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King of Prussia, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on pre-owned home sales, weekly reports on mortgage rates and new jobless claims and consumer sentiment. The weekly news cycle was shorter due to the Thanksgiving holidays on Thursday and Friday.Sales of Previously–Owned Homes Jump in OctoberSales of previously owned homes grew by 1.20 percent in October as compared to September’s reading of 0.10 percent growth month-to-month and indicated a seasonally adjusted annual rate of 5.48 million sales. October home sales increased as inventories of available homes declined. There was a 3.90 months supply of homes in October as compared to a 4.40 months supply of available homes in September. Real estate pros typically consider a six-month supply of homes a healthy balance between homes available a...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are you in the market for a new home? If you have been talking to friends and family or researching online, you have likely come across quite a bit of mortgage-related advice. As with anything, there is low-quality advice out there which is essential to avoid. In today’s blog post we will share four pieces of mortgage-related advice that you should take with the proverbial ‘grain of salt.’#1: Only Get A Mortgage From Your BankHave you heard that you should only get a mortgage from the major bank that you use regularly? Many people believe that working with a large bank that you have a history with provides advantages, but this is not always the case. The right advice here is to seek out a mortgage lender offering products that fit your current and future financial needs.#2: Always Take ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are you thinking about buying a new house or apartment? While the prospect of a new home is undoubtedly exciting, you may be dreading the thought at having to pack everything up and move. In today’s blog post we will explore three tips for purging old, unwanted or forgotten items before making a move into a new home.Sort Everything That You Don’t NeedThe first step you will want to take is to sort everything in your home. Many families go through the house, room-by-room, separating their must-have items from everything else. At first, this process is quick as there are many items just sitting around waiting to be thrown out. However, you are bound to find some older keepsakes that are much harder to let go. In the end, you’ll want to ensure that you only keep those goods that are import...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Whether you’re a first-time homebuyer or an experienced real estate investor, if you are planning to borrow funds to buy a home you will want to choose the right mortgage product. In today’s blog post we’ll explore how interest-only mortgages work and why they’re the perfect choice for some homebuyers.How Interest-Only Mortgages Differ From Conventional OnesAs the name suggests, interest-only mortgages are loans where you are only required to pay off the interest portion of the loan each month for some specific term. The length of these loans can be up to ten years, although five or seven is the most common. Once this period is over, you will have some options. Some choose to refinance their mortgage into a new term; others will make a lump-sum payment to pay off the balance. The most i...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are you and your spouse starting to move into your retirement years? If so, you already know that you are going to need a solid financial plan for when your primary sources of income are no longer bringing money in. If you have invested in your retirement, you might be all set. However, what if your house makes up the majority of your net worth?Let’s take a quick look at three reasons why a reverse mortgage might be a great way to unlock the equity you’ve built up in your home.Reason #1: This Is Your Last HomeTo qualify for a reverse mortgage, you have to own your home or be very close to paying off any outstanding mortgage debt. A reverse mortgage is money borrowed against the equity in your home, which is considered collateral. So, if staying in this house is your long-term plan, then...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on new and pending home sales and weekly reports on mortgage rates and new jobless claims.New Home Sales Exceed Expectations; No Growth for Pending SalesSeptember sales of new homes reached a 10-year high with a seasonally-adjusted annual rate of 667,000 new homes sold. Analysts said that high demand drove September sales past the expected rate of 555,000 sales and August’s reading of 561,000 sales of new homes. September’s reading was 19.9 percent higher than for August and was 17 percent higher year-over-year. September’s reading was 8.60 percent higher for year-to-date sales of new homes. This news may encourage builders to ramp up new home construction, but the widespread damage caused by hurricanes and fires will account for rebuilding th...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are you in the market for a new home? If you are planning on borrowing some or most of the home’s purchase price, you’ll want to prepare yourself for the mortgage process. Let’s take a look at four key questions that you will want to ask your mortgage professional when you first meet to discuss your home loan.What’s The Best Mortgage Option For Me?As you probably know, there is a wide variety of mortgage loan options and programs on the market today. You may qualify for a number of mortgage loans along with certain government programs or specialty mortgages. Your mortgage advisor will be able to share the pros and cons of each type of mortgage loan so you can decide which option best suits you.What Interest Rate And Amortization Period Fit My Budget?Next, you’ll want to determine what l...