Forbes - Know your house buying power

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Special Note To Our Readers

To close out 2022, we wanted to share advice and wisdom from across the Forbes Advisor family. If you enjoy these newsletters, look out for a sign-up from your favorites in 2023.

Wishing you a peaceful and prosperous holiday season,

Forbes Advisor writers and editors

Special Mortgage Edition 2022

A Note From Rachel 

For everyday home shoppers, purchasing a house is not a game—it’s one of the most serious financial transactions you’ll ever make. But the housing market has definitely felt like a crazy game this year with home prices breaking record highs. And just as home prices finally started to cool, mortgage rates doubled and could keep rising into 2023. 

Understandably, it’s pushed many people to the sidelines, including myself. As lead editor of the mortgages and loans vertical at Forbes Advisor, I am not here to convince you to jump into the market. I’m here, along with a team of experts, to give you the tools to determine when it’s best for you to get into the housing market.

At Forbes Advisor, we spend every day checking rates and talking with experts, lenders and government agencies about the housing and mortgage markets. We gather insight from many people in order to provide the best advice and tools for one important person: you.

Best,

Rachel

Rachel Witkowski

Lead Editor, Mortgages and Loans

Forbes Advisor’s Take On the Housing Market 

There’s cautious good news for homebuyers: Home prices have plateaued and mortgage rates are beginning to drop. However, the Federal Reserve plans to continue its series of interest rate hikes in 2023 and the impact of that on mortgage rates and the housing market is hard to predict. 

An important consideration in this market is determining how long you plan to stay in whatever home you buy. People who are buying their “forever home” have less to fear if the market reverses as they’re better equipped to ride the wave of ups and downs. 

But buyers who plan on moving in a few years are in a riskier position if the market plummets. That’s why it’s so important to shop at the outset for a realtor and lender who are experienced housing experts in your market of interest and who you trust to give sound advice.

CD Calculator: How Much Can You Earn With A Certificate Of Deposit?

If you’ve ever shrugged off certificates of deposit, they’re worth your attention thanks to today’s rising interest rates. CDs are “time deposit” savings accounts that require you to lock away your money for a fixed period. In exchange, you earn a fixed return on your principal investment—and those returns are becoming more attractive as rates rise.

CD Calculator

Use this CD calculator to see how much interest you'll earn based on your APY and initial deposit.

Best CD Rates

We’ve compared 142 CD and certificate accounts at 84 nationally available banks and credit unions to find some of the best accounts available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.

On this list, you’ll first find the best banks and credit unions for CD rates overall. Then you’ll also see the best banks and credit unions for specific CD term lengths.

Best CD Rates for November.

How To Work Out The Best Time To Buy A Home

Crunch the Numbers

Know your buying power by checking how much house you can afford and how much a mortgage might cost you on a monthly basis..

Find the Best Lender

We’ve analyzed dozens of mortgage lenders based on a handful of factors including interest rates, loan costs and borrower qualifications. You can check out our top lenders based on rate, type of loan and more.

Check Interest Rates

Since rates fluctuate daily, it’s important to check the current rate and see how it stacks up to a lender offer you’re considering. Timing is everything, and that’s why we seek guidance from economists on where rates are headed in 2023.

Traveling This Holiday Season?

Americans are looking forward to beaches, sunny skies and European culture, based on travel insurance data for upcoming holiday-season trips.

As potential problems with flight cancellations, delays, wintry weather and—yes, still—Covid loom on the horizon, consider buying  travel insurance to help if the unexpected casts a dark cloud over your holiday trip.

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