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4 Reasons Why Now is a Good Time to Buy a Home

By: Brena Swanson / HousingWire.com

Everyone has their own specific set of factors that that can motivate them to jump into the housing market. For those potential buyers still on the fence about whether they want to buy, LendingTree outlined four reasons why people may want to start their homebuying process this summer.
Four reasons you should consider buying a home now:
1. Interest rates are not going down anytime soon.  
Interest rates are currently hovering slightly below 4% for a 30-year fixed-rate mortgage. However, Zillow is expecting interest rates to rise to 5% by the end of the year, which is a huge difference from the nearly 4% interest rate we are currently experiencing.
Interest rates are not expected to stay at historic lows anytime in the near future, so buying a home sooner rather than later may mean that you may be able to save a few thousand dollars each year, depending on the amount of the mortgage you plan on taking out.
According to the most recent Freddie Mac Primary Mortgage Rate Survey, the 30-year fixed-rate mortgage averaged 4.02% with an average 0.7 point for the week ending June 25, 2015, up from last week when it averaged 4.00%. A year ago at this time, the 30-year FRM averaged 4.14%. 
2. There are cheaper mortgage insurance premiums in effect.
Due to there being cheaper mortgage insurance premiums, in some cases it may be a better idea to buy a home sooner due to all of the other benefits of buying now, instead of waiting later when housing may be more expensive and interest rates may be higher. Yes, saving for a larger down payment may be a great idea, but when you combine all of the factors in this article, you may actually find yourself losing money over the long-term.
Back in January, The Obama Administration directed, via executive action, the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%.
3. Home values are expected to increase.
Home prices are said to be increasing and they are only expected to keep increasing in the future. Inventory is down and is expected to shrink further, homes are being sold above asking price, and interest rates are climbing. Also, according to Freddie Mac, home prices are expected to see a price gain of 4.5% in 2015 alone, and they’re expected to keep increasing in the following years.
The latest house price index from the Federal Housing Finance Agency said home prices slightly increased in April, inching up 0.3% from March.  
4. Rent prices are increasing.
Rent prices are increasing month after month in the United States. In many areas in the U.S., you may even find yourself paying a higher amount towards rent each month than you would if you had a monthly mortgage payment.
According to Zillow’s most recent real estate market report, rents for residential housing in the United States grew at their fastest pace in two years in April, surpassing home values. Rents outpaced home values in 20 of the 35 largest U.S. housing markets.

This article originally appeared on housingwire.com.

Mortgage Rates Tick Up Slightly

By: Trey Garrison / HousingWire.com

Average fixed mortgage rates are little changed from the previous week amid reports of the U.S. housing market strengthening, according to Freddie Mac.  
The 30-year fixed-rate mortgage averaged 4.02% with an average 0.7 point for the week ending June 25, 2015, up from last week when it averaged 4.00%. A year ago at this time, the 30-year FRM averaged 4.14%. 
“Mortgage rates were little changed this week. The rate on 30-year fixed-rate mortgages was 4.02%, an increase of just 2 basis points from the previous week. Economic releases confirmed increasing strength in housing,” said Sean Becketti, chief economist, Freddie Mac. “Existing home sales increased 5.1% in May to an annual pace of 5.35 million units and new home sales increased 2.2% to an annual pace of 546,000 units.
“Buyers appear anxious to purchase homes before the expected increase in interest rates later this year. Given the tight inventory of homes for sale, a 5.1-month supply at the current sales pace, home prices are being bid up,” he said.
The 15-year FRM this week averaged 3.21% with an average 0.6 point, down from last week when it averaged 3.23%. A year ago at this time, the 15-year FRM averaged 3.22%. 
The 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 2.98% this week with an average 0.4 point, down from last week when it averaged 3.00%. A year ago, the 5-year ARM averaged 2.98%.
The 1-year Treasury-indexed ARM averaged 2.50% this week with an average 0.3 point, down from last week when it averaged 2.53%. At this time last year, the 1-year ARM averaged 2.40%. 

This article originally appeared on housingwire.com.

4 Loans That Affect Your Mortgage-Worthiness

By: Virginia C. McGuire / Trulia.com

Want to get a new mortgage? Then your credit score is a really big deal — it can make or break your mortgage approval, and ultimately determine whether you get the house you want. But before we talk about credit scores, let’s talk about the debt that affects them.
There are two types of debt: secured and unsecured. When you borrow money to buy a house, the bank can take back the house to recoup its money if you don’t pay the debt. That means the debt is secured — it’s balanced against something you want to keep and gives the bank some measure of security that it’ll be able to recover the money it loaned you. Unsecured debt, on the other hand, means the bank can’t reclaim the thing you’re buying with the borrowed money. (Credit card debt is unsecured and so are student loans.)
Let’s look at the impact of four key consumer loans, a mix of secure and unsecured debt, on your credit score — and ultimately your mortgage-worthiness.
1. Student loans
Student loans are unsecured debt, but they’re not necessarily bad for your credit score — if you pay your bills on time. Because they often take decades to pay off, student loans can actually help your score. Loans held (and paid consistently) over a long period raise your score. Student loans will figure into your overall debt-to-income ratio, though, so they might affect your ability to afford a mortgage.
2. Auto loans
Auto loans are secured debt, because the lender can repossess the car if you don’t pay up. In some cases, auto loans raise your credit score by diversifying the types of debt you carry. And because auto loans are harder to get than credit cards, some mortgage lenders may look favorably on you because you’ve already been approved for a loan that wasn’t a slam-dunk.
3. Payday loans
Payday loans don’t usually show up on your credit report. But if you default on the loan, it could ding your credit. Payday loans are unsecured — the lender doesn’t have any collateral — and the interest rates are often exorbitant.
4. Existing mortgage loans
Mortgages are the classic example of a secured debt because the bank has the ultimate collateral — a piece of property. Mortgages, when paid on time, are great for your credit score. Missed payments on previous mortgages will make your new lender very nervous, however.
If you already have a mortgage and are applying for another one, the new lender will want to know that you can afford to pay both bills every month, so it’ll be looking closely at your debt-to-income ratio. If your second mortgage is for a rental property, you may be expecting the rental income to count toward the income side of the equation. However, most lenders won’t count rental income until you’ve been a landlord for two years. Until then, you have to qualify for any mortgages using documented income from other sources.
In general, having different types of debt can boost your credit score. It’s not necessarily a bad thing to have a student loan and an auto loan when you’re applying for a mortgage. But be careful — overborrowing can hurt you. Most mortgage companies, in addition to looking at your overall credit score, will look for a debt-to-income ratio below 43%. They’ll look at all the money you owe and the monthly payments on all of that debt. They want to see that your income is enough to cover all your debts, including the new mortgage you’re applying for.

