Buying a Home Can Be Scary…Unless You Know the Facts
Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts:
40% of millennials who purchased homes this year have put down less than 10%.
76.4% of loan applications were approved last month.
The average credit score of approved loans was 724 in September.
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. If prices are surging, it is difficult for appraisers to find adequate, comparable sales to defend the selling price when performing the appraisal for the bank.
In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.
The inventory of existing homes for sale has dropped year-over-year for the last 29 consecutive months and is now at a 3.9-month supply.
Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows in comparison to recent history!
The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.
With residential home prices continuing to appreciate at levels above historic norms, some are questioning if we are heading toward another housing bubble. Recently, five housing experts weighed in on the question.
In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains: “Since we started keeping track in 2012, it’s been a better deal to buy...
Knowing your credit score is one of the first steps that you can take toward knowing how ready you are to start the home buying process.
For many, the mortgage process can be scary, but it doesn’t have to be!