Navigating Debt Consolidation: A Guide for New York Homeowners
In today’s financial landscape, consumer debt in America has reached unprecedented levels. From credit card balances to personal loans, many individuals find themselves juggling multiple debts and struggling to stay afloat. For homeowners in New York facing this challenge, Canyon Mortgage Corp is here to offer guidance and solutions. Understanding the Problem Before diving into…
Read MoreNavigating the Housing Market Maze with Canyon Mortgage Corp’s Insights!
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…
Read MoreWhat Will the Housing Market Look Like Once Mortgage Interest Rates Drop? Here’s What Homebuyers Can Expect
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%…
Read More2024 Conforming Loan Limit Increase
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…
Read MoreThe Pros and Cons of Waiting To Purchase A Home In This Market
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…
Read MoreThe Benefits of Biweekly Mortgage Payments
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…
Read MoreUnderstanding Private Mortgage Insurance and How to Avoid It
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…
Read MoreUnderstanding Mortgage Points: Are They Worth It?
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…
Read MoreThe Impact of Your Employment History on Mortgage Approval
When applying for a mortgage, lenders consider various factors to assess your eligibility for a loan. Your employment history is one important factor that can impact the mortgage approval process. Here are a few points to understand about the impact of your employment history when applying for a mortgage. Stability and consistency: Lenders prefer borrowers…
Read MoreHow To Choose The Right Mortgage Term for Your Financial Goals
Choosing the right mortgage term is an important decision that can impact your financial goals. The mortgage term refers to the length of time over which you agree to repay your mortgage. Here are some factors to consider when choosing the right mortgage for you. Evaluate your financial situation: This is obvious, but you would…
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