Category: News

The dream of owning a home is a cherished one for many individuals and families across the United States. However, the soaring median existing-home price of around $400,000 can often make it seem like an unattainable goal, especially when faced with the prospect of a substantial down payment. A Common misunderstanding is that buying a home requires 20% for a down payment, equating to a significant sum, but there is good news – you have a variety of loan programs that require 10%, 5%, 3% or even 0% in certain instances. Everyone has a different set of circumstances and goals so the key is to meet with one of our experienced mortgage professionals here at Millennium Mortgage Group so we can identify the right loan program and down payment amount…

We saw more activity in the market as rates dropped in a volatile business environment. Applications were up 7% and Freddie Mac reported the average rate on the average 30-year fixed mortgage was 6.60% this fell to 6.60% this week down from last weeks rate of 6.73%. In statement by Freddie Mac’s Chief Economist Sam Khater, he said “turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term.” Rates fluctuate constantly so we always advise to LOCK in your loan right away. Removing that from being a concern is always a good idea as you tackle all the other aspects of buying a home. The last thing you want to hear is that your interest rate or loan costs have increased…

Recent market volatility has had an impact on the housing industry, but it’s not all bad news for prospective home buyers. In fact, there’s some great news for those who are receiving FHA financing and paying mortgage insurance. Starting in March, these buyers will see a significant drop in their monthly fees, from 0.85% to 0.55%. This change is expected to benefit around 850,000 borrowers this year, resulting in an average savings of $800 annually. The actual savings will vary based on the loan amount. For instance, a person with a $500,000 FHA loan will save $1,500 annually. This is great news for anyone looking to purchase a home and reduce their monthly costs. At Millennium Mortgage Group, we’re committed to helping homebuyers find the best financing options available. We…

An adjustable rate mortgage (ARM) is a type of mortgage in which the interest rate can fluctuate over time. The key advantage of an ARM is that its initial interest rate is usually lower than that of a similar fixed-rate mortgage, making your monthly payments more affordable initially. Depending on the terms of the ARM, these lower payments can last for several years or even a decade. This makes it a good option for those who plan to stay in their home for a short period of time, and move before the ARM resets to a variable rate. As interest rates rise, payments will also increase. ARMs can also be beneficial if you anticipate a significant increase in income or assets in the future. When the ARM resets, you will…

Heading into the new year I have gotten a lot of calls with different thoughts on what is going to happen here in Las Vegas regarding the housing market and the mortgage industry. Many of those calls have been from Real Estate agents and past clients who experienced the crash of 2008 and they were asking what I thought would happen. They were nervous about the possibility of another crash and if I thought that was a possibility. Based on those discussions I thought that would be a great topic for our first newsletter in 2023. Are we entering another crash like 2008? We are due for a market shift or correction for sure. This is based on the fact that we have had huge appreciation over the last 5+…

A good credit score is part of getting approved for a mortgage, it will also help you get a lower interest rate. Here are some quick things to do to check and possibly improve your score. Before we get started though, the first thing you should do is get your credit report! You can order it free here - https://www.annualcreditreport.com Now that you have your report lets get to those tips! 🤓 1. Check for Errors! You want the report to be clean and mistake free. Check if there are misspellings of your name or addresses. Other things might be duplicate accounts, incorrect account information, closed accounts that are still listed as open, fraud etc! 2. Clean up the Errors! If you found something wrong the next step is to…

Many Americans have considered moving in the last few years. Some are lucky enough to work remotely, others may be lured by housing prices. If you are considering moving here are seven things to consider. 1. Housing and Cost of Living: Research the cost of housing, groceries, utilities, and other expenses in the area to ensure that you can afford to live there. 2. Job market: If you are moving for a job, make sure it is secure and that there are other job opportunities available in the area. 3. Education: If you have children, consider the quality of the schools in the area. You may also want to consider the availability of higher education institutions if you or a family member plans to continue your education. 4. Safety: Research…

As we say goodbye to 2022, if you are planning on buying a home in 2023 here are 5 things to do. Put Savings In A High-Yield Account If you are planning on buying you will need your money to be “liquid” or relatively easy to access for a down payment. Check Your Credit You may have heard this before but it’s important, so we’ll say it again. Review your credit report to make sure there are not any errors or attempts at identity theft that can erroneously lower your credit score. Down Payment or Closing Costs Assistance It’s a good idea to check to see if you qualify for down payment or closing cost assistance or grants. Monitor Your Market Real estate is local as they say so keep…

From Our Family To Yours We wish you and your family a safe and happy holiday with plenty of good food and cheer!