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Fixed mortgage rates rose by two basis points last week as the average rate for a 5/1 adjustable rate mortgage dropped by two basis points.  Construction spending returned to positive territory, but job growth dropped in public and private sectors. National unemployment was lower.Construction Spending Rises in AugustBuilders increased construction spending in August after July’s reading dipped lower than June’s reading. Construction spending rose by 0.50 percent in August, which exceeded expectations of a 0.40 percent increase and July’s reading of -1.20 percent. Higher construction spending in August was driven by higher spending on public sector building projects.Analysts said that public building projects rose by 0.70 percent, which was boosted by a 3.50 percent increase in building ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
You’ve scoured the new home listings, been to all the open houses and have finally found the home of your dreams. It is now time to draft an offer and begin the negotiation process. Below we’ll share four mistakes that you will want to avoid when making an offer on your dream home.Mistake #1 – Not Working With A ProfessionalThe first mistake that home buyers make is trying to buy a home without using the services of a real estate professional. Buying a home is a significant financial transaction and one where the seller and their agent are working hard to ensure they come out ahead. Having experienced representation on your side of the table ensures that you won’t be taken advantage of.Mistake #2 – Skipping The Home InspectionThe second mistake – and one that is more common than you thi...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Case-Shiller reported higher sales of new homes for July; the national reading for new home sales increased by 0.10 percent to a seasonally-adjusted annual rate of 5.90 percent. The 20-City Home Price Index rose by 0.20 percent to 5.80 percent on a seasonally adjusted annual basis.Seattle Washington held the top spot in the 20-City Index with a growth of 13.50 percent year-over-year. Seattle home prices are growing faster than home prices in Portland Oregon, which reported a year-over-home price growth rate of 7,60 percent. Dallas, Texas lost its third-place standing in the 20-City Index to Las Vegas, Nevada, which reported 7.40 year-over-year growth in home prices. Dallas, Texas and Detroit, Michigan tied for fourth position with 7.30 percent home price growth.David M. Blitzer, managin...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on housing starts, building permits issued and sales of pre-owned homes. The Fed’s Federal Open Market Committee issued its customary post-meeting statement and Fed Chair Janet Yellen gave a press conference. Weekly readings on mortgage rates and new jobless claims were also released.Housing Starts Lower, but Building Permits IncreaseAugust saw fewer housing starts with 1.18 million starts on a seasonally-adjusted annual basis. July’s reading was upwardly adjusted to 1.19 million starts; analysts expected 1.175 million starts annually in August. Building permits rose in August, which suggested builder confidence was strong regardless of fewer starts.Recent hurricanes had little effect on August building permits, but building permits will likel...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Whether you are just starting to shop for a new home or you’ve been paying off your mortgage for years, the news of potential interest rate increases may be worrying. Of course, interest rates naturally cycle higher and lower over time, so is there anything to be genuinely concerned about? In today’s article, we’ll explore interest rates and how you can prepare for an upward trend in rates if and when the time comes.Speak With Your Mortgage Advisor FirstIf you already have a mortgage, the first step would be to speak with your lender to discuss what’s coming in regards to interest rates. If you are locked into a “fixed” rate, check and see how long you have left before this needs to be adjusted. If you are on a floating or adjustable rate, you may be able to lock that in for a few years...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Have you been considering a mortgage for your next home purchase? As with any loan or financial product, there are a variety of fees and costs you may incur in the process of closing your mortgage. In today’s post, we’ll explore a few of these potential fees and the situations in which you may encounter them. Let’s get started!Title Insurance CostsYou’re almost certainly going to incur insurance fees and charges. In most cases, you’ll need to pay for title insurance for the lender, which is based on the purchase price of the home but varies from state to state. This protects the lender if something is missed during the title search, which shows whether or not there are any liens on the property.Mortgage Underwriting FeesDepending on the lender, you may or may not be assessed an underwri...