Daniel Novar

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The Mortgage Blog Of Daniel Novar

Tiny Homes Are Not An Emerging Trend

According to many recent news articles, tiny houses are trending across the country, but the latest Census report proves different. The median house size in the United States has increased 25 square feet yearly over the last ten years and is approximately 2,384 square feet, up from 1,525 square feet in 1970. While some may be attracted to smaller living spaces, the average American enjoys large rooms and plenty of living space. Many experts say that homes are indeed getting bigger and are expected to continue to grow over the coming years. More here

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Things To Consider When Adding On To Your Home

Thinking about adding on? There are a few important few things you should consider before getting started: Hiring professionals; be sure you hire an architect before hiring a builder. The addition should look as if it was a part of the original design.  Also, thoroughly research prospective professionals before you hire them. Cost; Have a clear idea of your budget, but, be realistic. A good resource is CostHelper.com; this site will help you roughly estimate the cost of the project. And finally, prepare yourself for a mess, people will be in and out of your home; it will be noisy and inconvenient at times but, in the end it will be worth it. More here

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Housing Starts And Permits Increase

Housing starts and permits jumped last month as groundbreaking increased 6.3%, averaging 1.02 million-unit pace annually according to the Commerce Department. With interest rates falling this year, the housing market has made great strides toward recovery since 2007. An economist at Bank of America Merrill Lynch, Michelle Meyers  said, “if you look at the trend, you are still seeing an upward trajectory.” New single-family housing starts increased 1.1% last month, and volatile multi-family homes segment rose 16.7%. More here

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Nearing Retirement? Watch The Housing Market

If you are nearing retirement and plan to sell your home, buy a new home, or downsize, it’s a smart idea to pay attention to the housing market and educate yourself in order to make the best financial decisions. Paying attention to pending home sales, building permits, new home sales, existing homes sales, home price indexes, and housing starts may help you understand when the best times to buy and sell are. Right now the housing market is making a comeback from the recession and current long-term trends are positive, job growth has increased, there are fewer distressed sales, and homebuilder confidence is up, making it a good time for retirees or soon-to-be retirees to sell and buy. More here

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Buying May Be Cheaper Than Renting Now

In many locations in the United States, owning a home is less expensive than renting. A recent report by Trulia examining the costs for buying versus renting found that buying a home is approximately 38% cheaper than renting in the 100 largest metropolitan areas. Trulia’s chief economist, Jed Kolko said, “mortgage rates have come back down in the past year, and rents have risen a little more than prices have. Those things together have increased the gap between the cost of buying and the cost of renting. Over the past year, buying has become even more favorable compared with renting.” More here

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Fall Home Maintenance Checklist

It’s the perfect time of year to get out and complete some necessary tasks to ensure your home is well-maintained, safe, and looking its best. A few things you should add to your fall to-do checklist are: Clean out your gutters; seal cracks and gaps around doors and windows; inspect your home’s siding and roof, and have a professional inspect your heating system; thoroughly check your fireplace for creosote build-up and soot, and replace any dirty furnace filters. More here

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Mortgage Application Activity Increases

According to the Mortgage Bankers Association, U.S. home mortgage applications increased last week, and interest rates dropped. The MBA’s seasonally adjusted index of mortgage application activity grew 3.8%, and their seasonally adjusted index of refinancing applications also increased 5.0%. Additionally, the  loan requests for home purchases, a direct indicator of home sales, also jumped 2.4% for the week ending on October 3rd. More here

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Mortgage Rates Fall Slightly

Mortgage rates have slightly decreased, according to Freddie Mac’s Primary Mortgage Market Survey. The national average 30-year, fixed-rate mortgage fell 0.7% this week, averaging 4.12%. While the 15-year, fixed-rate mortgage also decreased 0.6% this week, averaging 3.36% nationally. Additionally, the five-year Treasury-indexed hybrid adjustable-rate-mortgage fell 0.1% averaging 3.05% nationally, and the 1-year Treasury-indexed ARM remained the same as last week and averaged 2.42% nationally. More here

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Home Prices Increase 0.3% In August

According to CoreLogic’s house price index, home prices increased 0.3% month over month in August, the highest increase seen in five months. Home prices have remained mostly steady over the last year, though data shows that August 2014 prices were only about half of the average monthly gain seen in August of 2012 and 2013. Property economist Paul Diggle said, “more fundamentally, despite a tightening in recent months, we expect housing market supply conditions to loosen over the next year. Earlier price gains are encouraging homeowners to bring their homes to the market, while the increase in housing completions means that the inventory of new homes for sale is expanding rapidly.” More here

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Outsourcing Tasks At Home

Everyone has dreaded home tasks that need to be done in order to keep a well-maintained and efficient home and lifestyle. While some may have time for all the various jobs around the home, others are pressed for time and simply cannot get all the work done on their own. Here are a few tasks you can outsource for a reasonable cost, along with their estimated prices. Cleaning services; on average across the U.S., a cleaning company or maid will charge $196 for a one-time cleaning. If you decide you want a regular cleaner, prices will decrease. Lawn care;  depending on how large your yard is, the average costs of lawn care is around $61 for two hours. Handyman; last year on average, Americans paid around $74.18 per hour for handyman services. More here

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About Daniel:

Dan Novar has 25 years’ experience in residential mortgage lending with a track record of success in consistently exceeding customers' expectations. Dan's many years of mortgage experience combined with a thorough understanding of available mortgage products gives him the ability to offer the most competitive mortgage options designed to meet his customers' unique goals and circumstances. Dan and his support team understand how important this financial decision is, and commit to making the process as seamless as possible. Dan is available to his customers 24/7.

Dan also has extensive experience in VA lending and takes great pride in helping his Veteran borrowers take full advantage of their VA entitlement. One of the reasons Dan joined The Federal Savings Bank is their commitment to Veteran Borrowers. "Being a Veteran owned bank with a full suite of VA products was critical to my decision".

Dan graduated from the University of Michigan and has been married to his wife for 17 years (Ann Marie). Dan is active in his church and is a big advocate for children with learning disabilities. His daughter Lauren Rose attends "The Cove School" in Northbrook, Illinois, which specializes in the education of children with learning disabilities and dyslexia.

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    Daniel Novar
    Mortgage Banker
    The Federal Savings Bank
    300 N. Elizabeth St.
    Suite 3E
    Chicago, IL 60607
    Office: 312-738-6087
    Fax: 312-624-6738

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