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Market Update

Housing Market Update | Week of November 18th

Mortgage rates stabilized last week despite some positive economic data and slightly hotter inflation. The biggest market mover wasn’t any data, though. Rather, it was a speech from Jerome Powell, Fed Chairman, that indicated that upcoming Fed rate cuts would come at a slower cadence. We’ll get additional context for the Fed’s short-term plan from the Chicago Fed President later this week. Last Week's Mortgage Rate Recap Rates Stayed Steady The biggest market mover we saw last week wasn’t any piece of data but rather a more cautious outlook on the future of rate cuts from Fed Chairman, Jerome Powell. On Thursday, he stated that the Fed isn’t “in a hurry to lower rates,” which lowered expectations for a rate cut in December. Despite this, the 10-year yield stayed beneath a key level and kept mortgage rates within the same range heading into the weekend. This Week's Mortgage Rate Forecast Rates Should Be Steady In the week ahead, the main pieces of data to keep an eye on will be builder’s confidence and housing starts. How builders feel about mortgage rates will give us some insight into what short-term economic models could look like. We’ll also hear from Chicago Fed President, Austan Goolsbee; his outlook could provide some balance regarding the Fed’s plan of action following Jerome Powell’s quotes last week. This market still offers opportunities for our borrowers who are financially prepared to buy right now. Historically, buyers who take advantage of lower competition often secure better deals, saving thousands over time. Click here for a co-branded flyer and let me know if you’d like me to pull some numbers outlining the potential cost of waiting.

Published November 18, 2024

Purchase

Your Comprehensive Guide to Home Inspections

Buying a home is one of the most significant investments you can make. Once a homebuyer finds the home they want to submit an offer on, one of the most common questions is whether or not they should get an inspection. Getting an inspection on the home you want to buy has plenty of benefits. Some loan types require them and some don’t. We put together a comprehensive guide to help you make a confident decision regarding your potential inspection when you’re preparing to submit an offer on a home. What is a Home Inspection and How is it Different Than an Appraisal? A home inspection is an objective assessment of a property's overall condition, performed by a licensed professional. During the inspection, key components of the home—including the roof, foundation, electrical systems, plumbing, and HVAC—are thoroughly reviewed to ensure they are functioning properly and free of major issues. The primary goal of this process is to identify potential problems that could require repairs or impact the home's value. Unlike an appraisal, which focuses on determining a property's market value, a home inspection emphasizes safety and structural integrity. This distinction is crucial because it gives buyers a clear understanding of the true condition of the home they’re committing to before finalizing their purchase. While they might seem similar, an inspection is much different than an appraisal. First and foremost, professional appraisals are required for every mortgage type, including refinances. An appraisal evaluates the home's condition, features, location, and recent sales of comparable properties in the area. The primary purpose of an appraisal is to ensure that the lender is not lending more money than the home is worth, which protects the lender’s investment. While an appraisal determines the market value of a property, a home inspection assesses the home's physical condition. Appraisers perform a broad overview to establish value, checking factors like square footage, amenities, and general upkeep. Inspectors, on the other hand, dive deeper into the safety and functionality of the home's systems and structure, identifying any existing or potential issues. What Loan Types Require an Inspection? It’s important to note that most lenders do not directly require a home inspection for certain loan types. However, there are specific loan programs with unique conditions that encourage or necessitate this step. For example, Federal Housing Administration (FHA) loans require an appraisal with specific property standards. While technically not an inspection, this appraisal includes a health and safety review that flags potential issues. If the home does not meet these standards, repairs must be made for the loan to be approved. VA (Veterans Affairs) loans also require an appraisal that assesses the home for Minimum Property Requirements (MPRs) to ensure it is safe, sound, and sanitary. Like FHA loans, while this appraisal is not a full home inspection, it may prompt buyers to pursue one to identify any underlying issues the VA appraiser did not cover. Conventional loans don’t mandate an inspection, but many lenders and experts recommend one on top of the required appraisal. While the inspection itself might not be a formal requirement to secure your mortgage, it's important to understand the standards that different loan types must follow to keep you in the loop and help you make informed decisions. What Are the Benefits of Getting an Inspection? Opting for a home inspection offers numerous advantages that make it well worth the investment. Overall, it helps buyers avoid surprises and expensive repairs. Discovering issues like faulty wiring, plumbing leaks, or foundation cracks before purchasing gives buyers the power to negotiate with the seller for repairs or price adjustments. This often leads to a better final deal and lowers financial risk post-closing. A home inspection also serves as an educational experience for buyers. During the process, inspectors can point out maintenance needs, provide advice on how to handle certain issues and share information that will help buyers maintain their homes more effectively. This proactive learning helps homeowners feel prepared and confident in their ability to manage their property. Another significant benefit is peace of mind. Even when no major problems are found, an inspection reassures buyers that the home they are investing in is safe and solid. For first-time homebuyers, this assurance can be particularly valuable, allowing them to proceed with fewer doubts. Inspections aren’t mandatory for every home purchase and in some cases, the lack of an inspection can strengthen your offer in a competitive market. However, most real estate professionals recommend that buyers include a home inspection contingency in their offer. This provision allows buyers to renegotiate or withdraw if major issues arise, protecting them from unforeseen, costly repairs and enhancing confidence in their purchase decision. By uncovering hidden issues early, buyers can negotiate repairs, adjust their offer, or walk away if necessary. This transparency helps prevent unexpected expenses after closing and provides peace of mind to new homeowners. While home inspections are an additional step and cost in the homebuying process, their value far exceeds the price. By uncovering hidden issues early, buyers can negotiate repairs, adjust their offer, or walk away if necessary. If you want to learn more about home inspections in the mortgage process or want to connect with a Loan Originator to guide you toward homeownership, follow this link and fill out the form to get started.

