The targets for appropriate federal funds rates by FOMC participants is plotted in a chart that has come to be known as the "dot plot." - Sept 17th “dot plot”Regarding when the FED will raise rates, Fed Chair Janet Yellen said at her Sept 17th Fed Meeting “Inflation continues to run below target;” “International development will continue to exert downward pressure on inflation;” “A rate hike will come from further improvement in the labor market and when we are confident that inflation will return to 2%.” We predict in the short term interest rates to Roller Coaster. Even at times going lower than where they are at today and other times raising 0.25% to 0.375% very quickly, maybe even in a matter of days. In the next 90 days we expect a lot of volatility in the bond markets, stock markets, and oil markets. We expect the longer term trend of higher mortgage rates.
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- Single purpose reverse mortgages are typically offered by some type of government agency or nonprofit organization and limited in scope, usually for the purpose of assisting with property taxes, home improvements or some other type of repair or need
- The second type, sometimes called a Home Equity Conversion Mortgage, or (HECM), is a type of reverse mortgage that is federally insured through the United States Department of Housing and Urban Development and has no usage or income requirements
- The third type is called a proprietary reverse mortgage, and is actually a type of private loan, specifically backed and developed by individual companies
- a monthly cash payment that is fixed for a certain amount and period of time
- a monthly cash advance on a tenured plan for the length of time the homeowner remains in the home
- a line of credit option that can be accessed as needed, until the full amount is drawn
- a combined option that includes a monthly payment plan, plus an accompanying line of credit
- FICO will no longer consider paid collections in their credit score calculations. Consumer credit scores have historically been hurt by collections even after these collections were paid in full.
- FICO will now apply less weight to unpaid medical bills that have been given to collection agencies. In the past, FICO penalized consumers for even the smallest unpaid medical bills.
Dollars and Sense Approach Points to Present as Good Time to Buy a Home
With the housing crisis of the past several years, some analysts see the downward trend of home ownership continuing, at least temporarily, as millenials struggle to pay off their student loans and wait for good job offers following the recent dry job spell.
But is home ownership still desirable? And, if so, does it make sense to buy now if possible, rather than waiting a year or more?
The answers on both counts are a definite “Yes.”
Whether individuals and families buy a home as a financial investment or for the freedom and independence it offers, there are solid dollars and cents reasons for doing so. Tax legislation favors homeowners over renters, and building equity has a number of advantages over the long term.
A Matter of Finances
Current affordability is a key factor in the decision to buy now. But prices are trending upward. The appreciation levels of the past are not expected to return, but homes next year will almost certainly be more expensive due to:
Demand Exceeding Supply:
2.2 million jobs created in the last year
÷1.01M total permits for new homes
= 2.2 jobs / per new housing unit created
1.2 is considered normal
Pent-up demand for 25-34 yr. olds
- The Fed is tapering
- The US has to rollover an enormous amount of debt
- Reasonable estimate is an increase in mortgage rates in 1 year is 1/2%
If Interest rates rise a 1/2 percent next year the difference between buying today and buying next year, assuming equal mortgage amounts, could be substantial. A $285,000 mortgage would cost $85 more each month or $1,020 more over a year with a 1/2 point increase.
This equates to $17,000 in purchasing power, meaning your buyer now qualifies for $17,000 less than they did 1 year ago.
Common sense and simple math calculations show that buying now is a good decision for those who can qualify and have sufficient down payment and income. By acting today, the buyer would gain that equity, qualify for more, and save those dollars.
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SOURCES: http://finance.yahoo.com/news/end-sight-millenials-struggling-property-040001631.html,http://www.realtor.com/home-finance/homebuyer-information/good-reasons-to-buy-a-home.aspx?source=web,http://www.usatoday.com/story/money/business/2014/06/14/three-reasons-not-to-buy-a-home-now/10387419/U.S.Census BureauAppreciationInterest