Lori Blank & Associates

04

Dec

Financial Reports

What’s Ahead For Mortgage Rates This Week – December 4, 2023

The first week of December's largest reports are the GDP estimates, which will be the second estimations of the year prior to the final release. The final GDP reports will be after the new year and are the strongest indicator for the economic state of the country. With the Federal Reserve aiming for a soft landing for the economy, it is important for the GDP and inflation statistics to be in parity with each other. The last but also very important releases for the end of the year are the Personal Income and Spending data. GDP Estimates (First Release) The numbers: The U.S. economy grew at…

01

Dec

By Lori Blank

Home Mortgage Tips

The LTV Ratio: How ‘Loan-to-Value’ Works and Why You Need to Understand This Ratio

Are you in the market for a new home? If you plan on using mortgage financing to buy your next home you've likely heard the phrase "loan-to-value" or the acronym "LTV" before. Let's take a quick look at the loan-to-value ratio including why it's important, how to calculate it, and how it can affect your mortgage. What is the Loan-to-Value or LTV Ratio? In short, the LTV ratio is a number that compares how much money you owe against your home with its resale value in the marketplace. A low LTV ratio indicates that you have far more equity in…

30

Nov

By Lori Blank

Home Buyer Tips, Homebuyer Tips

Speed Your Mortgage Approval up by Following This Checklist

Have you finally found your dream home after months of searching, and then you are told that the seller has received other offers? No buyer wants to find themselves in a bidding war against another buyer as it is a stressful situation. Being unprepared and not having your finances in order will make it even more stressful. Here are a few quick ways if you're looking to speed up your mortgage approval process, here's a checklist to help you prepare: · Review your credit report: Maintain a good credit score by paying bills on time, reducing existing debt, and avoiding…

29

Nov

By Lori Blank

Mortgage Tips

Three Reasons Why You Might Consider a Reverse Mortgage When Nearing Retirement

As retirement approaches, many individuals find themselves faced with financial challenges and uncertainties. One option that is often overlooked but can be incredibly beneficial is the reverse mortgage. A reverse mortgage is a financial tool that allows homeowners aged 62 and older to convert a portion of their home equity into tax-free funds. Here are three compelling reasons why you might consider a reverse mortgage when nearing retirement: Supplement Your Retirement Income: One of the most common concerns for retirees is whether they will have enough income to maintain their desired lifestyle throughout their golden years. Social Security and retirement…

28

Nov

By Lori Blank

Homeowner Tips, Mortgage Tips

Comparing Temporary and Permanent Mortgage Buydowns

When it comes to mortgages, a "buydown" generally refers to paying an extra fee upfront to reduce the interest rate over a specific period. There are typically two types: temporary buydowns and permanent buydowns. Permanent Buydown: With a permanent buydown, the borrower pays extra fees at the beginning of the loan to permanently reduce the interest rate over the entire life of the loan. This differs from a temporary buydown because the reduced rate remains constant for the entire loan term, potentially resulting in lower overall interest payments. Temporary Buydowns A temporary buydown is a type of mortgage financing in…

22

Nov

By Lori Blank

Real Estate

Which Big Tax Breaks Are Available From Home Credits

There are several big tax breaks available from home credits that can help homeowners save money on their taxes. Here are some notable examples: Mortgage Interest Deduction: This is one of the largest tax breaks for homeowners. You can deduct the interest paid on your mortgage loan, up to a certain limit, as an itemized deduction on your federal income tax return. The Tax Cuts and Jobs Act of 2017 reduced the mortgage interest deduction limit for new mortgages, but it still remains a significant tax break for many homeowners. Property Tax Deduction: Homeowners can deduct the amount they pay…

21

Nov

By Lori Blank

Home Mortgage

Understanding Why You Don’t Need to Pay Off Your Mortgage Early

In the world of personal finance and homeownership, there's a common debate: should you pay off your mortgage early, or is it better to take a more relaxed approach to your home loan? While the idea of being mortgage-free is undoubtedly appealing, there are compelling reasons why you might not need to rush to pay off your mortgage ahead of schedule. Tax Benefits: Mortgage interest payments are tax deductions that can help reduce your taxable income, potentially lowering your overall tax bill. Before you rush to pay off your mortgage, consult with a tax professional to determine how this deduction…

20

Nov

By Lori Blank

Financial Reports

What’s Ahead For Mortgage Rates This Week – November 20, 2023

With the release of the CPI and PPI data, much of the broader market has been anticipating the potential cooling of inflation numbers month-to-month and those expectations have been met. There’s a consistent trend of inflation slowing down which brings a greater potential for the end of any rate hikes from the Federal Reserve, signaling a soft-landing for the economy which has been touted by Jerome Powell. With a soft landing, it does also signal a strong potential for the Federal Reserve to begin lowering rates in the coming future. Consumer Price Index Despite the report beating inflation expectations and…

17

Nov

By Lori Blank

Real Estate

Exploring the Diversity of Property Types: Finding Your Ideal Home

When it comes to finding the perfect place to call home, the variety of property types available can be both exciting and overwhelming. The real estate market offers a plethora of options, each with its own unique features, advantages, and considerations. From the cozy solitude of a single-family home to the dynamic potential of multi-family units and beyond, understanding these property types is key to making an informed and satisfying choice. Single-Family Homes: Embrace Privacy and Independence Single-family homes stand out for their independence and privacy. They are typically detached structures, providing you with sole ownership of both the house…

16

Nov

By Lori Blank

Homeowner Tips

Biggest Kitchen Remodeling Mistakes

Kitchen remodeling projects can be exciting, but they also require careful planning and execution to avoid common mistakes that can lead to disappointment or costly errors. Here are some of the biggest kitchen remodeling mistakes to avoid: Inadequate Planning: Rushing into a kitchen remodel without thorough planning is a recipe for disaster. Take the time to carefully plan every aspect of the project, including the layout, functionality, materials, and budget. Ignoring the Workflow: The kitchen's layout and workflow are crucial for its functionality. Avoid the mistake of creating a design that hampers the efficiency of food preparation, cooking, and cleaning.…