Should You Refinance?

Four things to ask yourself... 1.) How is your credit rating? 2.) What is your present home worth, what do you owe? 3.) Will you be selling your house in the near future? 4.) Will you make the best deal you can? Read more...

Have Less-Than-Perfect Credit?

This is a brand new and exciting offer for those with less-than-perfect credit seeking a new home mortgage or to refinance their existing home. Peak Home Loans specializes in bad & poor credit mortgage refinancing and home purchases. Since 2004 that has been our sole mission... getting approvals, great rates & favorable terms for those without perfect credit. And we’ve finally put the final pieces of the puzzle in place for you. That’s right, we just assembled the most exciting state-of-the-art lending solution in the United States. This guarantees you the lowest rate and best terms regardless of your credit history. Read more...

Jump For Joy With A New Mortgage!

At Peak Home Loans, we will tailor a home purchase loan just for you. Whether you are interested in the lowest rate home loan, lowest up-front loan cost or lowest APR we have a home purchase loan package to fit your needs. We even offer zero down loans for home buyers - up to 95% of your home’s value. Read more...

Mortgage Underwater? Use HARP Refinancing

The Home Affordable Refinance Program, or HARP loan, is a program that will allow you to get a new and more reasonable mortgage that fits your budget. This particular program is for situations where the home value has decreased quite a bit, and as such, it’s been hard for the home owner to get more traditional loans or financing options. Read more...

Save Big Money With A New Home Loan From Peak Home Loans

We provide home loans starting at 2.63% for home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan with Peak Home Loans is only $404/mo. Up to 4 in 5 can qualify. Rates are at an all-time low, you should consider applying today. Read more...

 

Low Inventory Presents Challenge For Buyers

Home buyers looking to buy a house this year have been met with a more challenging housing market than in years past. Following the housing crash, supply outweighed demand and the market favored buyers. With more homes than buyers, prices were low and buyers had all the negotiating power. This year, on the other hand, higher home prices, fewer choices, and more competition from other buyers have led to increasing concerns about affordability and the likelihood of finding the right house. According to a recent gathering of housing economists at the annual convention of the National Association of Real Estate Editors, low inventory is at the root of all of these issues. That’s because, when there are more buyers than there are homes for sale, home prices increase and sellers have the upper hand. Speakers at the convention, including the National Association of Realtors’ chief economist, Lawrence Yun, and Realtor.com’s, Jonathan Smoke, pointed to inventory as key to balancing the market and helping moderate home price increases. “One thing holding back the market is supply,” Smoke said. “Inventory continues to be constrained despite demand.” Yun agreed, calling inventory, “grossly inadequate.” Fortunately, high buyer demand and still-low mortgage rates have helped affordability levels and kept home sales numbers up despite low inventory in many markets. More here.

Metro Housing Markets Improve Year-Over-Year

According to Freddie Mac’s Multi-Indicator Market Index – which measures how far individual housing markets have rebounded since their post-recession lows – nearly 100 percent of the nation’s top metropolitan areas have shown year-over-year improvement. Additionally, 49 of 50 states have also posted positive annual gains. Len Kiefer, Freddie Mac’s deputy chief economist, says the nation’s housing markets continue to improve and, if global economic uncertainty keeps mortgage rates low for an extended period, there may be more gains to come. “Seven years into the recovery from the Great Recession, most of the nation’s housing markets remain below their historical benchmarks, but continue to grind higher month-by-month,” Kiefer said. “Nationally, MiMi in April 2016 is 84.1, a 7.37 percent year-over-year increase and the 48th consecutive month of year-over-year increases … If global factors like the Brexit put significant downward pressure on long-term mortgage rates, the U.S. housing market could benefit from increased affordability, helping to partially offset the impact of house prices, which are rising around six percentage points year over year nationally.” Compared to last year, the most improved metro areas included Orlando, Tampa, Denver, Cape Coral, and Portland. More here.

