Doretta Blankenship, Renasant Mortgage, NMLS #527474

Usually, today would be , but this year it has been extended to April 18, 2022. Click the link to learn more-https://bddy.me/37VGNvV

Financial Literacy Month has played an integral role in giving people financial freedom and has helped them in taking control of their lives. Being literate about our finances assists us to keep up with the changing financial condition of the world.

“In addition to the strong job gains, the employment disruptions caused by the pandemic also continue to show improvement,” Fratantoni noted. “Only 10% of workers reported teleworking due to the pandemic in March, down from 13% in February and less than half the level from its peak. As the federal government and others return to work in April, this number should drop sharply, which may well lead to further job changes in retail, professional services, and other sectors that are dependent on in-person work. This is good news for commercial real estate lenders and investors.”

He added that while mortgage rates have spiked more than half a percentage point over the past two weeks, reducing affordability for many potential first-time homebuyers, “the increase in wages will certainly somewhat help offset that hurdle. And the confidence that many potential homebuyers have in their financial situation also benefits from this historically strong job market.”

Your credit score is a huge factor when you buy a house. Mortgage lenders and banks use it when considering what loan you may qualify for — or whether you’ll qualify at all.

So what is a good enough credit score to buy a house?

It’s not so much that you need a certain score. It’s more important to know how your score will affect the rate, loan amount, and down payment you’ll be asked for. Contact me today to see how you qualify. https://bddy.me/3NwI3WQ

Learning all the do's and don'ts of buying a house can be overwhelming. However, it doesn't have to be complicated. Renasant Mortgage is here to help you with seven credit don'ts before applying for a loan.(Part 2/2)
Seven Credit Don'ts
DON’T make any major purchases before your loan closes.
DON’T open any new lines of credit. The inquiry on your credit can ding
your score. Beware that signing up for a new gym or cell phone plan will
likely result in a credit inquiry.
DON’T try to consolidate your debts. Decreasing your available credit
can negatively affect your credit score.
DON’T close any lines of credit.
DON’T pay off any debts without consulting your lender.
DON’T make any large cash deposits into your bank account. This can
raise red flags with underwriting.
DON’T move large sums of money between accounts.

Learning all the do's and don'ts of buying a house can be overwhelming. However, it doesn't have to be complicated. Renasant Mortgage is here to help you with seven credit do's before applying for a loan. (Part1/2)

Seven Credit DO's
DO continue to make your rent or mortgage payment.
DO stay current on all existing accounts.
DO get your documentation in order. This will allow your loan process to move along more efficiently.
DO keep working for your current employer.
DO file your tax returns and keep copies.
DO continue to use credit as usual.
DO call us if you have any questions.

Black Knight data shows that lenders originated $1.2 trillion in cash-out refis in 2021, up 20% compared to the prior year, the highest volume since 2005. Cash-out refis went from 36% to more than 60% of all refis from the beginning of 2021 to the fourth quarter.
“We’ve been discussing this shift to an equity-centric market for some time, and our Optimal Blue rate lock data showed that cash-out activity continued to increase in January of this year as well,” Ben Graboske, data and analytics president at Black Knight, said in a statement.

March is National Credit Education Month. Follow along as we cover the do's and don'ts and how your credit score plays a role in the home buying process.
Credit is an indication of your financial trustworthiness. Having "good credit" means your history of payments, employment and salary make you a good candidate for a loan, and creditors – those who lend money or services – will be more willing to work with you. Below are the five areas that go into your credit score.
1. Payment history
2. The amount you owe
3. Length of your credit history
4. Mix of credit in use
5. New credit

MBS Highway recently published, Existing Home Sales, which measure closings on existing homes, showed that sales were up 6.7% in January at an annualized pace of 6.5M units, which was much stronger than estimates of a 4% drop.

First Time Home Buyers have accounted for 27% of sales, which is down from 30% in the previous report. Cash buyers rose sharply from 23% to 27%, while investors purchased 22% of homes, up from 17%.

What are you seeing in your communities? Let us know in the comments below.

All Renasant locations are closed today in observance of this federal holiday and will resume regular business hours Tuesday, February 22nd.

Join our Homebuyer’s Forum online to make sure you know what you need to get a new mortgage. Click the link to register today - https://bddy.me/33Pl9YU