodes well for interest rates.
Homebuilder sentiment improved in January after dropping for the last two months. Lower mortgage rates and higher sales expectations have helped.
Reports on monthly housing starts and builder permits weren't released this week due to the shutdown. Estimates indicate a 3% gain over December 2017. 
A Fed study shows student loan debt plays a significant role in keeping many in the 24 to 32 age group from buying a home. 

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


[Interactive] HELOC vs. Cash-Out

Jan 17
6:58
AM
Category | General

We may not be comparing real apples and oranges, but we’re coming pretty close in the home financing industry. And if you’re at all interested in using your home’s equity to access cash, then this comparison is for YOU! 

There are two common ways to get cash from your home—a Home Equity Line of Credit (HELOC) or a cash-out refinance. 

In the current environment, many people want to keep the great interest rate they already have on their home loan, so they automatically choose a HELOC over a refinance. But wait—there’s a big difference that can make the benefits hard to compare at a glance. HELOCs have adjustable interest rates, whereas most home loans are fixed.

So, is it better to use a Home Equity Line of Credit or to do a "cash out" refinance despite a higher interest rate? Find out by watching our helpful interactive video here and by using our comparison calculator.

And, if you’re interested in exploring your options more, please reach out. We are happy to help! Click the link below to contact us.


For the Week Ending January 11, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The government shutdown, in its third week, hasn't yet shown signs of affecting the economy. However, it has impacted some mortgage programs like USDA.
After a dismal December, stocks are rebounding, helped in part by progress in U.S./China trade talks. These improvements have pressured mortgage rates.
Although recent concerns about the economy have surfaced, the job market remains strong. Jobless claims fell more than expected last week to 216,000.

 

The recent drop in mortgage rates has sparked a jump in applications. Mortgage applications were up 23.5% from the previous week.
Just over 10% of agents surveyed by NAR said the shutdown was having an impact on their clients. Gov't and non-gov't employees alike have been affected.
More first-time buyers are turning to their parents for help with down payments. A recent HUD report shows 26% of FHA borrowers got assistance from a relative.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


The Monmouth County, NJ First Time Homebuyer Assistance Program is designed to provide financial assistance to low income families to purchase an affordable home in the form of a deferred payment second mortgage loan in an amount not to exceed $10,000 for down payment and closing costs (only).
 
PROGRAM DETAILS & ELIGIBILITY
  • MUST BE a resident of Monmouth County for 1 YEAR before applying for a grant.

  • ALL applicants must complete a pre-purchase housing counseling course and provide a certificate of completion with the First-Time Homebuyer application.

  • MUST BE an individual(s) that never owned a home (except if an applicant has previously owned a home he/she still may qualify if they meet 1 or more of the following criteria:

    • An individual that has not owned a home in 3 years prior to receiving home assistance. 

    • An individual who is a single parent even if the individual owned a home with his or her spouse or resided in a home owned by the spouse

    • An individual who is a displaced homemaker even if as a homemaker the individual owned a home with his or her spouse or resided in a home owned by the spouse. 

    • Must be low income. Gross annual income does not exceed 80% of the county median income:

 
FINE PRINT:
  • Property MUST be the principal residence
  • Applicant must purchase a house located in the participating municipalities ONLY.
  • Fist-time homebuyer can only purchase a 1-4 family property or condominium unit.
  • Housing unit cannot exceed the max purchase price of $337,000 for 1-family & condominium, $432,000 for 2-family unit, $532,000 for a 3-family unit and $648,000 for a 4-family unit. 
  • Mobile homes are not eligible for purchase using First-time Homebuyer program funds
  • Co-signor not allowed
 
Still have questions about the FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM?Speak with one of our loan officers directly at 732.832.2967. We are here to answer any of your questions.


For the Week Ending January 4, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

December's private payroll saw its biggest monthly increase in nearly 2 years, suggesting sustained strength in the labor market despite ongoing financial market volatility.
Weak performance and volatility in stocks have driven investors to the safety of bonds. As yields fall, mortgage rates are likely to drop along with them.
A dip in consumer confidence shows households may be worried about the economy. If the economy slows, mortgage rates could benefit further.

 

Home prices are still rising, albeit at a slower pace than we've recently seen. Prices were up 5.1% nationally in November 2018 over November 2017.
Although higher mortgage rates have been blamed as a factor for a slowdown in rising home prices, recent rate drops could reverse that trend.
Home equity, currently nearing $15 trillion, has surpassed its prior 2006 "housing bubble" peak by over $1 trillion. This could help expand options for current homeowners.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


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