Cramer & DiMichele, P.A.

04/03/2023

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06/05/2022

It's the summer and many people are hiring contractors for major projects. Unfortunately, there are bad people in every profession and you need to know how to protect yourself. This is excellent advice.

https://www.freedommentor.com/7-things-never-say-contractor/ Here are 7 things that you should NEVER say to a contractor; or said another way; here are 7 co...

02/07/2022

This is the ultimate seller's market. We are living in unprecedented times.

"In January 2019, before the onset of the pandemic, the median home-sale price was $285,900. By 2020 and 2021, the price had climbed to a median of $306,400 and $314,655, according to Redfin.

The median home-sale price spiked 16% year over year in early January to an all-time high of $365,000, according to Redfin's calculations. During the month, inflation also reached a 40-year high, making homebuying increasingly unaffordable. "

"In early January, 41% of homes sold above list price, meaning buyers were willing to pay over the asking price in an attempt to seal the deal."

"The housing market is seeing an unprecedented level of intensity because supply is at a historic low," Fairweather told Insider. "Sellers seem to be waiting for spring to list their homes, but there are still plenty of buyers out there, many of which have been looking for a long time and are desperate to end their search."

In January, the median home-sale price reached an all-time high, but most are still seeing accepted offers after just one week on the market.

08/21/2021

"When you get into a new home, it can be tempting to start filling it with all of your dream furnishings—or even to embark on some expensive remodeling project.

My best advice to new homeowners? Hold off."

Having recently purchased my first home, I’ve had a front-row seat to all the trials and tribulations that come with learning how to be a homeowner.

07/17/2021

Mortgage rates and fees are about to get cheaper!

http://www.mortgagenewsdaily.com/consumer_rates/980720.aspx

06/15/2021

For many owning a home is an essential part of the American dream that conveys a number of economic benefits, such as accumulating wealth and the ability to access credit by building home equity, taking advantage of a mortgage interest tax deduction, and gaining long-term savings over the cost of renting, but home ownership isn't for everyone and there are many factors to consider in determining whether now is the right time for you.

Buying a house can be tedious an painful, and homeownership can be much more expensive than you expect.

04/02/2021

Buy now or sit it out?

"Even as inventory shrank over the past year, the pool of buyers has grown.. The inventory will remain tight for a while because there are all these buyers coming into the market -- urban dwellers, Millennials, first time buyers -- looking for bigger space or to live somewhere new."

"[I]t [doesn't] make sense to wait if you are ready to buy now. "Interest rates will go up. But there's no indication that real estate prices will go down. Demand is strong, supply is low."

Ellen Coleman had never received so many offers on a house in her 15 years of selling real estate.

07/21/2020

We are experiencing the lowest mortgage rates in history!

"The average mortgage rate fell to 2.98% this week, breaking the 3% threshold for the first time, as investors concerned about a resurgence of the COVID-19 pandemic fled to the safety of the bond markets and the Federal Reserve continued to scoop up securities backed by home loans.

The average rate for a 30-year fixed mortgage fell to the lowest in almost five decades of data, down from 3.03% last week, Freddie Mac said in a statement Thursday. The average 15-year rate fell to 2.48%, the lowest in a data series going back almost 30 years, according to the mortgage financier."

HousingWire covers Freddie Mac’s Weekly Primary Mortgage Market Survey that shows mortgage rates have now fallen below 3% for the first time ever.

04/21/2020

Mortgage forbearance is an agreement between you and your mortgage servicer and is only recommended for those who cannot afford to keep making their mortgage payments. If you can continue paying your mortgage, it is strongly recommended that you do so for these reasons:

- Mortgage forbearance does not reduce how much you owe, and the total amount of your deferred or reduced payments must be repaid in the future.

- After your forbearance period, you will be required to repay the total of your deferred or reduced payments, plus interest. This may be required to be paid as a lump sum single payment.

- Forbearance will require you to make larger future payments to repay what you owe, and it may extend the length of your mortgage term.

- If you are unable to satisfy the terms of your forbearance, it could lead to foreclosure.

- Entering into forbearance may disqualify you from obtaining a new mortgage in the near future, whether to purchase or refinance a home.

- It may not be possible to receive forbearance a second time, so it should be saved for when you need it most.

Loan modifications, forbearance plans, and repayment plans can help you avoid foreclosure if you are struggling with your mortgage. Learn more.

03/29/2020

"Based on supply and demand, the demand for refinance loans was higher than the supply of mortgage capacity at lenders and banks.

Just like toilet paper disappearing off store shelves due to high demand, low mortgage rates disappeared as lenders raised rates to slow applications."

See the story

03/07/2020

Rates are at historic lows! But, they should be even lower!

"Given the typical spread between the 10-year Treasury and mortgage rates, borrowers should be able to get an interest rate in the neighborhood of 2.75%, or perhaps even lower than that.

But that’s not happening, at least not across the board.

Why? Because it appears that some lenders are trying to protect themselves from being crushed by demand."

Several mortgage professionals express an emerging trend where some lenders are keeping rates higher than they could be due to high demand.

03/05/2020

There is a strong correlation between mortgage interest rates and the 10-year Treasury yield. The 10-year Treasury note yield just hit an all-time low under 0.9%.

Mortgage financing has never been cheaper!

"When I say panicked, it doesn't mean it's not justified," DoubleLine Capital CEO Jeffrey Gundlach said about the Fed's surprise cut this week.