When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a home with a down payment below 20%, you can never have Too Much Information (TMI) about Private Mortgage Insurance (PMI).What is Private Mortgage Insurance (PMI)?Freddie Mac defines PMI as:“An insurance policy that protects the lender if you are unable to pay your mortgage. It's a monthly fee, rolled into … [Read more...]
Purchasing a Home: Financial Checklist
Many factors play into the decision on whether or not you are ready to purchase a home. For many buyers, one of the biggest determinants is whether or not they are financially prepared to take the plunge into home ownership. Many first time home buyers are familiar with the down payment required by many loan products, however, there are several other costs that should be considered before beginning the home search process. Let’s start the discussion with one-time expenses. Unless the purchase of the home you have … [Read more...]
A Lack of Listings Remains ‘Huge’ Challenge in the Market
The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures & short sales) are at their lowest mark in over 8 years. This has been, and will continue to be, a great year for real estate.However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. According to the National Association of Realtors (NAR), buyer traffic and demand … [Read more...]
Why Waiting Until After the Holidays to Sell Isn’t a Smart Decision
Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are six great reasons not to wait:Relocation buyers are out there. Companies are not concerned with holiday time and if the buyers have kids, they want them to get into school after the holidays. Purchasers that are looking for a home during the holidays are serious … [Read more...]
Thank You for Your Service!
Thank you for your service! … [Read more...]
The Truth About Housing Affordability
From a purely economic perspective, this is one of the best times in American history to buy a home. Black Night Financial Services discusses this in their most recent Monthly Mortgage Monitor.Here are two of the report’s revelations:The average U.S. home value increased by $13,500 from last year, but low interest rates have kept the monthly principal & interest payment needed to purchase a median-priced home almost equal to one year ago.Home affordability still remains favorable compared to long-term … [Read more...]
The Dangers of “Tight Mortgage Credit” Headlines
The availability of mortgage credit is not at the same level that it was during the boom in housing (2005), and that’s good news. However, the constant headlines which talk about “tight credit” are causing some potential home buyers to doubt their ability to purchase. We want to rectify the misconception of what is required for a down payment in order to purchase a home in today’s market.Freddie Mac recently discussed the confusion many first-time homebuyers have about the down payment they … [Read more...]
It’s Not Always Marriage Before Mortgage
There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still, others might think their current income would never enable them to qualify for a mortgage.We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & … [Read more...]
NAR Reports Show Now Is a Great Time to Sell!
We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.Let’s look at the data covered by the latest Pending Home Sales Report and Existing Home Sales Report.THE PENDING HOME SALES REPORTThe report announced that pending home sales (homes going into contract) … [Read more...]
The Difference an Hour Makes This Fall [INFOGRAPHIC]
Every Hour in the US Housing Market: 633 Homes Sell253 Homes Regain Positive EquityMedian Home Values Go Up $1.43 … [Read more...]
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