Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The FHA streamline refinance is not right for everyone, but if rates significantly dropped or you can afford a fixed-rate loan and want out of an ARM, it can make sense. If you’ll stay in the home for the foreseeable future, you can either save money on interest or have a more predictable payment.Before you jump on board, ask yourself: Am I saving enough money to make the cost of refinancing worth it? Would I feel more at ease with a fixed-rate loan versus an ARM? When Doesn’t an FHA Streamline Refinance Make Sense?Like we said, sometimes it doesn’t make sense to refinance.First, make sure you can afford the closing costs. Unlike most other loan programs, you cannot roll your closing costs into the loan. Make sure you have the money to cover the closing costs plus the FHA upfront mortga...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on home prices, new and pending home sales, and the post-meeting statement of the Fed’s Federal Open Market Committee. Weekly readings on mortgage rates and jobless claims were also released.S&P Case-Shiller Home Price Indices: Home Price Growth Breaks Records for Second Consecutive MonthNational home prices grew by 16.60 percent year-over-year in May according to S&P Case-Shiller’s National Home Price Index. April’s reading reported year-over-year home price growth of 14.80 percent. Home price growth broke records for the second month in a row in May. S&P Case-Shiller’s 20-City Home Price Index reported top home price growth in Phoenix, Arizona, Seattle, Washington, and San Diego, California again held the top three positions for US home...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings from the National Association of Home Builders Housing Market Index, data on sales of new and previously-owned homes, and weekly reports on mortgage rates and jobless claims.NAHB: Affordability, Shortages of Labor and Materials Impacting U.S. Housing MarketsHousing market conditions are changing according to July’s Housing Market Index produced by the National Association of Home Builders. Although the HMI reading declined by one point in July, ongoing trends including labor shortages, higher prices for building materials, and affordability impacted builder confidence in overall market conditions. July’s index reading was 80 as compared to June’s reading of 81 and the expected reading of 82. Housing Market Index readings over 50 indicate ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many people who are looking at the housing market wondering if now is the time to make the jump from renting to owning. At the same time, is it more affordable to rent a home? Or, is it a smarter move to buy a home? Even though many people like the comfort of renting because it is someone else’s problem if something goes wrong, waiting too long to purchase a home could be costly. Here are a few of the most important points you need to keep in mind when it comes to renting versus buying a home.Renters Spend A Higher Percentage Of Their Income On HousingFirst, renters usually put a higher percentage of their income toward housing than homeowners. When looking at the numbers, people may believe that the percentage is higher for renters purely because people who own homes make mor...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
With all of the rigmarole that goes into packing up your old home and moving into the new one, there are a lot of details that can get lost in the mix. From cleaning up the old house to handing over the keys, there’s no shortage of small tasks that need to be completed. If you’ll soon be prepping for the exciting move into your next home, here are some ways to prepare yourself for this busy time.Do A Spring Clean, Even When It’s Not Spring!Spring cleaning may be something that people only do once a year, but it’s actually a great way to prep for the move you’re about to make. Instead of thinking on a smaller-scale though, you’ll want to hit every room in your house so there’s less to pack up come moving time. While no actual cleaning will be necessary until you’re moving out, this pre-c...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don’t like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision.What Is A Rate Lock?For many people who are buying a home, the idea of interest rates can make the heart race a little faster, but this is the purpose of rate locks which offer consistency in a market in flux.Instead of having to deal with day-to-day fluctuations of the rate – which increases or decreases what you owe – a rate lock is a lender promise that you will be held to a spe...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reports included readings on inflation, Fed Chair Jerome Powell’s testimony before the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released.Consumer Price Index: June Inflation Grows at Fastest Pace Since 2008June’s Consumer Price Index showed the fastest pace of inflationary growth in 13 years; inflation grew by 5.40 percent on a seasonally-adjusted annual basis. Used car sales accounted for one-third of the growth, but prices also rose for clothes, food, energy, and travel/hospitality. The year-over-year inflation rate for May was 5.00 percent.Inflation grew by 0.90 percent month-to-month, which exceeded analyst’s expectations of 0.50 percent...