Just over a decade ago the home ownership rate was at its all-time high. Now it’s at the lowest point since 1965. During the second quarter of this year, the national home ownership rate fell to 62.9%. The housing boom in the mid-2000s saw the rate soar to 69.2%. Experts say the drop in home … Continue reading Despite Near-Record Home Ownership Lows It’s Still a Good Time to Buy


With mortgage interest rates near all-time record lows, many homeowners are considering refinancing. If you haven’t been, you should be. Here are a few quick tips: Check with your ALCOVA Loan Officer for the best rate. Most rate quotes are based on when your loan closes. Should you require a longer period of time in … Continue reading Thinking About Refinancing? Now’s the Time!


If you’re like most Americans, you make certain sacrifices to ensure you’re able to stay where you’re living now – no matter what changes may take place in your life. Whether you’re renting or paying on a mortgage, making the monthly payment is the top priority when it comes to paying bills. According to a … Continue reading How Important is it to Stay in Your Home?


These days, there’s no reason why either a buyer or a seller should show up at the closing of a home sale without knowing exactly what their closing costs will be. Typically, mortgage lenders and real estate agents do a very good job of letting their respective clients know what they will be expected to … Continue reading What’s the Story on Closing Costs… Who Pays What?


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If you’ve applied for a mortgage loan before – or even if you haven’t – you need to be familiar with something you may have never heard of: your debt-to-income ratio. How do I know you’ve probably never heard of it? According to Fannie Mae’s Economic & Strategic Research Group, over half of consumers aren’t … Continue reading What’s a Debt-to-Income Ratio and Why’s it so Important?


Okay, time for a quick pop quiz. Compared to a high credit score, how much does a low credit score increase the cost of a $20,000, 60-month auto loan? Give up? According to the Consumer Federation of America’s sixth annual credit score survey, the answer if $5,000. And only 22% of those surveyed got the … Continue reading Four Things You May Not Know About Your Credit Score


While housing activity and consumer spending enjoyed limited increases recently, Fannie Mae reported that their Strategic Research Group’s entire-year economic growth projection will remain unchanged at a forecasted 1.7% in June. Economists blame the surprisingly low employment report, showing very little new job growth and reinforcing the sluggishness of the economic expansion. That was the … Continue reading Growth Expected to be Slow, Steady and Stable


Saving to buy a house, real estate or home savings, piggy bank i

If you’re one of millions of Americans renting, it might be because you haven’t been able to save enough money for a meaningful down payment to purchase a home. Let’s look at several ways you can do so. Set a Goal Determine just how much house you can afford, then you can find out from … Continue reading Renting Now? Here’s How to Save for a Down Payment


Malware Key On Keyboard

There’s a new computer virus circulating called “GozNym” that’s targeting banks and banking customers who bank online. According to national news sources, the malware – malicious software – has been used to defraud banks in the U.S., Canada and Europe to the tune of more than $4 million. The malware carries with it a “new … Continue reading Do You Bank Online? Beware of This New Malware!


Credit Score

We all know that having good credit is important. In today’s real estate market, with interest rates still low and with lenders having money to lend, it’s a great time to buy a home. However, if your credit isn’t good, your chances of financing your dream home are lessened. Here are five credit mistakes to … Continue reading Five Credit Problems to Avoid


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