Published November 14, 2024

Refinance

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News

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The Basics

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Kristy Lynn

David is absolutely wonderful! He made this entire process in getting a VA Loan as simple as it could have possibly been for my first mortgage! I have and will continue to recommend him to every Veteran I know. Thank you for everything, David.

Jodi Granger

Vinnie was recommended to me and I'm so thrilled I got to work with him. He led me every step of the way going above and beyond. He answered every question I had and always responded quickly regardless of the time. If I ever buy again he is my number 1 go to. I couldn't have done it without him. I own the place of my dreams because of him! Thank you, Vinnie for everything!

Raymond Gummer

I had a difficult mortgage due to county issues etc. Fortunately I also had the best people working for me. You'll never regret a moment having Corey on your side. He's so dedicated to the customer, keeps you up-to-date on everything, and is just one hell of a guy. I have my first home because Corey made it happen, and I couldn't thank him enough. This guy is truly top of his game and I'm blessed to have had him on my team.

Kristy Lynn

Jodi Granger

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Susan Lenhardt

I can't say enough good things about Vinnie. If you want someone that contacts you right away and is there for you and your buyers the entire time through the whole process then you have to talk to Vinnie and see for yourself. My buyers are always very pleased with his professionalism and efficiency. He definitely goes the extra mile for them. They appreciate it and so do I.

Dominique Bell

Nicole was an absolute pleasure to work with! From the first conversation we had I knew we were going to be a great team for our buyer. She is thorough and communicates each step throughout the entire process up until closing day and she got my buyer $10k in grants! Thank you Nicole for all your hard work!

Yuritt Pasos

Brian and his team are amazing. From the first time I met Brian, he took the time to explain every step of the process with great patience and knowledge. I can honestly say I never expected for this process to feel so easy but Brian made it possible. I will always be thankful for all the support provided.

Meredith Smith

My family had a fantastic experience with Sunnie! Extremely capable and supportive, she helped us through the whole process with ease and a personal touch. We can't thank her enough! Even years after we closed our home, she still provides us with advice and encouragement. Thank you Sunnie!

Miranda Adams

I went through UMortgage using a VA home loan, and the agents I worked with were amazing! They worked all hours to help us get into a house and we were able to close in under 30 days! Amazing communication from both team members involved, Melly and Andy. They really made the difference in us being able to buy our first home. Huge thank you to the UMortgage team!

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Who is UMortgage?

UMortgage is a national mortgage company that connects you with experienced mortgage brokers in your area. UMortgage's local Loan Officers use UMortgage's vast portfolio of lenders and loan products to ensure you get the most affordable mortgage possible that is tailored to your individual financial needs and homeownership goals.

How does a mortgage work?

A mortgage is a loan used to buy a home, with the house serving as collateral until the loan is repaid. You make monthly payments that cover both the loan amount and interest across the life of the loan, which most commonly spans between 15-30 years.

How do I get pre-approved?

Getting pre-approved with UMortgage is easy! You can get connected with a local UMortgage Loan Officer who will do all the heavy lifting for you by filling out some basic information in this form.

How do I find out how much I can spend on a home?

Your UMortgage pre-approval will provide you with an accurate estimate of your buying power to help you shop for homes within your budget. You can use our free affordability calculator for a more general estimate of your budget.

What are the benefits of working with a UMortgage Loan Officer?

UMortgage's Loan Officers help you access the most affordable mortgage by shopping for the lowest rate on your behalf and offering a mortgage specifically tailored to your financial needs. UMortgage prides itself on its exceptional customer experience—exemplified by our industry-best 95 Net Promoter Score—and guides you through the homebuying process & beyond with care.

What types of mortgages does UMortgage offer?

UMortgage offers expert services for all the major mortgage types: Conventional, FHA, VA, USDA, and Jumbo Loans. UMortgage also offers rate & term refinances, cash-out refinances, VA IRRRLs, and FHA Streamlines. Get connected with a UMortgage Loan Officer to learn what type of mortgage will set you up for long-term financial success.

How long does it take to get a mortgage with UMortgage?

Turn times vary from client to client, but UMortgage proudly gets clients from loan application (after you've had an offer accepted on a home) to the closing table in 2 weeks. You can read this blog for more insight into UMortgage's homebuying process.

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