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  Provided to you Exclusively by Rob McCarthy
Rob McCarthy
Rob McCarthy
Owner/Senior Mortgage Planner
101 Loan, LLC
Office: 408-377-4123
After Hours: 650-465-8957
Email: rob@101loan.com
Website: www.101loan.com
CA DRE- 01165697 NMLS- 121019 GMCC NMLS- 254895
101 Loan is an Associate of General Mortgage Capital Corporation
  101 Loan, LLC
For the Month of March 2023 --- Vol. 17, Issue 3
  In This Issue  

"We delight in the beauty of the butterfly, but rarely admit the changes it has gone through to achieve that beauty." - Maya Angelou

What to Watch - Could the recent uptick in inflation and a robust labor market push the Federal Reserve to be more aggressive in raising the short-term Fed Funds Rate?

4 Tips for Maximizing Your New Home Budget - Know what steps you can take to get the home of your dreams without breaking the bank.

Entryway Renovation Ideas - Update your entryway by implementing some easy decorating ideas.

Q&A: How Long Does It Take to Get Keys to Your New Home? You might be surprised to learn how quickly you can.

Please feel free to forward this newsletter to friends, family or co-workers who may find it helpful.

  What to Watch  

Lingering Inflation

Inflation, the Fed, rising borrowing costs, and lower inventories are just a few areas to watch in the coming months.

Recent data from consumer inflation or the Consumer Price Index saw costs were on the rise again after the previous decline and are being watched by the markets as well as the mortgage industry. Inflation at the wholesale level or the Producer Price Index has also increased.

Could the recent uptick in inflation and a robust labor market push the Federal Reserve to be more aggressive in raising the short-term Fed Funds Rate? Time will tell as the market still sees increases in the rate for the foreseeable future.

After a big drop in home borrowing costs from June of 2022 to the first week in February, rates have been inching higher and has put a crimp into mortgage application volumes. Mortgage applications to purchase new homes fell in January but surged year over year. With the spring buying season just around the corner, buyers should start to appear as business picks up in the coming months.

The market still must deal with low inventories of existing homes on the market for sale. The National Association of REALTORS© reports that there is just 2.9 months' worth of supply, well below 6 months that is seen as normal. Housingwire reports that for the week of February 13, the weekly housing inventory fell again by 6,858. In its latest report, the National Association of Home Builders showed optimism in February saying that the housing market is showing signs of stabilizing off a cyclical low.

Bottom line: The spring housing market should give a boost to the markets especially now that the pandemic is well behind us and visitations should be on the rise. Always remember, jobs buy homes and in this tight labor market, buyers should be more open toward homeownership.

Source: Mortgage Market Guide

  Housing News  

4 Tips for Maximizing Your New Home Budget

If you have aspirations of owning a big house with a large yard, you're not alone. Many people want a lavish home with premium amenities and plenty of space to host friends and family.

However, a house that fits this description may cost more than your budget allows. So how do you maximize your budget to make your new home dreams come true? You can start by following these four tips.

Keep an eye on the market. When there's a buyers' market, home prices tend to drop so you have a better chance to negotiate prices. This increases your odds of purchasing a big home on a low budget.

Look into new construction. While this option means you forgo the convenience of a home that's ready for you to move in, you have more control over the budget. You can customize the home and seek affordable building materials.

Get help with closing costs. Closing costs can take up to 5% of your budget, so consider asking your lender or seller to pay for them. Keep in mind, though, that you might pay a higher purchase price or have a higher interest rate in return.

Think about compromising. Be flexible when looking for a home. While it's harder to add a bedroom or bathroom to a home, updating a kitchen or bathroom down the road might be an easier project to tackle.

A spacious home might be your goal, and you can fulfill them by making the most of your new home budget. For additional assistance to make your dreams a reality, don't hesitate to reach out to a trusted real estate professional.

Sources: Themortgagereports.com, Obererhomes.com

  Home Improvement  

Entryway Renovation Ideas

While curb appeal refers to the first part of your home people notice, the entryway is the first space guests notice when they enter your home. If you're looking for a way to spruce up the interior, these ideas might provide you with some inspiration.

Provide seating. Place a small bench or sleek seating option near the entryway, as long as you have the space. Some people have difficulty putting their shoes on, so including a seating option can be helpful, especially if they feel uncomfortable asking for a chair.

Add some artwork. If you have an empty wall in the entryway, why not add a colorful piece of artwork? Consider an oversize painting to provide some vocal interest.

Splurge on an area rug. Placing an area rug is an excellent way to separate the entryway from the rest of the house. Get one that's easy to clean since guests will likely have shoes on when they walk on the rug.

Hang a mirror. For smaller entryways, adding a mirror to the entryway can make the space look bigger. Plus, guests can take a look at themselves whenever they enter or exit your home.

Select a unique light fixture. You likely need an entryway light, but that doesn't mean it needs to be boring or dated. Choose a chandelier if you have the height or a catchy fixture that sits closer to the ceiling.

Your entryway serves as more than just a way for people to enter or exit your home. Most of these ideas are simple enough to complete by heading to your local home improvement or decor store.

Sources: Makeitright.ca, Renoquotes.com, Lizzydesignsblog.com

  How Long Does It Take to Get Keys to Your New Home?

QUESTION: When does the buyer receive their keys after purchasing a home?

ANSWER: The short answer is that most homebuyers receive the keys immediately after closing, but others won't have them for a few days. In certain states, a buyer takes possession of the home once the local government has the new title on file.

Closing day is when homeownership transfers from the seller to the buyer. When the buyer gets the keys depends on where they live. This could take several days once both parties sign all the papers.

On the day of the closing, both the buyer and seller do a walk-through. Once both parties are happy with the walk-through, they fill out the final paperwork.

Afterward, the money is distributed and the deed to the property is recorded. Once these steps are completed, then the buyer receives the keys, with a few exceptions. If the closing occurs later in the day, usually after 3 p.m., the funding might not occur during regular business hours, so the seller might not receive the money until the following day. As a result, the buyer might not receive the keys until the following day.

The seller and the buyer might also negotiate a different date to exchange keys. For instance, the seller might want to rent back the home for a few days or the buyer might take possession of the home early in exchange for waiving some earnest money.

Knowing when you take possession of a home is an important step in your planning. If you are unsure when you secure the keys, make sure you reach out to a real estate professional for assistance.

Sources: Nclegalcounsel.com, Realtor.com, Hunker.com