The FOMC Minutes and Consumer Sentiment report were the most impactful calendar items last week, further reinforcing the Federal Reserve’s resolve to bring inflation down to its 2% target rate.
Why Buying a Home From a Family Member Can Make the Mortgage More Complicated
Buying a home from a parent, grandparent, sibling, or another relative may seem easier than purchasing from a stranger. You already know the seller, may know the property’s history, and might even agree on a price without extensive negotiations. But the family relationship can introduce mortgage considerations that are different from those in a typical purchase between unrelated parties.
What Happens to Your Mortgage When the Home Has an Unfinished Addition?
You find a home you love, but there is one unusual feature. Maybe the previous owner started adding a bedroom and never finished it. Perhaps a bathroom is partially remodeled, a garage conversion is incomplete, or a new section of the house is still visibly under construction. Buyers may see opportunity in unfinished space, but a mortgage lender may need to evaluate the property as it exists today.
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