Paramount Mortgage - Lender's Blog

Still Cheaper to Buy Than to Rent

An analysis in Forbes magazine examined whether the recent rise in mortgage rates makes a difference to the consumer deciding whether to rent or buy. Their verdict was that it is still much cheaper to buy than to rent, overall.

The analysis by Trulia calculated mortgage and rental costs for identical properties, including all applicable costs, taxes, tax deductions, and a 20 percent down-payment. It came to the conclusion that on a nationwide basis that buying is, on average, 41 percent cheaper than renting.

Looking for Something Positive

By Don Menendez, Paramount Mortgage Production Manager.

Today’s message is positive. Housing sales are up. Rates are still low. Values of homes seem to be improving. The view of the economy seems to be a little brighter. Although interest rates have risen, your 401k probably has too. That is a plus, right?

So now you have all the positive stuff, so enjoy your weekend!

It's a Seller's Market! Are you ready?

 

Facing Homebuyer Challenges

“Market changes suggest there may be a discord between prospective homebuyers and homeownership opportunities available to them,” reports Amilda Dymi of originationnews.com.

According to reports from late June, more than half of active and casual homebuyers watching out for good deals in the year ahead see the present time as ideal to purchase a home.

A+ in Organization - Part 2

In last week’s blog, we talked about getting ready for an organized school year. Hopefully, you’ve gotten the chance to visit our Pinterest boards for ideas on creating space for all that school stuff and for packing easy lunches. This past weekend was all about tax-free shopping for much of the St. Louis area. If you braved the crowds, then you likely have all your supplies at the ready and stacks of new clothes and shoes waiting for the first school bell to ring.

Biggest Annual Gain in U.S. Home Prices in 6 Years

U.S. home prices had their biggest annual gain since March 2006, rising 12.2 percent in May compared to a year ago. This increase indicates the housing recovery is still strengthening.

The Standard & Poor's/Case-Shiller 20-city home price index surged 2.4 percent in May from April, almost reaching the previous monthly gain of 2.6 percent – the highest on record.

A+ in Organization

It doesn’t seem possible that the school year is about to begin. Where, oh where did the summer go? Like it or not, the school supplies are out and it is time for you to get ready. Soon, your counter and table will be piled high with papers, and your floor will be covered with backpacks and shoes. But does it have to be like that? We believe that with a little bit of preparation you can handle the barrage of items and information that come with the beginning of the school year!

New Home Sales Hit Five-Year High

Sales of new U.S. single-family homes surged to a five-year high in June, showing no signs of slowing in the face of higher mortgage rates. The Commerce Department reported that sales increased 8.3 percent to a seasonally adjusted annual rate of 497,000 units, the highest level since May 2008.

Mid-Year Financial Maintenance

Last week, we discussed home maintenance tasks that need your attention soon. Hopefully, that’s well underway. We have another maintenance job for you today. With 2013 more than halfway over, your wallet could use a bit of attention as well! Consider taking on these tasks right away.

Home-Builder Confidence Soars to Seven-Year High

Confidence among the nation's home builders in July jumped to the highest level since January 2006 as companies grew more upbeat about sales prospects, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the third consecutive monthly gain, as the index climbed to 57 this month from a revised 51 in June, and is up 63% from a year ago.

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