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reporting included readings from the Fed’s Federal Open Market Committee, news on changing FHA home loan requirements for borrowers with student loans, and reporting on job openings. Weekly reports on mortgage rates and jobless claims were also released.FOMC Minutes Show Fed’s Reluctance to Raise Target RateThe Federal Open Market Committee of the Federal Reserve released minutes of its meeting held via teleconferencing on June 15 and 16. The Committee resumed its consideration of creating “domestic and foreign repurchase agencies that would have a backdrop role in fostering implementation and support of monetary policy and smooth functioning of markets,” but no decisions were made. FOMC members did not change the current federal funds rate range of  0.00 ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings from the National Association of Home Builders on housing markets and  Commerce Department readings on housing starts and building permits issued. Weekly reports on mortgage rates and jobless claims were also published.NAHB: Home Builder Sentiment Slips Amid High Materials Prices, Labor ShortagesThe National Association of Home Builders Housing Market Index fell two points to a May index reading of 81. Readings above 50 indicate that most home builders are confident in market conditions, but builder sentiment has fallen from its peak reading of 90 before the pandemic. The NAHB Housing Market reached its lowest reading of 37 during the pandemic. Readings above 50 indicate that most builders surveyed were confident about housing market condition...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The Federal Open Market Committee of the Federal Reserve said in its post-meeting statement that the Federal Reserve expects to raise its benchmark interest rate range twice during 2023. No rate changes will be made during 2022 as the economy continues to recover from the Covid-19 pandemic. The Fed’s current interest rate range is 0.00 to 0.25 percent.Fed Expects “Transitory” InflationThe Fed’s post-meeting FOMC statement said that although Committee members adjusted their forecast for raising the Fed’s benchmark interest rate range, members did not predict long-term inflation and described current upward inflation as “transitory.”The Consumer Price Index reported that the cost of living jumped in May and drove inflationary growth to a 13-year high of five percent.11 of 18 FOMC members ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on job openings, inflation, and consumer sentiment. Weekly reports on mortgage rates and jobless claims were also released.Job Openings Increase as Employers Struggle to Fill PositionsJob openings rose in April according to the Labor Department, but workers were quitting jobs in record numbers. 9.30 million openings were reported as compared to expectations of 8.20 million job openings and 8.30 million job openings reported in March. Increasing job openings indicate a stronger post-pandemic economy as businesses and service providers return to full capacity. Employers faced multiple obstacles to filling job openings including early retirements taken during the pandemic, difficulty in finding childcare options, and continued fear of covid-...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings on construction spending and public and private-sector employment data. Weekly reports on mortgage rates and jobless claims were also released.Census Bureau Reports Construction Sending Up by 9.8 Percent Year-Over-YearConstruction spending rose by nearly 10 percent year-over-year in April. Overall construction spending rose by $1.542 billion on a seasonally-adjusted annual basis. Construction spending rose by 0.20 percent in April, which fell short of the expected 0.50 percent reading, and was lower than the March reading of 1.0 percent growth in construction spending.Residential construction spending increased by one percent in April as compared to the March reading of 2.60 percent. Spending on single-family construction rose by 1.30 per...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When applying for a new mortgage or after closing, many may have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision.Easy Budget Management For SomeWith a single monthly mortgage payment, there is often a need for those who get paid two or more times per month to properly budget so that they can comfortably manage the large mortgage payment with all of their other expenses throughout the month. With bi-weekly payments, the two sma...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
