Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The COVID-19 pandemic has impacted everyone and this includes the real estate industry. One of the biggest impacts that this pandemic has had involves the home lending process. Because many people are looking for ways to buy a home while engaging in proper social distancing measures, the industry has had to adapt. Learn more about some of the changes the COVID-19 pandemic has forced on the home lending process.Homes Are Getting More AffordableThe demand for homes right now is high; however, homes are still more affordable than they have been in the past. Lenders are trying to find ways to encourage people to purchase homes because they have seen a drop in their business as well. As a result, many lenders are willing to provide potential homeowners with great offers and opportunities to ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on inflation, job openings, and weekly reports on jobless claims and mortgage rates.Inflation Rate Slows in AugustAfter posting 0.60 percent growth for each month in June and July, the Consumer Price Index rose by 0.40 percent in August. These growth rates offset declines in inflation during the first three months of the COVID-19  pandemic. Used vehicle prices increased after deep discounts offered when the pandemic started; analysts said that rising prices for used vehicles offset losses in previous months and produced low inflation for August.Core inflation, which excludes volatile food and energy sectors, mirrored results for the Consumer Price Index with 0.40 percent growth in August as compared to 0.60 percent growth in consumer prices in...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re in the process of simultaneously buying and selling a home, you may be in for the most stressful experience of your life. One UK-based real estate survey of over two thousand people found that buying and selling a house is more stressful than divorce, bankruptcy, a death in the family, becoming a parent for the first time, and even planning a wedding!It’s not easy, but staying calm will help you to plan for your upcoming home purchase and sale and make the process easier. So how can you avoid the stress? Here are three strategies that will keep you calm, no matter what may happen.Have A Thorough Plan In Place…Much of the stress that you’ll experience will probably be the result of poor planning. You may feel stressed if you don’t have enough time to move or if you have to pay ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When you visit your lender to get a mortgage for your home, they will tell you the maximum amount that you are allowed to borrow. But how do they reach this total and what factors do they take into consideration?How do they determine that one borrower can take on a bigger mortgage than the next? This decision is made by mortgage companies by considering a wide range of factors, including your credit information, your salary and much more.Here Are Some Of The Common Ways That Lenders Determine How Much You Can Borrow:1. Percentage Of Gross Monthly IncomeMany lenders follow the rule that your monthly mortgage payment should never exceed 28% of your gross monthly income.This will ensure that you are not stretched too far with your mortgage payments and you will be more likely to be able to...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For seniors who have equity built up in their home, they might have heard about something called a reverse mortgage. There are plenty of TV commercials for reverse mortgages; however, there is still a lot of confusion regarding what they are.Simply put, many seniors have already paid off their homes completely. With a reverse mortgage, people can access the equity they have in their home and use this as a quick source of cash. Then, they can pay back this loan when they can without giving up ownership of their home. Who should use this tool? There are a few reasons to note.A Quick Source Of Cash Without Great CreditFor those who don’t have a strong credit score but need a quick source of cash, a reverse mortgage might be a great option. Many people stop paying attention to their credit ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings from Case-Shiller Home Price Indices, along with data on new and pending home sales. Weekly readings on mortgage rates and new and continuing jobless claims were also published.Case-Shiller: Home Price GrowthHolds Steady in JuneNational home prices grew at a seasonally-adjusted annual pace of 4.30 percent in June, which was unchanged from May’s year-over-year growth rate for home prices. The 20-City Home Price Index rose by 3.50 percent year-over-year in June.  Phoenix, Arizona reported the leading year-over-year home price growth rate of 9.00 percent. Seattle, Washington held second place with a year-over-year home price growth rate of 6.50 percent. Home prices in Tampa, Florida grew at a year-over-year pace of 5.90 percent.   Home price grow...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
