Getting a Columbia SC mortgage is going to cost more throughout 2014, mainly because it's hard to imagine they could have cost any less last year.
Columbia SC mortgage rates hit what is now known as an historic floor in 2012, with rates back then bottoming out at around 3.38 percent. Rates remained in the 3's through the first half of 2013 before rising above 4 percent in June, and it doesn't look like they're going to be going back anytime soon, if ever.
The Mortgage Bankers Association is expecting Columbia SC mortgage rates to increase above 5 percent in 2014, and then increase to 5.5 percent by the end of 2015.
Will Columbia SC Mortgage Rates Impact Home Sales?
It's no shock to anyone that Columbia SC mortgage rates are going up. The questions going forward will be how the higher rates will impact home sales and whether lenders can make enough from purchase loans to offset the drop in refinance activity. Rising home values should help keep refis from rolling completely off the table, but it doesn't look good for those in the mortgage industry.
Mortgage applications increased slightly last week from the previous week, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week.
The refinance index increased 11% from the prior week. The seasonally adjusted purchase index increased 12% from a week ago, but is at a level similar to what was observed in mid-November 2013.
Columbia SC Mortgage Rates Getting Buyers Off the Fence?
Many real estate professionals believe the rise in Columbia SC mortgage rates may boost home sales.
It will get people sitting on the fence to decide, "We better do something or it’s going to cost us money." Most people realize the [3 percent-range interest rates] are gone, and they'd better be happy to get 4.5 percent now.
Time will tell. But stick with us here and we'll keep you updated on Columbia SC mortgage rates. We post periodic updates about Columbia SC mortgage rates and the news that affects those rates at our Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.
Most people planning to buy a Columbia SC home will ultimately be shopping Columbia SC mortgages as well. Columbia SC mortgages can vary from lender to lender, so it pays to compare, and make sure you're getting the best deal.
Here are 4 mistakes you want to avoid when shopping Columbia SC mortgages…
Rules have changed for getting Columbia SC mortgages and even though all lenders have certain guidelines they must follow to comply with new rules that went into effect January 1, rates can still vary.
To stay on top of market changes and conditions that may affect getting Columbia SC mortgages in 2014, check out our other articles by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.
Columbia SC home improvement loans are nothing new. Every year about this time, one of the resolutions a lot of homeowners make is to do something new with their home. Maybe even to buy a new or bigger home in the coming year.
In either case, many homeowners have made it their New Year's Resolution to do something, and getting Columbia SC home improvement loans often factor into the resolution.
Here, we want to tell you about a financing alternative that is available, which allows homebuyers or homeowners to obtain Columbia SC home improvement loans and have the available additional cash to make the repairs/improvements. This financing option is an FHA 203(k) "Home Improvement" loan.
There are two basic types of FHA 203(k) "Rehabilitation" loans that provide the best benefit to borrowers:
FHA 203(k) Standard: The Federal Housing Administration (FHA) 203(k) mortgage insurance program allows borrowers to purchase or refinance their home and include the cost to renovate it in the same loan. The Standard 203(k) enables borrowers to make a wide range of improvements including structural changes and additions to the building footprint.
FHA 203(k) Streamline: Flexible credit qualifying permits homebuyers to finance up to an additional $35,000 into their mortgage without staged draws to improve or upgrade their home before move-in as part of a purchase or as part of a refinance. With a 203k Home Improvement "Streamline" loan, borrowers can tap into cash to pay for property repairs, improvements and to complete minor non-structural repairs.
The process of renovating a Columbia SC area home begins long before contractors show up and start framing, dry walling, and painting. It's important to make sure you, as the borrower of one of these Columbia SC home improvement loans, understand the process and be sure you are working with a responsible lender. It's also important when purchasing a property to be working with a real estate agent who is knowledgeable about this type of transaction. Contact us for more information on these two types of Columbia SC home improvement loans.
To stay on top of Columbia SC area mortgage news and tips, check out our other articles by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.
If you're planning to get a Columbia SC mortgage in 2014, you may find it harder. The reason? New rules have gone into effect this month. Mortgage lenders look at a host of factors when deciding whether or not to approve you for a mortgage. All lenders will be asking for even more information than ever before, as explained in this report…
Lending requirements for getting a Columbia SC mortgage will vary from lender to lender, but they've generally become more strict since the sub-prime mortgage lending crisis in 2008.
To stay on top of market changes and conditions that may affect getting a Columbia SC mortgage in 2014, check out our other articles by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.
The Federal Housing Finance Agency is considering a possible reduction in the maximum loan limits for Columbia SC mortgages purchased by Fannie Mae and Freddie Mac, but the agency wants to collect public feedback before making any bold moves.
The GSE conservator recently sent a request for public comment to the Federal Register asking for input on the possibility of reducing the loan purchase ceilings.
The plan up for consideration would move the max loan limit for one-unit properties from its current $417,000 to $400,000, a 4% reduction. In parts of the country where the limit is $625,500, the ceiling would be pushed down to $600,000.
FHFA says before making a final move, it wants to be aware of any technical or operational concerns.
The agency also is asking respondents to determine whether a six-months advanced warning is enough time for the market to prepare for lower purchase limits.
Voice Your Input on Lower Limits on Columbia SC Mortgages
The conservator will hold off on any adjustments to ensure it has time to review all submitted comments. If changes do occur, they will not impact any Columbia SC mortgages originated before Oct. 1, 2014.
Feedback will be accepted up until March 20, 2014.
Submissions as to how you feel about the lower limits on Columbia SC mortgages can be sent to the FHFA via e-mail: loanlimitinput@FHFA.gov. We encourage you to email them and ask that limits not be lowered, as this could make getting Columbia SC mortgages more difficult for buyers in the future.
For more news and information relating to Columbia SC mortgages, check out our other mortgage related stories by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.