Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic news included readings on consumer credit, job openings, jobless claims, and mortgage rates.Consumer Borrowing Declined at Slower Pace in MayAccording to Federal Reserve data, consumer borrowing fell at a slower annual pace of -5.30 percent in May as compared to April’s reading of -20 percent. Non-revolving consumer credit, which includes vehicle and student loans, increased by 2.30 percent in May. The Federal Reserve does not report on real estate loans.Federal assistance programs including the first round of stimulus checks, additional unemployment payments and support for businesses contributed to better readings for the economy in May, but last week’s rising coronavirus cases may cause all or part of economic gains to be lost as local governments rever...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Homeowners who are struggling to make their monthly mortgage payments can make it easier on themselves by cutting costs in other areas. Learning how to budget effectively will likely enable homeowners to pay their mortgage payments on-time, every time. Here are five of the best budget tips:Conserve EnergyIt is advisable to be mindful of energy use in order to keep utility bills down to a minimum. Lights, televisions and other devices requiring electrical power are best to leave off in unoccupied rooms. It is also a good idea to make sure that windows and doors are properly sealed so that energy is not wasted.Stay Committed to CouponingAll too often, coupons that arrive in newspapers or through emails are quickly discarded. Collecting coupons from various sources can give homeowners the ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reports included readings on pending home sales, Case-Shiller Home Price Indices, and labor sector reports on private and public-sector job growth. Data on construction spending was also released. Weekly readings on mortgage rates and jobless claims were also released.Pending Home Sales Jump in MaySales of homes for which purchase contracts were signed rose by 44.30 percent in May and was the highest month-to-month increase recorded since the report’s inception in 2001. .Pending home sales are sales with signed purchase contracts but aren’t closed.Lawrence Yun, chief economist for the National Association of Realtors® said,  “This has been a spectacular bounce-back and also speaks to how the housing sector could lead the way for a broader economic recovery...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Case-Shiller’s National Home Price Index showed little change in April as home prices rose by 0.10 percent to a year-over-year average of 4.70 percent. The 20-City Home Price Index showed corresponding home price growth of 0.10 percent to 4.00 percent year-over-year.Ongoing influences on home price growth before the coronavirus pandemic included short supplies of available homes coupled with high demand for homes and low mortgage rates. While closures and shelter-at-home restrictions in many markets slowed buyer and seller activity,  real estate analysts said that home-buyer desiring to buy larger homes to accommodate working at home helped maintain home prices. Homeowners relocating to less congested areas also helped with stabilizing home-price growth in April. Case-Shiller 20-City In...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are you thinking about using mortgage financing to buy a new home? If so, you’ve likely heard about mortgage insurance policies requirements and you may be wondering how they will affect you. In today’s blog post we’ll explore mortgage insurance and explain the difference between conventional, FHA, VA and USDA mortgage insurance policies.How Does Private Mortgage Insurance or “PMI” Work?While there are a number of reasons that your lender may require mortgage insurance, in general you’ll be required to purchase a conventional PMI policy if you are putting less than 20 percent of the home’s value in as a down payment.Another way your lender might explain this is that you have a “loan to value” or “LTV” ratio of higher than 80 percent, which means that the amount of your loan divided by t...