According to the National Case-Shiller Home Price Index for June, U.S. home prices rose 4.30 percent year-over-year, which was unchanged from May’s year-over-year home price growth rate. Home prices are expected to continue growing through 2020 as businesses reopen and COVID-19 restrictions ease.Case-Shiller’s 20-City Home Price Index for May showed Phoenix, Arizona held the top spot with 9.00 percent year-over-year growth; Seattle, Washington followed with 650 percent growth in home prices. Tampa, Florida maintained its third-place position with 5.90 percent year-over-year home price growth. Five of 19 cities reporting in the 20-City Index showed a higher rate of home price growth. Wayne County, Michigan, which includes the Detroit metro area, did not provide information for June’s 20-...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Refinancing your existing mortgage may provide you with the opportunity to lower your interest rate, reduce your mortgage payment and adjust your loan term. For those homeowners who have lived in their home for more than a few years, pulling equity out of the property for everything from a luxurious vacation to making home improvements is a tempting potential benefit.However, with property values and interest rates adjusting frequently, you may wonder if now is the best time to refinance your mortgage.Using Equity From Your RefinanceOne factor to consider when debating between refinancing now and waiting relates to pulling equity out of your home. If you need access to the cash now for home improvements or other purposes, refinancing now may be ideal. Even if you do not need access to y...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re moving from a large home into a smaller house or condo, you’re probably looking forward to enjoying a lower utility bill and not having to do as much cleaning. But before you move, you’ll want to take certain precautions to ensure that you’re not overwhelmed.A smaller home won’t have as much room for your belongings, which means you may need to get creative. Here’s how you can downsize without losing your mind.Decide What You’re Going To KeepBefore you do anything else, choose which of your belongings are coming with you. Unless you’ve habitually been getting rid of things you no longer need over the years, chances are you have a large stash of things you’ll never use again. That’s the kind of clutter you’ll need to eliminate before moving into a smaller home.The obvious excep...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings from Case-Shiller on home prices, the National Association of Home Builders Housing Market Indices, and sales of previously-owned homes. Readings on housing starts and building permits issued were released. Weekly reports on mortgage rates, new and continuing jobless claims were also published.NAHB: Home Builder Confidence Rises in AugustThe National Association of Home Builders reported that builder confidence in housing market conditions rose six points to an index reading of 78.in August. The expected reading of 73 was based on July’s reading of 72. Homebuilder confidence was based on sharp demand for homes as city dwellers sought larger homes in less dense housing metro areas.Ongoing shortages of pre-owned homes for sale boosted builder ou...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Before approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage.Here’s how you can prepare to answer these questions in a way that will increase your likelihood of approval.How Stable Is Your Income?Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be able to document steady employment, that investment income is going to be stable or that the alimony that you receive from your former spouse will continue to come in for the foreseeable future. To document your income, you can provide bank statements, pay stubs or tax ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic news included readings on inflation and retail sales. Weekly reports on  mortgage rates and new and continuing jobless claims were also released. In other news, the FHFA announced an increase in fees charged by Fannie Mae and Freddie Mac for home loan refinance transactions. Inflation Readings Mixed as Retail Sales FallConsumer prices rose by 0.60 percent in July and matched June’s reading. Analysts expected a July reading of 0.40 percent growth. The Core Consumer Price Index, which excludes volatile food and energy sectors, rose by 0.60 percent in July and exceeded June’s reading of 0.20 percent and July’s expected reading of 0.20 percent price growth. Retail sales dropped to 1,20 percent growth in July as compared to June’s reading of 8.40 percent growth...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Houseplants are great for decorating. They can brighten up any room. Plus, houseplants can increase the air quality in a room. That makes you happier, healthier and reduces stress.Speaking of stress, these plants won’t create any at all. All of the plants on this list are great at producing oxygen and require very little care.10. Heartleaf PhilodendronA tough plant that’s a good filter for toxins like formaldehyde, Heartleaf Philodendron makes a great houseplant. The only downside is that it’s toxic to eat, so it may not be the best choice for those with kids or pets. But if you can control your appetite, the Heartleaf Philodendron is an excellent indoor houseplant for air quality.9. Snake PlantAlso called Mother-in-Law’s Tongue, the Snake plant thrives in the bathroom. It loves the ste...