Daily Real Estate News | Despite mortgage rates being on the rise home buyers say the increases aren’t scaring them away from their real estate search, according to a new Redfin survey.
Though mortgage rates have moved higher, borrowers on the whole are still appreciating how low they are historically and are taking advantage of the opportunities still at hand before rates move any higher. Despite nine consecutive weeks of rises in mortgage rates, the annual average for the 30-year fixed-rate mortgage was 3.65 percent in 2016 – the lowest annual average ever recorded by Freddie Mac.
Twenty-five percent of respondents say the rise in rates does not impact their home buying decisions, and about 24 percent say they feel a greater sense of urgency to buy before rates go up further.
FHFA.gov | The Federal Housing Finance Agency announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017 will increase.
As of Jan. 1, households will be able to get larger FHA loans for their home purchase. In high-cost areas borrowers will be able to get loans as high as $636,150, almost $11,000 more than what they were able to get in 2016. In low-cost areas, they’ll be able to get loans for up to $275,665. That’s up from $271,050.
If you’re about to hire a home inspector here are some important things you should know. First, home inspections are intended to point out adverse conditions, not cosmetic flaws.
An inspector will point out conditions that need repair and/or potential safety-related concerns. They won’t comment on cosmetic items.
A home inspection report is a basic report. The inspector considers hundreds of items during an average inspection on both the inside and outside of the house. But if they see something that demands a more in-depth inspection, they will recommend that you enlist the services of an expert in that area.
Home inspectors work to a strict code of ethics and can lose their license if they do otherwise. A reputable home inspector will not conduct a home inspection if his or her fee is contingent on untruthful conclusions. Once an inspection is rendered, any failure in the systems or integrity of the home must be disclosed to all parties to the transaction.
Inspectors are not responsible for the condition of the home. Inspectors don’t go behind walls or under flooring, so if you buy a home where an expensive problem surfaces after the sale, you won’t be able to make the inspector liable.
As a buyer, you need the home inspection to decide if the home is in condition that you can tolerate. You can use the report to show the seller the need for a certain repair or negotiate a better price. You can also take the report to a contractor and use it to make repairs or to remodel a section of the home.
One thing you should not do when buying a home is skip having the home inspected. A home inspection is relatively cheap and could save you big money in the long run. It’s also required by many lenders, particularly for FHA loans. A home inspection gives you valuable information needed to make a sound buying decision.
I’d be more than happy to discuss this further with you and answer any questions you may have. Just give me a call.