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There are several paths to homeownership for first-time buyers, especially if you’re looking to minimize upfront costs. Here are some key options to consider: 1. Low Down Payment Options  FHA Loans Backed by the Federal Housing Administration (FHA), these loans are designed to help low-to-moderate-income buyers.  As low as 3.5% if your credit score is…

Economic Overview: In 2023, the economy showed strong resilience, growing by 2.5%. This growth was better than expected, mainly due to robust consumer spending and a strong job market, despite some challenges. However, in 2024, signs indicate a slight slowdown. While the job market remains solid, there’s a small increase in unemployment, and consumer spending…

Homebuyers who are looking to shop during the spring housing market might wonder if rates will be higher or lower.In October 2023 rates hit a 23-year high of 7.79% for a 30-year fixed mortgage, since then rates have come down to the high 6% range. Realtor.com 2024 forecast predicts they might go down to 6.5%…

Canyon Mortgage is committed to keeping its clients informed about the latest developments in the mortgage market. In 2024, conforming loan limits are set to rise to $766,550.00 from $726,200.00, accommodating the upward trend in home prices. While these new limits officially take effect in January 2024, Canyon Mortgage is already accepting applications based on…

Everyone would love to purchase a home at the perfect time in the market, not so easy though, it’s a bit like playing the stock market, timing is tricky, and there’s no guaranteed strategy. Here are some pros of waiting: 1. Market Trends: By observing market trends, you might be able to anticipate a potential…

Biweekly mortgage payments can offer several benefits to homeowners. Here are some advantages: 1. Interest savings: By making biweekly mortgage payments instead of traditional monthly payments, you can save a significant amount of money on interest over the life of the loan. This is because you are essentially making an extra payment each year. Over…

Private Mortgage Insurance (PMI) is a type of insurance that protects the lender if a borrower defaults on their mortgage payments.  It is required when a borrower makes a down payment of less than 20% of the home’s purchase price. PMI allows borrowers to obtain a mortgage with a smaller down payment, but it adds…

Mortgage Points, also known as discount points, are a form of prepaid interest that borrowers can pay at the closing to lower the interest rate. Each point typically costs 1% of the total loan amount. Here are some key points to consider when evaluating the value of mortgage points: 1. Interest rate reduction: Paying points…