Cincinnati Mortgage Market Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC Mortgage Market Update: Housing markets remain active as existing home sales increase for the second month in a row, according to a recent report by the National Association of Realtors (NAR). Existing homes sales rose 2.4 percent in May, creating the first back-to-back monthly increases since September 2005. Housing analysts have revised their home sales forecast upward and are predicting existing home sales volume of 4.77 million units for 2009. First-time home buyers accounted for 29 percent of transactions during the month of May. Buyer activity is up across the board, too, as the number of home buyers in May was 10 percent higher than at the same point a year ago. Mortgage affordability and the $8,000 tax credit for first time home buyers has helped fuel demand across the country. According to a recent Freddie Mac survey, average commitment rates for a 30-year, conventional, fixed-rate mortgage have recently fluctuated from the high four to low five percent range; down considerably from 6.08 percent in May 2008. Finance Q and A: Q: What's the best way to raise a credit score when applying for a mortgage? A: Your credit score is a composite snapshot of your credit history, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. Contact your mortgage planner today to learn which programs might be right for you and take advantage of today's low interest rates! Tip of the Month: When figuring out what you can afford, it is important to factor in the additional costs of home ownership, beyond the mortgage principle and interest. Be sure to budget for hazard insurance, association dues, property taxes, as well as monthly utilities and other expenses unique to the property. It's also smart to review your anticipated tax savings and home equity growth as your investment grows. Ask your mortgage professional to help you budget today to get the most out of your next purchase!  |
Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)201-7712
http://www.clermontfinancial.com | |
| | National Statistics Updated 7/1/2009 | | |
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