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Mortgage | AtCoastal Realty - The Morton Group Blog

Tuesday, March 26, 2024   /   by Todd Morton

What’s the Latest with Mortgage Rates?

Recent headlines may leave you wondering what’s next for mortgage rates. Maybe you’d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn’t directly determine mortgage rates, it does tend to impact them. But when the Fed met last week, a cut didn’t happen — at least, not yet. 
There are a lot of factors the Fed considered in their recent decision and most of them are complex. But you don’t need to be bogged down by those finer details. What you really want is the answer to this question: does that mean mortgage rates aren’t going to fall? Here’s what you need to know. 
Mortgage Rates Are Still Expected To Drop This Year
While it hasn’t happened yet, that doesn’t mean it won&r. ...

  virginia beach, home buying, first-time home buyer, housing market, virginia beach realtors, home prices, mortgage rates, mortgage, mortgage approval

Wednesday, March 13, 2024   /   by Todd Morton

Biden to call for first-time homebuyer tax credit, construction of 2 million homes

The White House announced that President Joe Biden will call on lawmakers in the House of Representatives and the Senate to address a series of housing issues in his State of the Union address, which will be delivered to a joint session of Congress and televised nationally on Thursday night.
In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters.
Biden will also call for “lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters,” according to the White House announcement.
The mortgage relief credit would provide “middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years,” according to the announcement. This would act as an equivalent to reducing the mortgag; ...

  home buying, tax credit, first-time home buyer, mortgage relief, state of the union

Tuesday, February 27, 2024   /   by Todd Morton

The Truth About Down Payments

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.

Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize.

As The Mortgage Reports says:

“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.”

According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just . ...

  first-time home buyer, home buying, virginia beach, mortgage relief, mortgage, down payment

Monday, February 26, 2024   /   by Todd Morton

How Changing Mortgage Rates Impact You [INFOGRAPHIC]

Some Highlights


If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month.



That’s because even a small change in mortgage rates can have a big impact on your purchasing power.



The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender. ...

  first-time home buyer, home buying, virginia beach, mortgage relief, mortgage, mortgage rates, infographic

Wednesday, February 14, 2024   /   by Todd Morton

What’s Really Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.

Take a look at the graph below. It uses data&. ...

  first-time home buyer, home buying, virginia beach, housing market, mortgage relief, mortgage, mortgage rates

AtCoastal Realty - The Morton Group
Todd Morton
582 Lynnhaven Pkwy STE 400
Virginia Beach, VA 23452
757-589-7628
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Shannon Hodges
600 Lynnhaven Parkway Suite 100
Virginia Beach VA 23452
757-553-1643

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