Looking Back
Interest rates ended up last week on mostly better than expected economic news. The word of the week was inflation.
In other news, New Home Sales were unexpectedly up 3.3% in April, which came in better than the planned drop.
Mortgage application volume is down 6.8% overall from a year ago. However, purchase applications are down a staggering 17%.
Looking Forward
The coming weeks are looking like a steady, if gradual, increase in mortgage interest rates.
The feeling among analysts is that the Fed is probably through with their rate drops. They will probably begin slowly raising them again by year's end in an effort to stem inflation.
How Does a Divorce or Separation Affect the Family Home?
Separation and/or divorce can be stressful enough, especially when dealing with the marital home, usually the greatest asset to be dealt with.
When a couple decides to divorce, the stress of dealing with financial issues can be overwhelming. As a result, you should seek advice from an expert to educate themselves on their options as early in the process as possible.
The biggest issues surrounding the home are:
- How is the title currently held?
- Will the marital home be sold?
- If not, who will retain possession?
- How will the vacating spouse be compensated?
- How will the compensation be determined?
- If there is equity, how will it be assessed?
- What type of loan programs are available?
- What if one spouse has been out of work?
- What are the tax implications of a refinance or sale?
- Can the vacating spouse qualify to buy another home?
By coordinating the efforts of real estate agents, mortgage planners, and both parties involved, answers and solutions can be reached to appease both parties.
|
Lew Corcoran |
Search the MLS for: |
