Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you’re looking to purchase your first home, you may be wondering what’s happening in the housing market today, how much you need to save, and where to start. Here are three things that can help give you the information you need to confidently pursue your dream of homeownership. 1. Consider All Options When the Number of Homes for Sale Is Low Today, there are far more … Continue reading...
What is a Townhome
As a buyer, there are a variety of property types you can purchase. For example, you might buy a single-family home, an apartment, or a condo. Or, you might buy a townhouse. Townhouses are a popular property option, particularly for first-time buyers. But a lot of people have questions about townhouses, like what, exactly, are they—and why should someone consider buying one? If you have questions about whether a townhouse is the right option for you, a recent article from realtor.com answered key questions buyers might have about townhouses, including: What is a … Continue reading...
The American Dream
Making the American Dream Come True for You Buying your first home is exciting. For most people, it’s the fulfillment of a life-long dream — The American Dream — of homeownership. Taking that plunge can feel overwhelming, too. There are so many things to consider, so many choices to make, and far too many unknowns. But, breaking it all down into smaller, more digestible pieces can help take away much of the anxiety that accompanies making such a big commitment. Hiring a real estate agent is the first step for nearly everyone when they’re ready to buy a home. … Continue reading...
40 Year Loan
The Pros and Cons of the Proposed 40-Year FHA FHA borrowers are one step closer to being able to reduce their monthly payments by modifying their loan term to 40 years. In early April, the Department of Housing and Urban Development (HUD), which oversees the FHA, proposed a rule change to increase the maximum term for loan modifications from 30 to 40 years. The proposal will be open to public comment until May 31, 2022 before moving forward. Forty-year loans wouldn’t be available to new homeowners. The modification is designed to help current FHA borrowers … Continue reading...
Rising Mortgage Rates
How To Approach Rising Mortgage Rates as a Buyer In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead. If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even … Continue reading...
Funding Your Home Purchase
If you’re buying or selling a home this year, you’re likely saving up for a variety of expenses. For buyers, that might include things like your down payment and closing costs. And for sellers, you’re probably working on a bit of spring cleaning and maintenance to spruce up your house before you list it. Either way, any money you get back from your taxes can help you achieve your goals. Using a tax refund is a common tactic for buyers and sellers. SmartAsset estimates the average American will receive a $2,897 tax refund this year. The map below provides a more detailed … Continue reading...
Advice for Buyers
Buyers: How to Put Your Best Foot Forward Housing prices continue to climb, inventories continue to remain low, demand for housing is intense, and there’s absolutely no relief in sight. It’s a hard time to be a homebuyer right now! Despite that, you can still find a house that you’ll love; it may just take a little extra polish and shine as you head into your home buying adventure. Cash is still king, but you can be more competitive by putting your best foot forward with your offers. Here are our best tips for buyers trying to secure a home in this busy and tight … Continue reading...
Do You Need 20% Down
You likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says: “The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.” Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home … Continue reading...
Buying a Home, You Need a Plan
How do I begin the home buying process? How do I know if a house is well built? How do I make an offer on a property? What goes into a contract offer? What is an appraisal? What is a contingency? How many days do I have to review condo or HOA documents? How long does it take to move into a house once a contract is accepted? Why should I work with a local lender? … Continue reading...
Tips on Buying This Spring
This Spring Presents Sellers with a Golden Opportunity If you're thinking of selling your house this year, timing is crucial. After all, you'll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one. If that's the case, you should know you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity. 1. The Number of Homes on the Market Is Still Low Todays limited supply of houses for sale is … Continue reading...