This article originally appeared on trulia.com.

7-Step Guide to Selling a House

By: Realtor.com Team / Realtor.com

1. Prepare to sell your house
Home selling has become more complex than it used to be. New seller disclosure statements, longer and more mysterious form agreements, and a range of environmental concerns have all emerged in the past decade.
2. Find a Realtor®
In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local Realtors who serve your area.
3. Set the list price of your home
Several factors, including market conditions and interest rates, will determine how much you can get for your home. In other words, home selling is part art, part science, part marketing, and part negotiation.
4. Market your house for maximum exposure
Your Realtor should share a marketing plan with you, but the more you know about the process of selling your home the easier it is to support your Realtor’s efforts. Make your home sell fast with these tips.
5. Negotiate a real estate offer
Perhaps the most complex moment in the sales process comes when you get an offer for your home. Whether you have one offer or several to consider, these tips will help you navigate the negotiation.
6. The art of settling
When you have a signed contract with the buyer for your home, you may feel as if you can breathe a sigh of relief. But before you can completely relax you need to get to the settlement table.
7. Plan your move
Some of the activities required to sell your home can actually help with the moving process. For example, by cleaning out closets, the basement, and the attic, you will have less to do once the home is under contract.

This article originally appeared on realtor.com.

Mortgage Rates Move Higher

By: Trey Garrison / HousingWire.com

Average fixed mortgage rates followed 10-year Treasury yields higher and rose for the third consecutive week, according to Freddie Mac.
At 3.85%, the average 30-year fixed-rate mortgage is just below the high for 2015.
“Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb,” said Len Kiefer, deputy chief economist for Freddie Mac.
“The labor market continues to improve with U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4% in April as the participation rate ticked up to 62.8% and jobless claims were far less than expected.”
The 30-year fixed-rate mortgage averaged 3.85% with an average 0.6 point for the week ending May 14, 2015, up from last week when it averaged 3.80%. A year ago at this time, the 30-year FRM averaged 4.20%. 
The 15-year FRM this week averaged 3.07% with an average 0.6 point, up from last week when it averaged 3.02%. A year ago at this time, the 15-year FRM averaged 3.29%. 
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.89% this week with an average 0.5 point, down from last week when it averaged 2.90%. A year ago, the 5-year ARM averaged 3.01%.
The 1-year Treasury-indexed ARM averaged 2.48% this week with an average 0.4 point, up from last week when it averaged 2.46%. At this time last year, the 1-year ARM averaged 2.43%.   

This article originally appeared on housingwire.com.

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Hometown: Pittsburgh
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Riverview Homes, Inc. is the largest builder of modular, manufactured & mobile homes in Pennsylvania, providing quality housing at an affordable price. Family owned and operated since 1970, RHI has an unmatched reputation for customer satisfaction.

RHI has six sales centers, each with over $1 million worth of furnished, decorated, and priced inventory set up and ready for your viewing pleasure. RHI's entire inventory is unlocked every day and priced for your stress free viewing. RHI has always welcomed buyers, browsers, and lookers. Our six sales centers are located in Butler, Carmichaels, Greensburg, New Alexandria, Prospect, and Vandergrift.
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Billed as the oldest, largest and most respected manufactured home dealer in the Northeastern United States, Riverview Homes, Inc. of Vandergrift is gearing up for yet another successful season catering to home buyers of the Alle-Kiski Valley and beyond.

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2 Great Reasons to Buy a Factory-Built Home Now

Posted on June 16, 2010 at 1:45pm 0 Comments

2 Great Reasons to Buy a Factory-Built Home Now

Even though it's been said this is a buyer's housing market, many people are afraid to purchase a home now. You might be struggling to save a down payment, issues with job security, or waiting for the stock market to turn around. Whatever the reason may be, there's a more affordable option you might not have considered, Factory-built homes. 2 reasons to consider a factory-built home provided by Riverview Homes,… Continue

Riverview Homes Company Blog

Posted on July 9, 2009 at 7:58am 0 Comments

Visit RIverview Homes, Inc.'s company blog at http://www.riverviewhomesinc.blogspot.com/. Learn more about modular and manufactured homes at www.riverviewhomesinc.com/.

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At 8:46pm on July 8, 2009, Joanne Quinn-Smith said…
What beautiful home pictures, welcome to Positive Pittsburghers.




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