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The fourth quarter of 2021 is upon us (although it still looks strongly like the first quarter of 2020 – maybe the second quarter in a row) and the next few months could actually look like some sort of pre-pandemic normal. Here’s what you need to know at the end of the year, plus more tips and tricks on what’s going on in the world of mortgages and real estate.
1. Mortgage rates are expected to rise
It’s always fun to live history, and 2021 saw the lowest mortgage rates on record. But experts said early on that it won’t last and that the tide is really set to start to recede during this quarter. Inflation and Fed policies are expected to push mortgage rates higher before the end of the year, and the trend is expected to continue into 2022.
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2. In fact, mortgage rates are already rising
This week saw a big jump, with 30-year mortgage rates gaining an average of 12 basis points. If you haven’t refinanced yet, you really should. There may be fluctuations ahead, but it is not possible to go back to the interest basement at this point.
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3. Seasonality returns to real estate
The pandemic-era real estate market has thwarted just about every normal trend, but this winter should see the usual slowdown in transactions. Inventory and affordability issues persist, but experts say winter and into 2022 should be a little less hectic.
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4. Reverse mortgage scams to watch out for
Do not fall prey to someone who tries to show off you. Reverse mortgages can be a great financial tool, but there are plenty of shady brokers out there looking to take advantage of you if you have access to new funds. Here are some of the most common tips and other things to keep in mind before taking out a reverse mortgage.
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5. Home Equity Loan vs. Line of Credit – What’s the Difference?
One of the benefits of the madness of the housing market is the increase in equity for current owners. If you are looking to take advantage of it for yourself, the two most common options are a home equity loan and a home equity line of credit (HELOC). The best option for you depends on your situation, so it’s important to understand the difference so that you can decide what you need.
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