MEMORIAL DAY 2023

Memorial Day is a day to remember and honor our country's fallen heroes.

All gave some... some gave all.

While Memorial Day weekend marks the unofficial beginning of summer and is typically a time spent celebrating with family and friends, it's important to reflect on the true meaning of the day and take time to remember those who made the ultimate sacrifice to protect the freedoms we cherish.   

 

 

Remember and honor.

Today... and always.

MEMORIAL DAY LINKS:
Memorial Day History
American Widow Project
The Origin of Sounding Taps 
Arlington Remembrance by Trace Adkins
Buglers at Arlington National Cemetery
God Bless the USA by the Texas Tenors

The Worst Home Price Declines Are Behind Us [INFOGRAPHIC]

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights

While home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again.

Last July, prices started to decline, but around February, they began climbing back up.

If you put your plans to move on hold waiting to see what would happen with home prices, reach out to a local real estate expert to discuss if now’s the right time to jump back in.

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How Homeowners Win When They Downsize

Article Courtesy of Keeping Current Matters/The KCM Blog

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:

“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”

And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.

And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

• Do the original reasons I bought my current house still stand, or have my needs changed since then?
• Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
• What are my housing expenses right now, and how much do I want to try to save by downsizing?

Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.

Bottom Line

If you’re looking to save money, downsizing your home could be a great help toward your goal. Talk with a real estate agent about your goals in the housing market this year.

 

NEW FANNIE MAE & FREDDIE MAC MORTGAGE RULES

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New Mortgage Rules announced by FHFA on 1/19/23 go into effect on May1.  FHFA Announces Updates to the Enterprises’ Single-Family Pricing Framework FOR IMMEDIATE RELEASE 1/19/2023 ​​​​​​​​​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced further changes to Fannie Mae’s and Freddie Mac’s (the Enterprises) single-family pricing framework by introducing redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans. “These changes to upfront fees will strengthen the safety and soundness of the Enterprises by enhancing their ability to improve their capital position over time,” said Director Sandra L. Thompson. “By locking in the upfront fee eliminations announced last October, FHFA is taking another step to ensure that the Enterprises advance their mission of facilitating equitable and sustainable access to homeownership.”​​ READ MORE     With new mortgage rules for Fannie Mae and Freddie Mac conventional loans going into effect May 1, many are wondering if the changes will lead to a housing crisis similar to the 2008 subprime mortgage crisis that led to an unprecedented number of foreclosures in the years that followed.  Sources vary (see some below) on their take on the new mortgage rules that penalize people with good credit and favor those with poorer credit.  It will take a while before we can assess the actual results of the changes, but the concerns that come with these new rules will undoubtedly continue for some time.

National Association of REALTORS®: NAR Advocates for FHFA to Maintain Affordability for All Homebuyers Mortgage News Daily:  Some BIG Changes to Mortgage Costs Were Just Announced   Business Insider:  New fee structure on May 1 will make mortgages cheaper for some and pricier for others.   RISMedia:  New Federal Mortgage Rule Aims to Benefit the Less Affluent, but Good Credit Borrowers Will Pay More   CBS News:  Mortgage fee structure for some homebuyers is changing this month. Here's how. U.S. Representative Ralph Norman (SC-5):

According to the Wall Street Journal and numerous other outlets, if you’re a new homebuyer with good credit (above 680), and you apply for a mortgage backed by Fannie Mae or Freddie Mac – which guarantee the vast majority of all mortgages – then you’re likely to pay hundreds of dollars more in fees known as “loan-level price adjustments.” These fees will be even higher for those who put at least 20% down on their homes!

There are four things I believe this new policy does:

• It penalizes those who have made the choices necessary to achieve good credit, while rewarding those who have not.
• It’ll make home ownership even less affordable for those who have demonstrated their ability to live within their means and pay their debts on time.
• Using other people's money to subsidize loans for lower creditworthy borrowers adds tremendous risk and dysfunction to the housing market.
• And on top of everything else, it disincentivizes people to save for a larger down payment.