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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 sales of new and pre-owned homes and reports on inflation. Weekly reports on mortgage rates and new and continuing jobless claims were also released.Home Sales Results Mixed for MayThe National Association of Realtors® reported fewer sales of pre-owned homes in May at a seasonally-adjusted annual pace of 3.91 million sales. Analysts expected 3.80 million sales as compared to April’s reading of 4.33 million sales. This was the lowest reading for sales of pre-owned homes since July 2010 and sales were 26.60 percent lower year-over-year.Lawrence Yun,  the chief economist for the National Association of Realtors®, said that sales were expected to rise as coronavirus-related restrictis were lifted and people returned to work. Mr. Yun s...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many people who set buying a home as one of their major life goals. There is a lot that comes with owning a home including a major investment opportunity, a sense of stability, and a feeling of pride; however, homes are also expensive. It can be challenging to find a home loan.A traditional mortgage requires a thorough credit check and could take a long time to get approved. Some people might not even qualify.On the other hand, there is also a helpful alternative called an instant pre-approved home loan. There are a few important points that everyone should keep in mind.What Is An Instant Pre-Approved Home Loan?A pre-approved home loan is a loan that has been offered to existing customers of a certain lender with an immediate sanction. The funds are disbursed once the property...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reporting included readings on U.S. Housing markets, housing starts, and building permits issued. Weekly reports on new and continuing jobless claims and mortgage rates were also released.NAHB: Builder Confidence in Housing Market Recovers in JuneAnalysts cited slim supplies of available homes, tight housing markets, and low mortgage rates as drivers of new home sales. Builder confidence in current housing market conditions rose 21 points to an index reading of 58 in June;  builder confidence in housing market conditions in the next six months rose 22 points to 68.Builder confidence in buyer traffic in new single-family housing developments rose from May’s index reading of 21 to 43 in June. Readings for buyer traffic are typically lower than the benchmark ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The cost of living in America varies widely in different parts of the country. In general, it is less expensive to live in the country than in the cities.However, there are many cities where the cost of living is modest compared to others where the money needed to live there is outrageous in comparison.These rankings came from comparing the monthly cost of renting a one-bedroom apartment, utilities, the price for gasoline, and the cost of groceries.The Ten Lowest-Cost Cities For RentersFrom Texas and Ohio to New Mexico and Arizona, there are some nice cities in this low-cost group.The top ten lowest-cost cities are: El Paso, Texas Lincoln, Nebraska Toledo, Ohio Wichita, Kansas Louisville, Kentucky Tulsa, Oklahoma Memphis, Tennessee Lexington, Kentucky Albuquerque, New Mexico Mesa, Arizo...
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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 inflation, the post-meeting statement from the Fed’s Federal Open Market Committee, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.Inflation Ticks Up in MayMay’s Consumer Price Index moved from April’s reading of -0.80 percent to -0.10 percent. The Core Consumer Price Index, which excludes volatile food and energy sectors, rose to -0.40 percent in May as compared to April’s reading of -0.40 percent. The Consumer Price Indices are used to calculate overall and core inflation rates. The Federal Reserve uses an annual inflation rate of 2.00 percent as an indicator for achieving price stabilization.The Federal Open Market Committee of the Federal Reserve said in its post-meeting statement th...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The Federal Reserve’s monetary policy committee decided against changing the Fed’s benchmark interest rate range of 0.00 to 0.25 percent. The Federal Open Market Committee said in its post-meeting statement that it is not considering raising rates until 2023. Two of 17 FOMC members felt that the Fed’s key rate may rise in 2022.Fed Approves Quantitative Easing MeasuresCommittee members also stabilized the Federal Reserve’s ongoing purchases of Treasury bills and mortgage-backed securities and said that the Fed would purchase Treasury bills and mortgage-backed securities “at least at the current pace.” The Fed was tapering its purchases before the Coronavirus pandemic.FOMC members moved to stimulate the economy through quantitative easing. The Fed purchased $20 billion in Treasurys and ag...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When someone is thinking about buying a home, one of the key parts is the home appraisal. The appraisal ensures that the buyer is paying a fair price for the home while also protecting the mortgage lender against taking a loss.On the other hand, an appraisal is also an added cost of the buyer can be a serious source of stress for both sellers and brokers.Recently, government agencies have passed a rule saying that home appraisals are no longer going to be required on homes that are less than $400,000; however, many lenders will still require them.Therefore, when should someone consider skipping a home appraisal to save some money?Appraisals And MortgagesOne of the first ways to take a look at the value of a home appraisal is by comparing it to the mortgage. The two go hand in hand. Appr...
