Despite falling mortgage rates, homeownership costs increased this year. With home prices expected to rise into 2015, is now the right time to buy a home for maximum affordability?
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Prices appear to be hovering around their high point. Look for a persistent down-shift in the Market Action Index before we see
prices deviate from these levels. The median list price in KNOXVILLE, TN this week is $189,500.Home sales have been exceeding new inventory for several weeks. Percent of Properties with Price Decrease 40%. Since this is a Buyer's market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.
Interest Rates. Low Is the New Status QuoYes, the Federal Reserve is preparing to raise interest rates as soon as next spring. But even that won’t produce the interest-rate “normalization” that many assume to be on the way according to Michael J. Casey of The Wall Street Journal Money Beat. "superlow interest rates will be with us for a long time".
Now would be a good time to get something started, there’s still time to take advantage of LOW rates and LOW Down Payment programs now. READY TO GET STARTED? Bring the family! » http://justlistedknoxville.com/
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We will completely respect your online privacy. In the mean time if you need or want any additional information please feel free to contact us direct at your convenience Tina Mounger 865-748-6216.
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Buying a House Without Your Spouse: Your Mortgage Questions Answered. There are a lot of things to consider when you’re getting ready to buy a house. But if you’re married, one that you might not have thought about is whether you and your spouse should both be on the home loan. In some cases, having only one spouse on the mortgage might be the best option.If you’re looking to get a mortgage without your spouse, or if you’re just wondering why in the world someone would do this, I’ve got a few answers. I spoke with Lindsay Villasenor, a Quicken Loans operations director, to get some insight on what happens when only one spouse is on a mortgage. If you’re married and you’re taking the plunge into the real estate market, here’s what you should know about buying a house with only one spouse on the loan.
Why Would You Buy a House Without Your Spouse? One Spouse Has a Low Credit Score. One Spouse’s Income Doesn’t Meet the Requirements. This simply means that you’ll need two years of W2s, two years of tax returns and two months of bank statements. Your Mortgage Company May Look at Your Spouse’s Debt. If one spouse has a lot of debt, you might consider leaving them off the mortgage to decrease your DTI ratio. However, if the home is in a community property state and you’re getting a FHA or VA loan, both spouses’ debts will be taken into consideration.
Well, there you have it. Are you and your spouse considering a one-spouse mortgage? Leave your questions in the comments section below!
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