To the uninitiated, "locking a loan" sounds pretty final-- fiercely so. But actually, you’re not locked into the deal (not just yet, anyway). It’s just a term that makes the process more secure on both ends. Look at this way: as your loan application is going through the process of approval, federal interest rates could fluctuate. But if your loan is locked at a rate offered by your lender/broker and accepted by you, that’s a promise: that rate will still be available to you for the period of time specified in the contract.
It's been a while since we posted a color of the week on the blog, so we thought we'd brighten up your Friday afternoon with teal! Teal is an eye-catching jewel tone, and often goes really well with gold, red, and mustard yellow.
To see all the colors that we've been pinning - including coral, mint, and lavender - check out our Color Schemes Pinterest board for inspiration!
Here are some of my favorite teal pins from this week:
For the past few weeks, we’ve been taking you through May’s market data on where the most home are selling for below asking, and where they’re not.
Inventory down, demand up, bidding wars and rising prices: That’s been the thrust of national news for real estate in the U.S. this summer. But that doesn’t mean buyer’s markets have ceased to exist on the local level, or that the chance to get a good price on a home while interest rates are so low has passed you by.
When the tenant of the house we just bought finally moved out, we got a look—for the first time—at the wood floors under the carpet. Hard wood, promised the seller. And I guess they were, at one point...some point long ago in history. Since then, they’ve been tarred, layered over with linoleum, layered over that with glue, stapled with plywood, and covered in laminate. Over that went the carpet. Getting down to the wood, we nearly broke every tool we have (we’ve since made many runs to Home Depot), including our fingernails.
What is a PMI? If you're trying to get qualified for a loan, you've heard those initials (among other mysterious terms of lending lingo) spoken, and most of the time everyone takes for granted that you understand them. But what do they mean, exactly? Put in the most simple terms, PMI stands for private mortgage insurance. From there though, things get more complicated. That insurance doesn’t do much to insure you personally; rather, it ensures that banks will get money back even if you default on your loan. PMIs come into play when the applicant can’t or doesn’t want to pay 20% down.
One of my favorite things about the DIY world is watching the awesome and interesting ways that people reuse things they already have. Below are three awesome projects that were popular on our DIYs and How-to’s Pinterest board this week.
After covering the trend toward hotter markets in the Pacific Northwest and California, we're taking a trip to the desert- and we're taking you with us. Pack your sunscreen! Because the weather isn't the only thing heating up in Nevada and Arizona. Property values too, after a deep thaw, and warming up for a turn around. Today we'll study this national trends toward fewer homes sold for less than asking price as it applies to Las Vegas, NV, Phoenix, AZ and Tucson, AZ.