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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 construction spending and labor reports on public and private sector jobs and the national unemployment rate. Weekly readings on mortgage rates and first-time jobless claims were also released.Construction Spending Falls in AprilThe Commerce Department reported lower than expected deficits in consumer spending in April. Construction spending fell by -2.90 percent from the March reading of 0.00 percent growth in spending; analysts expected 6.80 percent less construction spending for April due to the Coronavirus pandemic.Additional declines in construction spending are expected for May and June as impacts of the Coronavirus and uncertain economic conditions lessen demand for homes. Residential construction spending fell by 4.50 percent in May...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many people who are considering buying a home because the current market is so attractive. With the ability to carry out virtual tours, this makes it even easier for people to find the home of their dreams.While the fun part is looking at houses, it is important to get pre-approved for a home loan first. There are a few reasons why everyone must get pre-approved before they start the process of shopping for a home. This Provides A Chance For People To Get Their Finances In OrderBuying a home is a major decision. For many people, this is going to be their biggest investment. For this reason, it is critical for everyone to have their finances in order.Of course, some people might think that their finances are fine when, in reality, this might not be the case.For example, someone...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The vast majority of people who are interested in buying a home are not going to be able to pay cash for the home. Even for those who can buy a home in cash, they often would rather take out a loan to avoid pulling money out of their investments where they would have to pay capital gains taxes.Those who take out a loan to buy a home will apply for something called a mortgage.Simply put, a mortgage is a loan that someone uses to buy a home. Mortgages are very specific to the real estate industry; however, they are similar to other loans. People borrow money to cover the difference between the down payment and the cost of the house.Then, they pay back the loan over a specified period of time with interest. For those who are buying a home, it is important to understand the basics of a mort...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included monthly readings from Case-Shiller Home Price Indices, FHFA home prices, and readings on new and pending home sales. Weekly reports on mortgage rates and first-time jobless claims were also released.Case-Shiller Home Price Indices: Home Price Growth Pace Increased In MarchNational home prices rose at a year-over-year pace of 4.50 percent in March from February’s reading of 4.20 percent. According to the Case-Shiller 20-City Home Price Index, home prices rose by 0.40 percent to a year-over-year growth rate of 3.90 percent.The three cities reporting the highest rates of home price growth year-over-year were Phoenix, Arizona with 8.20 percent year-over-year growth; Seattle, Washington reported year-over-year home prices growth of 6.90 percent. Charlott...
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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 the National Association of Home Builders on housing market conditions and reports on housing starts and building permits issued.Fed Chair Jerome Powell testified before Congress about the impact of Covid-19. Weekly reports on mortgage rates and first-time jobless claims were also released.NAHB: Home Builder Confidence Improves in MayHome-builder confidence rose seven points in May to an index reading of 37; April’s reading of 30 was the lowest reading for the NAHB Housing Market Index since June 2012. Low mortgage rates and expectations that the worst of the Covid-19 pandemic had passed contributed to higher readings for builder confidence.Component readings in the Housing Market Index were higher in May; builder confidence in current ma...
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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, retail sales, and a speech by Federal Reserve Chair Jerome Powell. The University of Michigan released a preliminary reading of its Consumer Sentiment Survey; weekly readings on mortgage rates and initial jobless claims were also released.April Inflation and Retail Sales in Negative TerritoryConsumer prices fell in April to a negative reading of -0.80 percent and matched expectations. The Core Consumer Price Index, which excludes volatile food and energy sectors, fell to -0.40 percent from -0.10 percent in March. Analysts expected a reading of -0.20 percent. Consumer Price Indices are used for determining inflation rates.Retail sales also posted negative readings for April. Overall, retail sales fell by -16.40 percent as compared...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you are looking for ways to save money on your mortgage, refinancing might be a good option. For those who might not know, refinancing can help a homeowner reduce monthly mortgage payments by switching to a lower interest rate. Basically, the homeowner takes out one loan at a lower interest rate to pay off the old loan, which is at a higher interest rate. While the homeowner may have to pay closing costs a second time, this could save someone hundreds of thousands of dollars over the life of the loan. Furthermore, those who want to pay off their loan more quickly may be able to do this as well. There are a few signs that someone should refinance their home loan immediately.1. Current Mortgage Rates Are Significantly LowerOne of the biggest signs that someone should refinance is that ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic releases included readings on public and private sector employment, the national unemployment rate. Economic Destruction Continues as Coronavirus SpreadsADP reported 20.2 million private-sector jobs lost in April as compared to 149,000 jobs lost in March. The government’s Non-Farm Payrolls report showed -20.5 million public and private-sector jobs lost in April as compared to -870,000 jobs lost in March. Both of these jobs reports typically show job growth, but they now report jobs lost due to the coronavirus pandemic and efforts to control it.Likewise, the national unemployment rate grew in April to 14.70 percent as compared to the normal reading of 4.40 percent in March. Mortgage Rates Mixed as New Jobless Claims FallFreddie Mac reported higher average mortgage ra...
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