Category: News
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New FHFA mortgage rules could punish the financially saavy
The Federal Housing Finance Agency (FHFA) recently announced some changes to their formula that will directly affect Loan Level Price Adjustments (LLPAs) that are set by underwriters Fannie Mae and Freddie Mac. Scheduled to take effect on May 1st, these changes were intended to lower mortgage costs for entry-level homebuyers, however, could have the inverseRead…
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FHA to allow mortgage terms of 40 years
On Wednesday, the Federal Housing Administration (FHA) announced that 40 year mortgage terms will be permitted beginning in May. Previous to this, mortgages were limited to 30 years. What the FHA ruling means for consumers You may wonder how this new ruling will impact consumers, if at all. Well, it’s certainly going to increase theRead…
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Home prices expected to drop in 2023: Get ready to buy, now!
Is my article title confusing? If you’ve been visiting the site for any period of time, it shouldn’t be. Like anything else, the best time to purchase is when something is on sale. Expected price drop There are a few factors at work here, currently. The Federal Reserve has been pumping interest rates for theRead…
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FINAL: 2023 Social Security Pay Raise
Over the past few months, there has been much discussion on the estimated Cost-of-Living Allowance (COLA) for 2023. We’ve had various estimates ourselves, but without the final CPI-W numbers, it was largely speculation, especially early in the year. The Verdict The final COLA, effective Jan 1, 2023, will be 8.7%. This figure applies to SocialRead…
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Save more; increased retirement plan contribution limits for 2023
Each year, the IRS sets the contribution limits for 401(k)-style plans, and Individual Retirement Accounts (IRAs). These increases are based on inflation, and this year, we’ve experienced quite a bit of that. HSA plans also received an increase announcement earlier in 2022, for those of you wondering. 401(k), 403(b), and 457(b) The 2023 contribution limitRead…
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Social Security Increase Prediction: 2023
The Consumer Price Index for Wage Earners & Clerical Workers (CPI-W) for August was released earlier this week. While inflation did slow compared to the earlier parts of the year, it hasn’t subsided by any means. In fact, the Federal Reserve is probably going to give interest rates a rather large hike to combat this…
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Student Loan Forgiveness 2022; What This Means For Everyone
Since Federal student loans were created in 1958 under the National Defense Education Act (NDEA), we have been slowly heading toward a national crisis. This past week, it culminated with President Biden forgiving up to $20,000 in loans for certain borrowers. The problem? It does nothing to actually solve the problem. President Biden’s executive orderRead…