Pending Sales Down After Consecutive Gains

The National Association of Realtors Pending Home Sales Index tracks the number of contracts to buy homes signed each month. The Index’s focus on signings, not closings, means it is often a good indicator of future home sales. In May, the Index fell 3.7 percent. It was the first monthly decline after three consecutive months of increases. It was also the first time in two years that results dropped below year-before levels. But despite the seemingly bad news, May’s reading was still the third highest in the past year. Lawrence Yun, NAR’s chief economist, said there are not enough homes available for sale to keep up with the level of demand. “With demand holding firm this spring and homes selling even faster than a year ago, the notable increase in closings in recent months took a dent out of what was available for sale in May and ultimately dragged down contract activity,” Yun said. “Realtors are acknowledging with increasing frequency lately that buyers continue to be frustrated by the tense competition and lack of affordable homes for sale in their market.” All four regions of the country experienced month-over-month declines, according to May’s report. More here.

Survey Finds Home Prices On The Rise

The S&P/Case-Shiller U.S. National Home Price Index is considered the leading measure of U.S. home prices. Released monthly, the index looks at home price movement on both a monthly and annual basis. According to the most recent release, home prices are up 5 percent over last year’s level. David Blitzer, managing director and chairman of the index committee at S&P Down Jones Indices, says prices continue to rise, though there is some uncertainty on the horizon. “The housing sector continues to turn in a strong price performance with the S&P/Case-Shiller National Index rising at a 5 percent or greater annual rate for six consecutive months,” Blitzer said. “The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook. One result is that an increasing number of cities have surpassed the high prices seen before the Great Recession … However, the outlook is not without a lot of uncertainty and some risk.” According to Blitzer, economic uncertainty caused by events in Europe and the U.S. election could have an effect in the coming months. In addition, the index found prices beginning to soften in some markets. For example, the latest release shows 16 of the 20 cities included in the index having experienced either a price decrease or smaller increases on a month-over-month basis. More here.

Americans See Housing As Key To Security

A recent survey from the MacArthur Foundation found Americans overwhelmingly feel that affordable housing is an important part of achieving economic security. In fact, 85 percent of respondents said it was very important to achieving a secure, middle-class lifestyle. The only thing that ranked higher was a good job. Still, a majority of participants also said affordability was a problem in America and that it is more difficult to find an affordable place to live now than it was for previous generations. Julia Stasch, president of the MacArthur Foundation says too many Americans feel their dreams of owning a home are unattainable. “Too many Americans today believe the dream of a decent, stable home, and the prospects for social mobility, are receding,” Stasch said. “Having a decent, stable, affordable home is about more than shelter. It is at the core of strong, vibrant, and healthy families and communities. This survey demonstrates that the public wants action to address the nation’s real and pervasive housing affordability challenges.” The feeling that something should be done to address the issue is strong, with 86 percent of renters and 71 percent of homeowners agreeing that elected leaders should be making affordable housing a priority. More here.

Sales Of Newly Built Homes Fall In May

New home sales fell in May, according to new numbers released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. After soaring to an 8-year high the month before, sales dropped lower than economists expected, falling 6 percent from April. But despite the decline, sales remain 8.7 percent above last year’s level. Regionally speaking, the report showed significant differences between sales in some parts of the country compared to others. For example, new home sales tumbled 33 percent in the Northeast, while gaining 12.9 percent in the Midwest. The South, on the other hand, was nearly unchanged from the previous month and the West saw a double-digit decline. Also in the report, the median price of a new home rose to $290,400; the average price was $358,900. In recent years, both new home sales and construction have shown great improvement. Much of that improvement has taken place at the higher end of the market, however, raising the price of a typical new home. An increase in the number of new homes built at affordable prices would be good news for the overall market, as it would help relieve upward pressure on prices while providing home buyers with more choices. More here.

Existing Home Sales Hit 9-Year High

New estimates from the National Association of Realtors show home sales at their highest annual pace since February 2007. In fact, sales of previously owned homes increased 1.8 percent in May, marking the third consecutive monthly sales gain. Lawrence Yun, NAR’s chief economist, says most of the sales activity is from repeat buyers. “This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade-up or downsize,” Yun said. “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.” Regional results show sales up in the South, West, and Northeast. The Midwest, on the other hand, saw a 6.5 percent decline – though sales remain 3.2 percent above last year’s level. Also in the report, the number of homes available for sale rose in May. At the current sales pace, unsold inventory represents a 4.7-month supply. Typically, a six month supply is considered a healthy market. More here.