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are you in the market for a new home? If you are going to rely on mortgage financing to cover some of the purchase cost, you will need to start the application process as soon as possible. However, what if you just need to know how much you will be able to borrow so you can start finding homes in your price range?Let’s take a quick look at the difference between being ‘prequalified’ and ‘preapproved’ for mortgage financing.The Process Starts With PrequalificationThe first step in obtaining mortgage financing is to speak with a mortgage professional to get prequalified. After sharing some quick information about your financial assets, income, and any debts, your advisor will share a range of financing options and amounts that you may qualify for. Prequalification is typically done free o...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Whether you’re just out of college, recently married or simply haven’t jumped into the market yet, buying your first home is an exciting prospect. It can also be an expensive one, which is why most people will take out a mortgage to help finance the cost.If you are planning on engaging with a mortgage lender, you’ll need to have your finances in order. In today’s post, we’ll share a few key reasons why you’ll want to check your credit score well in advance of buying your first home.Your Credit Score Is A Signal For LendersAs you know, mortgage lenders have a responsibility to lend to those individuals and families who are at a low risk of default. So when a mortgage lender starts to dig into your financial background, they are looking at your credit history and credit score to help them...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
According to the Case-Shiller National Home Price Index for June, Seattle, Washington continued to lead home price growth for the tenth consecutive month with a June reading of 13.40 percent growth year-over-year. Portland Oregon held second place for home price growth in the 20-City Home Price Index in June but trailed Seattle by 5.20 percent with 8.20 percent year-over-year home price growth. Dallas Texas held third place with a year-over-year home price growth rate of 7.70 percent. The 20-City Home Price Index increased by 5.70 percent year-over-year and was unchanged from May’s reading.Case-Shiller’s National Home Price Index reported a reading of 5.80 percent home price growth in June as compared to May’s reading of 5.70 percent.Wage Growth, Strong Economic Indicators Drive Demand ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When investing in a home, one of the most important things is buying a place that you and your family can feel comfortable in. However, while a place you can envision yourself in is important, it’s not worth neglecting the neighborhood you’ll be moving into for the perfect home. If you’re wondering what you should be looking for in the neighborhood you choose, here are a few things to consider before making an offer on a home.Is It Safe?It may be common to feel bowled over by a home and want to invest immediately, but the right home in the wrong neighborhood may not be the best choice for many reasons. Part of feeling comfortable in your home is being safe among its streets, so ensure you research the neighborhood and its history, and check in on the crime rate. You may even want to con...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Tesla may have become the famous brand it is for the creation of the electric car in 2008, but it has since burgeoned into a company that has diverse ambitions for how we utilize energy. Recently, Tesla has moved into the business of solar roof panels, which have become a hot commodity on the market with their green ethos and energy savings. If you’re curious about solar power and want to know the details on this product, here are some things to consider before buying in.The Details On Tesla’s Solar PanelsWith the recent release of Tesla’s solar roof panels, many homeowners interested in green energy have flocked to this new product for its innovation and famous brand. According to Tesla, these panels will last for approximately 30 years or as long as the house stands at 1/3 the weight ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
It can be a stressful experience to put your home on the market and wait for offers in the hope that you’ve priced it right. However, for those who are considering selling to family members, the sale of a home can be fraught with just as much stress before and after sealing the deal. If you’re wondering if it’s a good idea to sell to a family member, here are some things to consider beforehand.Providing A DiscountWhether you’re selling to a sibling or a child, you may be considering offering the home at a discount to help them out. Fortunately, since the discounted value will be different than the market value of the price, this may mean a taxable gain when it comes time for them to sell the property after a few years of residing in it. On the other hand, if your financial health is not...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Investing in a home is a big financial decision, and along with the decision to buy is the question of how much mortgage you’ll be able to afford. While your debt-to-income ratio can be helpful in determining the range for your mortgage amount, a mortgage calculator can be a beneficial tool in coming to a potential price. If you’re curious about how and if this financial tool can benefit you, here are the details about using a mortgage calculator.What Does It Do?It’s very important to ensure that you can afford your mortgage before signing on the dotted line, and a mortgage calculator can assist with this. Most calculators utilize the principal amount of the loan, the interest rate and the amortization period in order to find a monthly payment that is foreseeable for you. While a debt-t...
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