Due to the increase of rising home prices, the loan limits for Veterans Affairs are much higher. These limits are put in place because it guarantees a specific amount that a veteran can borrow. It also will come up with a figure that fits both your debt to income ratio as well as your credit score. You can calculate the limit of your loan by writing down the loan amount and multiplying it by 0.25. … [Read more...]
Nearly 75% of Americans Are Confused by Closing Costs, Preapproval or Other Homebuying Steps: Here’s a Helpful Cheat Sheet
A recent survey from GOBankingRates found that only a quarter of Americans feel they have a good understanding of the home buying process. Pre-approval and closing costs are the most confusing aspects. Pre-approval refers to mortgages. After conducting research, the lender can issue pre-approval for up to a certain amount of money. Note that there are a number of different types of mortgages: both … [Read more...]
5 Tips for Buying a House When Inflation Is High
Inflation is higher now than it has been in years, which is negatively impacting the housing market. Inflation impacts both home prices and mortgage rates. This article lists five tips for buying a house when inflation is rising: buy a house immediately so that you can get today's price, determine your maximum budget for monthly mortgage and factor in other high costs, branch out and look at … [Read more...]
Housing Market Too Hot? What to Do While You Wait for Competition to Cool
There are many things that you can do when it comes to waiting for the housing market to cool down. One of the best things that you can do is improve your credit score. A great credit score will allow you to buy a house at a much more affordable rate. You also should try to save up money as that will allow you to place a larger down payment. Finally, look into an extended mortgage rate as that … [Read more...]
7 Bidding War Mistakes Today’s Homebuyers Are Making in Droves
Housing market is really wild it really took off at the beginning of the global pandemic. Prices are at the historically high levels and people looking for a property for the first time have a difficult task in securing the dwelling of their choice. Bids are extremely competitive and wars between bidders are expected, regardless of the quality of the property. It is important to know some … [Read more...]
The biggest mistakes home buyers make in a seller’s market
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...]