March readings for S&P CoreLogic Case-Shiller Home Price Indices rose to their highest level since 2005 in March. National home prices rose by 13.20 percent year-over-year as compared to February’s reading of 12.00 percent growth. The Case-Shiller 20-City Home Price Index reported average year-over-year home price gains of 13.30 percent in March. Phoenix, Arizona continued to lead the 20-City Index with a year-over-year home price growth of 20 percent. San Diego, California followed with home price growth of 19.10 percent; Seattle, Washington reported year-over-year home price growth of 18.30 percent.How the Covid Pandemic Impacted  Home PricesReal estate pros said that the Covid epidemic continued to impact housing markets as homeowners were more willing to list their homes as Covid ca...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on home price growth, new and pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.Case-Shiller Reports Highest Gains in Home Prices Since 2005March home prices grew at a seasonally-adjusted annual rate of 13.20 percent according to S&P Case-Shiller’s National Home Price Index for March. National home prices gained 12.00 percent year-over-year in February; the corresponding 20-City Home Price Index reported that Phoenix, Arizona held the top spot for home price growth for the 22nd consecutive month; home prices rose by 20.00 percent year-over-year. San Diego, California followed with 19.10 percent growth in home prices, and Seattle, Washington posted year-over-year home price growth of 1...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re buying a home, you’ll want to try to get your mortgage processed as quickly as possible. Improperly filed mortgage applications are one of the biggest reasons why home sales get delayed, and if you have a hard move-out date already set, it’s critical that your mortgage process goes smoothly.With careful planning, though, you can shorten the mortgage process and get your financing approved faster. Here’s what you need to do to speed up the approval.Get Your Paperwork in Order Before You ApplyOne of the biggest reasons why mortgages get delayed is because the applicant is missing a vital piece of paperwork. Something like a missing pay stub or a forgotten home insurance document can hold up the mortgage process, so make sure you have everything you need before applying for your ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings from the National Association of Home Builders, data on sales of existing homes, and reports on housing starts and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.NAHB: Home Builder Confidence Unchanged in MayThe National Association of Home Builders Housing Market Index reading for May was unchanged from April’s reading of 83. Readings higher than 50 indicate that most home builders were positive about housing market conditions.Component readings for builder confidence in housing market conditions in May were mixed; builder confidence in current market conditions was unchanged with an index reading of 83; builder confidence in market conditions in the next six months rose one point to 81 a...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on inflation, core inflation, and the University of Michigan’s  Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released.April Inflation Rate Hits 13-Year HighThe federal government’s Consumer Price Index rose by 0.80 percent in April as compared to the March reading of 0.60 percent. Analysts expected inflation to increase by 0.20 percent in April. Core inflation, which excludes volatile food and fuel sectors, rose by 0.90 percent in April. Analysts expected core inflation to grow by 0.30 percent in April which would have been unchanged from the March reading of 0.30 percent Core inflation rose month-to-month at the fastest pace in forty years and grew by three percent year-over-year, which was the h...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The process of buying a home can be riddled with obstacles. However, you can avoid many of the most common home buying pitfalls with some advanced preparation. Below are some of the most frequent problems home buyers face, as well as tips for avoiding them. You Can’t Qualify For A Mortgage Nothing is more frustrating than learning that, even though you make enough money to afford your dream home, you cannot qualify for the mortgage you need. This may happen because your credit score is low or because you cannot verify your income in a way that satisfies your lender. To avoid this pitfall, investigate lenders’ requirements before you begin the application process and make sure you meet them all. You Discovered Problems With The Home After You moved InIn some cases, a home may seem perfec...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Home buying is often made possible or unreachable due to the local and national economy. Fortunately, what goes up, must come down. So, for buyers who can wait, economic changes in supply and demand can create opportunities. These shifts in real estate are known as buyer’s markets and seller’s markets. The seller’s market specifically tends to be the harder one for homebuyers. In short, sellers see a lot of demand, so they can command higher prices for a sale. Things are competitive, sell fast, and inventory is low. For buyers, it’s a headache, but there are ways of handling the challenge.Understand Your Local Market BetterMany people might throw out the statement locally, “Oh good luck, it’s a seller’s market,” but that’s not necessarily the case until you can confirm it objectively. I...
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