Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that […]
Category Archives: Buyers
Low Interest Rates vs. Purchasing Power
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 rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing […]
Feeling Stuck in Place? There’s Hope!
Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place. According to data from the National Association of Realtors’ Profile of Home Buyers & Sellers, the average amount of […]
Single-Family Homes vs. Townhomes: Pros & Cons
Which is better: single-family, detached homes or a townhomes? It’s no secret that buying a home is probably the biggest investment you’re ever going to make. It’s also one of the most popular – 88% of U.S. households believe owning a home is a good financial decision, according to the National Association of Realtors 2015 […]
Millionaire to Millennials: Buy a Home Now?
In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.” Bach went on to explain: “If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner […]
Surprised by Closing Costs?
According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage. After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher […]
Buyers Putting Down Less Than 10%
According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high. Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put […]
Don’t Disqualify Your Credit Score
Interested home-buyers all too often disqualify themselves because of their credit score. The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market. One such study by the Wharton School of Business at the […]
Boomerang Buyers Are Entering the Market
We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019. Recently, HousingWire analyzed data from the US Bankruptcy Courts and […]
Homeowner’s Net Worth Vs. Renter’s
It appears a homeowner’s net worth is still greater than a renter’s. Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, looked into the net worth of owning a home rather than renting […]