The current seller's market makes things difficult for home buyers. Everyone wants a great deal, but experts advise that this is not the time to try lowball buying tactics. In addition, while it's often good for buyers to ask for inspection contingencies, this isn't the right market to go too far with them. Another mistake is trying to go without a realtor in order to save money. Buyers also need … [Read more...]
What to expect in the 2022 spring housing market, as told by 3 charts
In 2021, over two-thirds of home purchases were decided by a bidding war. Moreover, in 2022, many experts believe that the housing market for buyers will continue to be competitive for homebuyers. This is because during the pandemic, the availability of homes has changed. Also, housing prices have been a steady rise over the past several decades. Finally, after a two year decline from 2019 to … [Read more...]
What No One Tells You About Getting a Mortgage
There are quite a few things that nobody explains to you when you are getting a mortgage. One of the most important things that you need to understand is you need to get a mortgage broker before you buy a house. This will allow you to get the best deal and best interest rate from a lender. You also don't have to put 20% down for a down payment. There are many different options available in case … [Read more...]
Mortgage Brokers: What to Ask Before Using One – NerdWallet
There are a few different questions that you should be asking a mortgage broker before you decide to use one. A mortgage broker is basically a middleman between you and a potential lender and there job is to compare lenders and help you get the best interest rate possible. When it comes to picking a mortgage broker you want to do vast research and interview at least three people. Finally, make … [Read more...]
First-time homebuyer? Don’t make this costly mistake
The housing market is hot right now, which can be intimidating for first-time home buyers. One expert advises buyers to look for homes that are a bit under their budget and to be willing to compromise on some issues. It is also recommended to abide the 28/36 rule: the mortgage payment shouldn't exceed 28% of monthly pre-tax income or 36% of total debt. If you can't afford a 20% down payment, look … [Read more...]
The biggest mistakes home buyers make in a seller’s market
The housing market is hot right now, but buyers need to be careful not to make mistakes. Everyone likes getting a deal, but a seller's market is not the time to search for a great one. Another mistake right now relates to home inspections. Normally, buyers want sellers to accept an inspection contingency, but this may not be practical in a seller's market. It's also not a good time to go without a … [Read more...]
Today’s Rising Rates Compared to History – Are They Still a Good Deal?
The home financing market looks much different now than it did just 6 months ago. The rock bottom rates from the last couple years are gone. Conventional interest rates are now 4.25%, pushing 4.5% soon! The Fed just made the 1st of 6 rate increases for this year. My guess is mortgage rates could be pushing 5% by summer 2022. I am seeing more people looking at the 5-year and 7-year … [Read more...]
What’s the Difference Between a Mortgage Broker, Lender, and Loan Officer?
When you are looking to buy a home, it's a good idea to get a loan for it, but there are many people that you can see. It can be hard to find out who the right person to talk to is. When you start, you should look for the Broker because he will find the best deals for you. The Loan officer will provide all of the documents to the Lender, so they can give you the money. Key Takeaways: A … [Read more...]
Ultimate Guide to Preparing for Homeownership | MMI
There are many things that you should do before you start to own a home. It is highly advised that you make sure you are out of debt. See how the local job market it is if you are moving far away from where you were last living. Sometimes it might be easier to rent a place than to own it if you know that you won't be living there for the rest of your life. Key Takeaways: Check around the … [Read more...]
10 Creative Ways to Save for a Down Payment
It is a good idea to start saving for a down payment as soon as possible, but it may be hard if you have a lot of bills. The first thing you should do is to get out of debt as fast as possible and try to minimize the use of a credit card. Another good alternative is to see if you can make some side money off of the hobbies that you enjoy the most. Key Takeaways: Try to see if the hobby … [Read more...]