Falling Mortgage Rates Are Bringing Buyers Back

October 02, 2024 by First Federal Bank

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with a professional.

Topics: Mortgages / Home Equity

2025 Housing Market Forecasts: What To Expect

September 06, 2024 by First Federal Bank

Looking ahead to 2025, it's important to know what experts are projecting for the housing market. And whether you're thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.

Topics: Mortgages / Home Equity

What Mortgage Rate Are You Waiting For?

August 30, 2024 by First Federal Bank

You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down.

Topics: Mortgages / Home Equity

What Credit Score Do You Really Need To Buy a House?

August 23, 2024 by First Federal Bank

When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:

Topics: Mortgages / Home Equity

Is Affordability Starting To Improve?

August 16, 2024 by First Federal Bank

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

Topics: Mortgages / Home Equity

Mortgage Rates Down a Full Percent from Recent High

August 09, 2024 by First Federal Bank

Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.

Topics: Mortgages / Home Equity

Temporary Buydown

August 08, 2024 by First Federal Bank

Buydowns: A Strategy for Lowering Interest Rates

1. Upfront Payment: Another party pays an upfront payment at closing.2. Interest Rate Reduction: In exchange for the upfront payment, First Federal Bank will lower the interest rate on the mortgage for a specified period. We do 3-2-1 buydowns, 2-1 buydowns, and 1-0 buydowns.A common buydown might be...

Topics: Homeowners, Mortgages / Home Equity

Is a HELOC Right for You?

August 07, 2024 by First Federal Bank

A Home Equity Line of Credit (HELOC) is a popular way to turn home ownership into cash when you need it. You can turn the equity in your home into a line of credit that functions like a credit card. According to Business Insider, whether a HELOC is the right move for your finances depends on a few factors:

Topics: Homeowners, Mortgages / Home Equity

Are Home Prices Going To Come Down?

August 02, 2024 by First Federal Bank

Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.

Topics: Mortgages / Home Equity

How To Determine if You’re Ready To Buy a Home

July 26, 2024 by First Federal Bank

If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more.  

Topics: Mortgages / Home Equity

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