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Margo Borkin

Persistent Perserverance, Consistent Results

248-419-3160
Cell: 248-318-4776
Fax: 248-419-0930
margo@movewithmargo.com
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Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate | Simplifying The Market

Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates over the last 45 years.

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate | Simplifying The Market

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers Tagged: Real Estate

The Impact Your Interest Rate Makes [INFOGRAPHIC]

The Impact Your Interest Rate Makes [INFOGRAPHIC] | Simplifying The Market

The Impact Your Interest Rate Makes [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Interest rates have come a long way in the last 30 years.
  • The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget.
  • Interest rates are at their lowest in years… RIGHT NOW!
  • If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act!


Source: KMC

Posted in: First Time Home Buyers, For Buyers, For Sellers, Infographics, Interest Rates, Move-Up Buyers Tagged: Real Estate

Mortgage Interest Rates Reverse Course in 2017

Mortgage Interest Rates Reverse Course in 2017 | Simplifying The Market

To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year.

However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac). Here is a graph of mortgage rate movement since the beginning of the year:

Mortgage Interest Rates Reverse Course in 2017 | Simplifying The Market

Projections still call for an increase…

Four major entities (Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors) are still projecting that rates will increase by the fourth quarter of the year.

Mortgage Interest Rates Reverse Course in 2017 | Simplifying The Market

Bottom Line

No one knows for sure where interest rates will be in six months. However, if you are thinking about buying your first house or trading up to the home of your dreams, you can still get a mortgage at historically low rates RIGHT NOW.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Move-Up Buyers Tagged: Real Estate

Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!

Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early! | Simplifying The Market

If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

Freddie Mac

“While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher rates and higher prices create significant affordability concerns, which may continue to characterize the housing market for the rest of 2017.”

Lynn Fisher, Vice President of Research & Economics for the Mortgage Bankers Association

“By the time we get to the fourth quarter of this year, we will still be under 5 percent – we are thinking 4.7 percent…Something north of 5 percent by the time we get to 2018, and by the time we get to 2019, we show fourth-quarter rates hitting 5.5 percent.”

Mark Fleming, First American’s Chief Economist

“Despite some regional disparities, title agents and real estate professionals do not expect increasing mortgage rates to have a significant impact on the housing market this spring. Continued good economic news, increasing Millennial demand and confidence that buyers will remain in the market even if rates exceed 5 percent bode well for 2017 real estate.”

Len Kiefer, Deputy Chief Economist for Freddie Mac

“We will probably see rates higher at the end of year, around 4.5%.”

Bottom Line

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.


Source: KMC

Posted in: For Buyers, Interest Rates, Move-Up Buyers Tagged: Real Estate

Do You Know the Cost of Waiting? [INFOGRAPHIC]

Do You Know the Cost of Waiting? [INFOGRAPHIC] | Simplifying The Market

Do You Know the Cost of Waiting? [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
  • Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
  • Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!


Source: KMC

Posted in: First Time Home Buyers, For Buyers, Infographics, Interest Rates, Pricing Tagged: Real Estate

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Get to Know Me!

Margo Borkin Realtor About Margo Client Reviews Margo vs. The Market Resume

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Margo Borkin Real Estate
3 weeks ago
Margo Borkin Real Estate

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
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8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
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Margo Borkin Real Estate
1 month ago
Margo Borkin Real Estate

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour! ... See MoreSee Less

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Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour!
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Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

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Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

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Margo Borkin Real Estate
3 months ago
Margo Borkin Real Estate

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
... See MoreSee Less

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didnt think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while youre at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
View on Facebook
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Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
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  • Comments: 0

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