Financial independence — the knowledge that you, not a corporation, control your economic destiny — is an empowering feeling and a huge motivating factor for people who become self-employed.
If you are about to move to a new area, you need to think about a few things before you sign a lease on an apartment or put a down payment on a mortgage. The decision to buy or rent depends on your current financial situation, your future plans and the lifestyle you want to live. Both options have their own set of benefits and potential drawbacks that should be carefully evaluated.
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Rates have risen once again this month. Our 30-year fixed rate increased from 3.375 percent to 3.625 percent. Our 20-year fixed rate rose from 3.250 percent to 3.5 percent. And our 15-year fixed rate has risen from 2.625 percent to 2.750 percent.
While rates are rising, the new house market is improving. Last year, housing permits hit their highest level since 2008 and 2012 saw a 20 percent increase in new home sales. If you are currently looking for your next home, you may see a wide selection of new houses for sale. To see whether you should go with a brand new house or previously owned home, check out this article from Money Magazine. It offers the pros and cons of buying a new home and what questions you need to ask before you do.
Bank of Little Rock Mortgage has rolled out a new blog to provide our experience and expertise on mortgage finance, written in plain English for you to follow easily. We invite you to subscribe to The Mortgage Statement.
Are you interested in seeing if you prequalify for a home loan? We have a quick-and-easy way for you to get prequalified for a mortgage online.
If you have any questions, comments or concerns, we would love to hear from you. Just contact us and let us know what you need.
Happy Monday,
Scott McElmurry
President & CEO of Bank of Little Rock Mortgage
NOTE: Your mortgage rate can be affected by a number of factors, including your credit score, loan-to-value ratio, your down payment and the loan program you choose. No matter what, we'll always find you the best mortgage loan at the best rate, guaranteed. For more information, visit our Today's Rates page.
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Rates have remained unchanged since the end of November, when the rates dropped below 3 percent. It's safe to say that members of the real estate business will look back at the year 2012 as one of the best years for low mortgage rates.
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Tags: How to buy a home, mortgage rates, Get prequalified online
0 Comments Click here to read/write comments
Tags: How to buy a home, Mortgage payment, Get preapproved online
