Mortgage and real estate news this week

It’s been a week-long rollercoaster ride in the news, which has left many non-war stories flying under the radar. If you’re trying to catch up, here are some key things to know about what’s going on in real estate.

1. Housing Affordability Update

In the fourth quarter of 2021, the Rust Belt continued to contain the most affordable places to live, and California topped the ranking of the most expensive communities. Rising mortgage rates continue to reduce affordability across the board, and house prices, although rising more slowly than last year, are not expected to decline.

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2. How quitting your job could ruin your mortgage application

The big quit has seen many people change their employment status, but changing jobs can seriously hurt a mortgage application. It’s important to talk to your loan officer and plan ahead if you’re simultaneously trying to buy a home and change careers.

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3. What to expect as a mortgage applicant

Whether you just quit your job or not, getting a mortgage is complicated and involves a lot of paperwork and phone calls with your lender. You will need to verify your employment, income, debts, assets, and pretty much everything about you and your finances. Here’s what to expect from the process.

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4. Mortgage rates continue to rise

You were out of luck hoping for a reprieve on interest rates this week. The average rate for a 30-year fixed mortgage has reached 4.08%, and most experts expect that number to continue to rise.

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5. Stay on the right side of the fence with your HOA

If you live in a homeowners association, you will have to deal with a few additional rules and regulations regarding the upkeep of your property and how to behave within the community. HOAs are fairly common in today’s real estate market, but understanding the basics of how they work is helpful if you’re considering moving into one.

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