Deborah Carter's blog

Want to Save 3% of the Sale Price on Closing Costs?

Want to save 3% on closing costs?  This equates to $4,500 on a $150,000 house.  

Would you spend 4-1/2 hours and $75 for a homebuyer education course if doing so would save you the 3%? 

Are you a first-time homebuyer (you haven't owned a home in the past 3 years)?

If you answered yes to all of these, then you should check out the HomePath Ready Buyer program.

Fannie Mae has a new program to help buyers save money at closing when they purchase a Fannie Mae HomePath listing, which is a foreclosed home owned by Fannie Mae.  Under the program, qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance and reimbursement of the $75 cost of the homebuyer education course at the time of closing.

The homeownership education course is entirely online and covers both the complexities of home buying and the responsibilities of owning a home.  To be eligible for the closing cost assistance and the reimbursement of the training cost:

A Bicycle Tour & Interesting Places Around Princeton

Nice video to get a feel for the beautiful places in and around Princeton NJ as well as great shopping and dining experiences.

The Fed is Signaling That Interest Rates May Rise in June

The Federal Reserve is signaling that it may increase interest rates in June, which would be the first rate increase since 2006.  This information was released with the minutes from the Fed's mid-March policy meeting.  Also in the minutes was an indication that once the started raising rates, they would continue to do so in a gradual manner.

The average fixed-rate mortgage interest rate is 3.7% this week, which is near historic lows.  

Perhaps the hint of rate hikes will cause a flurry of buying this Spring as buyers try to lock in their mortgage rates before they go up.

Read more about it:  Fed: Interest Rate Hikes Likely in JuneIn two months, the Federal Reserve will likely start raising rates, a move it hasn't taken since 2006. 

[NAR Daily News Magazine]

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