I just spoke with a mortgage banker. Did you know that the mortgage rate for a 30-year fixed loan is approaching 8% (that’s an example of a “economic headwind”)? In most markets that is going to spell a real slowdown in home sales. In the Lake Keowee real estate market, we still don’t have enough inventory to satisfy the buyers. You potential Lake Keowee waterfront sellers need to think long and hard about putting your property on the market to take advantage of the situation before the worm turns.
The Fed is bound and determined to get the inflation rate down to 2% and will keep pushing until this occurs (regardless of the fallout in the real estate market). We still have two good months of 2023. Plenty of time to list your Lake Keowee waterfront home or lot and get it sold.
How was the week? Closed another Lake Keowee waterfront lot and we expect to get another contract on a home over the coming week. We are seeing lots of tours on the current listings and hope to have them under contract over the next couple of weeks, as well. That brings us back to the paragraph above. We need more good Lake Keowee waterfront listings. You’re probably not even going to use your Lake Keowee house or lot over the winter. Why not let someone else have a go and pocket a really nice chunk of change?
Home Buyers: A Critical Guide To Home Loans:
Choosing the right mortgage will affect your very financial future. Here’s vital information to help you weigh your options and make a sound decision.
An Insider’s Guide to Understanding Mortgage Loans
Shopping for a mortgage lender
Mortgage Banks – A mortgage bank is a direct lender. He or she qualifies applicants, finds the best available loan and funds it. Because this is their main business, mortgage banks can offer very competitive rates – but are not necessarily the cheapest.
Mortgage Brokers – Brokers don’t lend money; they find lenders for a fee in addition to the traditional application and processing costs. While a good broker might be able to find you the cheapest mortgage, make sure the fee doesn’t offset any savings. Since most brokers’ fees are paid by the lender in the form of a commission, their services cost you nothing – that is, no out-of-pocket costs. Something also to remember – a mortgage broker is the legal agent of his or her client and does not work for the lending institution. So, a mortgage broker will have access to the widest spectrum of loan options – whereas a bank or savings and loan representative will draw from only “in-house” loan options. Going by this information, a reputable mortgage broker would most likely be your cheapest source for home loans and refinancing…
more types next week….
More next time…
Check out the Lake Keowee Real Estate numbers for the year
Oconee Economic Alliance president Jamie Gilbert told The Journal on Wednesday the county was still one of two finalists for a $1 billion economic development project that would create more than 1,000 jobs. Photo by Caleb Gilbert
A destination for fall color lovers, the Blue Ridge Parkway has been the most visited unit of the National Park System in 72 of the past 76 years, and this year’s fall palette could be among the best in recent memory. The fall color change is coming very soon at higher elevations — around the magical 5,000-foot mark where the first fall hues start to emerge. Special to The Journal