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Economic readings released last week included construction spending, public and private-sector job growth, and government reports on initial and continuing jobless claims. Freddie Mac also released its weekly report on average mortgage rates.Construction Spending Falls in JuneCommerce Department reporting for June showed lower construction spending for the fourth consecutive month, but spending fell by -0.70 percent as compared to May’s negative reading of -1.70 percent. June’s construction spending was $1.36 million at a seasonally adjusted annual rate.Residential construction spending fell by 1.50 percent in June as public construction spending fell by -0.70 percent. Analysts said that construction spending has held up relatively well in the pandemic as spending was up 0.10 percent ye...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The internet has changed how many people shop for a home and one of the most important issues that people will face is whether to fill out a home loan application online or offline.While there is something to be said for going to the loan officer in person and filling out the application with the help of a professional, some people might find the online option to be more convenient. With this in mind, it is important to compare some of the ways in which an online versus an offline home application might be different.The Eligibility ProcessWhile the most exciting part of shopping for a home is traveling around and looking at the different options, people need to know how expensive of a home they can afford. With the online process, people can fill out the application process online and i...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings from Case-Shiller Home Price Indices, data on pending home sales, and the consumer sentiment index released by the University of Michigan. The Federal Reserve released a statement from its Federal Open Market Committee and Fed Chair Jerome Powell gave a press conference. Weekly readings on mortgage rates and expanded reports on jobless claims were also released.Case-Shiller Home Price Readings Showed Slowing Home Price Gains in MayMay readings from Case-Shiller Home Price Indices showed no decline in home prices, but the national pace of home price growth slowed to 4.50 percent from April’s national average of 4.60 percent.The Case-Shiller 20-City Home Price Index reported slower home price growth in May with only three of 19 cities reporti...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re thinking of buying a home, you’ve probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finances, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application.Your Credit Score Affects Your Ability To Get A MortgageThe first thing your credit score tells a lender is whether they should lend to you at all. In some cases, if you have a very low credit score, you may not be able to obtain a mortgage at all.Different lenders will have different criteria for determining safe and unsafe lending situations. Typically, if you have a score below the 600 mark, you’ll have trouble obtaining a mortgage.If you’re worried about a low ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The era of social distancing has impacted everyone and this has left people wondering how they are going to maintain control over their sanity. The positive news is that social distancing doesn’t mean that people have to stay inside at all times.There are still ways to go outside and remain socially distant. Check out a few fun activities that people can do together while still social distancing.Take A Trip To A Local State ParkOne of the great ideas that people should try this summer involves taking a trip to a local state park. While a lot of businesses have remained closed, there are state parks that remain open.These parks often have dozens of miles of trails that people can hike and explore plants, animals, and the beauty of the great outdoors. While it is possible that other peopl...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on sales of new and previously owned homes. State and federal data on new and continuing jobless claims were released along with Freddie Mac’s weekly report on mortgage rates.Sales of New and Existing Homes Rise in JuneSales of new homes rose at their highest rate in 13 years according to the Commerce Department. New homes sold at a seasonally-adjusted annual pace of 776,000 sales, which exceeded the expected reading of 710.000 new single-family homes sold and May’s reading of 682,000 new homes sold. Analysts said that increased interest in relocating to suburban areas and low mortgage rates fueled buyer interest in new homes.The National Association of Realtors® reported a sharp increase in sales of previously-owned homes during June. Sa...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings from the National Association of  Home Builders on housing markets along with Commerce Department data on housing starts and building permits issued. Weekly reports on mortgage rates and unemployment claims were also released.NAHB: Builder Confidence in Housing Markets Increases in JulyHomebuilders gained confidence in housing market conditions as home buyers sought homes in less-congested suburban areas. Builder confidence rose 14 points to an index reading of 72 in July. NAHB Chair Chuck Fowke said, “Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean.”Homebuyers sought larger homes to accommodate work-at-home needs and also fled from urban congestion posing hazards due to Co...
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