American Bancshares Mortgage, LLC

Benefits of Purchasing Your Home with ABSM 🏠🔑 Expertise: Access to experienced mortgage professionals guiding you through the process. Variety of Products: Wide range of mortgage options tailored to your needs. Customer Service: Dedicated support from application to closing, ensuring a smooth experience. Local Knowledge: Understanding of local markets and regulations for personalized advice. Ready to find your dream home? Trust ABSM for a seamless journey to homeownership! 🌟💼 📲 833.937.2276 🌐 myabsm.com #HomeBuying #MortgageExperts #DreamHome #ABSM #myabsm

Thanks for the fabulous review, Gary. We're grateful for the opportunity to have served your family and gotten you into your dream home! 🏡 📲 833.937.2276 🌐 myabsm.com

Higher home prices in June offset by rise in listings June's housing market data shows a mixed bag for prospective homebuyers as prices hit a new all-time high but monthly mortgage payments decreased, a report from Redfin said. U.S. house values reached a peak in June with the median home sale price coming in at $397,954, the biggest increase since March. This led to a 5% decline in pending sales, the real estate brokerage reported. With the new record, affordability is even more out of reach for many potential homeowners. The affordability crunch is unlikely to change by the end of 2024, according to First American Data & Analytics' Real Home Price Index. "Unfortunately, inflation has proven stubborn and led to the Federal Reserve's 'higher-for-longer' stance on interest rates, contributing to an elevated outlook for mortgage rates, while house prices have once again demonstrated their 'downside stickiness,'" said chief economist Mark Fleming at First American Financial, First American Data & Analytics' parent company. Redfin found that June's pending home sales posted their biggest decline since February, as the median sale price rose 5% from last year. The good news for prospective homeowners, however, is that more new listings are on the market for them to choose from, Redfin reported. Also, monthly housing payments decreased by nearly $100 from their peak in April. Continue reading... https://lnkd.in/g99skk2C

How Can Points Lower Your Mortgage Payments? 🌟🏠 Points, also known as discount points, can lower your mortgage payments by: 1. **Buying Down Interest**: Each point typically costs 1% of the loan amount and can lower your interest rate. 2. **Reducing Monthly Payments**: Lower interest means lower monthly payments over the loan term. 3. **Saving Money Long-Term**: Despite the upfront cost, points can save you thousands in interest over time. Consider points when exploring mortgage options—it could save you money in the long run! 💰✨ 📲 833.937.2276 🌐 myabsm.com #MortgageTips #HomeBuying #FinancialWisdom #ABSM #myabsm

Thanks for the fabulous review, Lucy. We're grateful for the opportunity to have served your family and gotten you into your dream home! 🏡 📲 833.937.2276 🌐 myabsm.com

Mortgage lock activity cooled after late-spring upturn Mortgage lock volumes pulled back in June, as pervasive market sluggishness kept a grip on the housing market, according to a new report. Rate locks finished 7.84% lower compared to May, Mortgage Capital Trading said in its latest report. On a year-over-year basis, though, volumes increased by 6.11%. Among loan categories, purchase locks fell 8.99%. On the other hand, the refinance market saw an 11.56% jump in rate-and-term transactions, but cash-outs inched down 0.36% between May and June. The latest reading comes after lock volume rose by 6.78% the previous month, with every loan type posting increases, after interest rates hit a 2024 high in early May, then slid downward. The June decline in activity occurred as the 30-year fixed rate hovered near 7% throughout the month, displaying less volatility than shown earlier this year. Typical seasonal patterns also contributed to the decline, with purchase momentum slowing after the initial surge in spring home buying seen every year, MCT said. Continue reading... https://lnkd.in/gCxx7J2D

Monthly Mortgage Payment vs. Biweekly Payment: Pros and Cons 🏠💸 **Monthly Payment**: - **Pros**: Lower frequency of payments, easier budgeting. - **Cons**: More interest paid over the loan term. **Biweekly Payment**: - **Pros**: Faster equity build-up, less interest paid. - **Cons**: Requires more frequent budget adjustments. Choose the payment schedule that aligns with your financial goals and lifestyle! 🌟 📲 833.937.2276 🌐 myabsm.com #MortgageTips #FinancialPlanning #SmartMoney #ABSM #myabsm

Thanks for the fabulous review, Christina. We're grateful for the opportunity to have served your family and gotten you into your dream home! 🏡 📲 833.937.2276 🌐 myabsm.com

Mortgage and total jobs rise amid a mixed read for rates Estimates for nonbank hiring had gotten a little more optimistic this spring but broader employment jumped slightly more than anticipated in the past month, raising questions for mortgage origination prospects. Hiring by independent mortgage bankers and brokers combined in May rose to 271,500 from a downwardly revised 268,600 the previous month, according to the Bureau of Labor Statistics.The June gain for total jobs, which are reported with less of a lag, was 206,000. The overall employment number, taken in isolation, could be viewed as exerting upward pressure on interest rates that could challenge the ability to sell mortgages. However, when combined with other indicators, the outlook for mortgage rates is less clear. "Beyond this headline, other aspects of the data indicate a slowing job market," said Mike Fratantoni, chief economist at the Mortgage Bankers Association, in a press statement. The total unemployment rate that's a key indicator of mortgage performance was a little higher at 4.1%, so taken together, indications from the BLS report are mixed, according to commentary published by Mortgage Capital Trading on Friday. Continue reading... https://lnkd.in/gmbfU8QN

Income Ratio: How High Can It Go?" 📈💰 Have you ever wondered how high your income ratio can go? 🤔 Let’s dive into the possibilities! Income ratio, often referred to as the income-to-debt ratio, is a crucial metric for financial health. It represents the ratio of your income to your debts and plays a significant role in credit scores and loan approvals. But just how high can this ratio go? 1. **The Basics**: A healthy income ratio is typically below 36%. This means your debt payments should be less than 36% of your gross income. 2. **Exceptional Cases**: With disciplined financial planning and higher income, it's possible to push this ratio higher. Some individuals manage to maintain an income ratio of 50% or even more. 3. **Impact of High Ratio**: A higher income ratio can indicate better financial stability and greater purchasing power. However, it can also lead to increased scrutiny from lenders. 4. **Striking a Balance**: While aiming for a higher ratio can be beneficial, it’s essential to strike a balance. Ensure your debt is manageable and doesn’t compromise your financial well-being. Remember, achieving a high income ratio is about smart financial management and understanding your limits. 🌟 How do you manage your income ratio? Share your tips and experiences in the comments below! ⬇️ #FinancialHealth #IncomeRatio #SmartFinance #DebtManagement #ABSM #myabsm