Maryland Mortgage Loans

  Your  equity  is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest  Equity Insights Report  from  CoreLogic , homeowners gained an average of $51,500 in equity over the past year. If you’re looking for the best ways to use your  growing equity , here are four options: 1. Use Your Equity To Buy a Home That Fits Your Needs If you’re finding you no longer have the  space  you need, it might be  time to move  into a larger home. Or, it’s possible you have  too much  space and would like something  smaller . No matter the situation,  consider using your equity to power a move into a home that fits your changing lifestyle.  Moving into a larger home can provide extra space for remote work or loved ones. Downsizing, on the other hand, may mean saving time and money by caring for a smaller home. 2. Move to the Location of Your Dreams If the size of your home isn’t a challenge but yo

As a renter, you’re constantly faced with the same dilemma: keep renting for another year or purchase a home? Your answer depends on your current situation and future plans, but there are a number of  benefits to homeownership  every renter needs to consider. Here are a few things you should think about before you settle on  renting  for another year. 1. Rents Are Rising Quickly Rent increasing each year isn’t new. Looking back at  Census  data confirms rental prices have gone up consistently for decades  (see graph below): If you’re a renter, you’re faced with payments that continue to climb each year.  Realtor.com  recently shared the  September Rental Report , and it shows price increases accelerating from August to September  (see graph below) : As the graph shows, rents are still on the rise. It’s important to keep this in mind when the time comes for you to sign a new lease, as  your monthly rental payment may increase substantially when you do. 2. Renters Miss Out on Equity Gain

  With the average 30-year fixed mortgage rate from  Freddie Mac  climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts  project  rates will rise further in the coming months, that conversation isn’t going away any time soon. But as a homebuyer, what do  rates  above 3%  really  mean? Today’s Average Mortgage Rate Still Presents Buyers with a Great Opportunity Buyers don’t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it’s important to put today’s average mortgage rate into perspective. The  graph  below shows today’s rate in comparison to average rates over the last five years: As the graph shows, even though today’s rate is above 3%,  it’s still incredibly competitive. But today’s rate isn’t just low when compared to the most recent years. To truly put today into perspective, let’s look at the last 50 years  (see graph below): When we look back even further, we

Rents have increased significantly this year. The latest   National Rent Report   from   Apartmentlist.com   shows rents are rising at a rate much higher than the three years leading up to the pandemic: “Since January of this year,  the national median rent has increased by a staggering 16.4 percent.  To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.” Looking back, we can see rents rising isn’t new. The median rental price has  increased  consistently over the past 33 years  (see graph below) : If you’re thinking of  renting  for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true  cost  of renting. The Money Renters Stand To Lose This Year A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of  equity  as a homeowner makes their mortgage payment each month