In mortgages and real estate, interest rates are still quite low, and competition has cooled somewhat due to the limited supply of housing. Here’s what else you need to know.
1. Farewell FHFA Mortgage Refinancing Commission
The Federal Housing Finance Agency announced Friday that terminate the 0.5 percent commission for most cases of mortgage refinancing as of August 1. The announcement was an incentive for consumers, who are likely to benefit from lower interest rates when renegotiating their mortgages. The fee applies to loans of $ 125,000 or more.
2. Mortgage rates are falling again
Average rate on a fixed mortgage for 30 years fell this week to 3.11 percent, the lowest level since February. The fall is largely attributable to the realization that inflation risk has decreased and by the Fed’s signals that they will continue to support the markets for the time being. Since most experts still predict that the uptrend will continue in the long term, now is a great time to consider refinancing if you haven’t already.
3. Are shipping containers the next trend in new builds?
With lumber prices skyrocketing over the past year, construction firms have been looking for alternative materials to use in their projects. Surplus shipping containers is one option that is gaining popularity, although regulatory hurdles and limited interest from potential buyers pose significant challenges for interested builders.
4. What to do if unauthorized repairs have been made in the house
Quite often, homeowners try to hide their home updates from radar and avoid the cost of obtaining permits, but this solution can be expensive when they are ready to sell. Real estate agents say unauthorized work can make it harder to sell a home, but as long as both the buyer and seller are aware of the situation, the problem can be resolved.
5. What is the disclosure of information on closing a mortgage loan
When you are preparing to close your mortgage, your lender will need to provide a document called disclosure, which sets out all the terms of your loan, including all associated costs. It is important for borrowers to understand what they are signing up for when they agree to take out a mortgage.