Tag: credit

2018 so far has been a good year as far as housing and mortgages are concerned. Experts in this field have been very creative, and there are a lot of trends in housing and mortgage that we should expect. This guide simplifies some of the most expected patterns.

Decelerating of home prices

Are you smiling already? If you are a first time home buyer, this could be the best news for you this year. It is expected that there will be a cooldown of home prices that appreciated last year. The average forecast of eight housing and mortgage industries and lender groups is an increase of 4.1% in the existing house prices throughout the nation, as compared to 2016 where it was 6.5% and almost 6% increase in 2017.

Acceleration of single-family homes

As compared to the previous years, 2016 and 2017, from the view of the economists, real estate professionals and housing and mortgage experts, it is expected to have a rise in the construction of single-family houses because of building permit and applications. An average approximation of single-family housing will rise to 8% this year. This is a rough estimate of 912,500 brand new houses.

Increase of homes to be sold

Late last year, it was a struggle for homebuyers to find houses and condos for sale. The reason for the shortage is often acute for the types of houses bought by first time home buyers. 2018 will come with hope. Most mortgage and housing industries have a prediction that the pinch from housing supply will ease in the last months of the year. There is a possibility of having a massive growth in inventory later this year.

Rise in home sales

The market is expected this year to modestly rise in re-selling existing homes. The median approximation rise of reselling existing homes is 3%. This is almost 5.6 million homes. New home sales are also expected to be on the rise to an average of 7%. This is mainly about 700,000 new single-family houses.

Rise in mortgage rates

In 2018, mortgage rates are expected to head up. Last year in November, the fixed-rate mortgage average of the 30-year was 4.07%. This shows that the interest rates are not easily predicted. The beginning of 2017 had a lot of people expecting a steady rise in the mortgage rates throughout the whole year. They only did for several weeks. The average rate of the 30-year rose in March of the year at 4.5% and then later declined slightly to below 4% during the summer, and finally, there was an increase in the fall.

Continuation of security headaches

There is a high chance that in 2018, there will be a continuation of theft instances and cases, where down payments from home buyers, especially new home buyers, is stolen by a compilation of email hacking to wire fraud. Most lenders, title companies, and escrow companies are aware of the dangers of cyber theft and do everything they can to secure these payments.

Are you in the market to purchase a home in Rancho Santa Margarita, Coto de Caza, or Mission Viejo? Click here to talk to the Ryan Grant Team today!

The thought of credit cards oftentimes makes people get nervous. Getting credit card rewards or the sign-up offers and bonuses can be enticing. The worrying part is getting entangled in debt accumulations and the interests that come with the debt.

How about the thought of a solid debt-proofing strategy? If you wish to get credit beyond what you can comfortably afford, then this is what you need. To prepare to debt-proofing your credit, there are three necessary steps you should follow to protect yourself from having your credit card debt and sending the debtor’s interest spiraling. Read these steps below.

1. Starting an emergency/precautionary fund

You can face unexpected situations, either twists or turns. Examples include having medical debt, your car being repaired, losing your job or just any other emergency that begs you to get a loan. It is recommended to create an emergency fund to tap into rather than having to rely on the high-interest credit cards to make up for the expenses that are unexpected.

Most people are shaken and discouraged by the guidelines that require one to have at least three-six months of living expenses. From the Consumer Financial Protection Bureau, even a little starter saving fund can be of benefit to you. For instance, having a saving fund of $450 is quite enough for coverage of common and fundamental emergencies like medical expenses or motor vehicle repair costs.

Emergency funds are always an ongoing gift, stress relieving and reassuring way because it gives you a feeling of not being dependent on somebody for the emergency bill payments. You should consider keeping your funds in a savings account, which will not require to pay monthly account maintenance fees.

2. Maintaining good credit to qualify for low-interest loans

It is rare to find all the expenses being covered by an emergency or precautionary fund. You should always have an option B just in case the first one does not go as expected. The plan B could involve you applying and use the 0% introductory credit card (APR). These cards can help you save some money on the interest charged for a reasonable duration of time. It will require you to have an excellent credit score that is 690 or even higher for you to qualify. Maintaining good credit will entail you being punctual and determined in making all the debt payment on time and only use up to 30% of their credit limits.

Having good credit gives a person a variety of options apart from having the time for a credit card application and waiting upon its arrival when you have an urgency to take care of.

3. When you notice your debt is growing, you need to act fast

It is wise for you to take action as soon as you come to know that the credit card interest is getting started in piling up. The quick steps that you can consider include cutting off extra expenses, having side jobs and getting another credit card (specifically the balance transfer card).
Are you in the market to purchase a home in Rancho Santa Margarita, Coto de Caza, or Mission Viejo? Click here to talk to the Ryan Grant Team today!