As of Sept. 18, Fannie Mae is adding a new feature in its automated underwriting system that considers mortgage loan applicants’ rent payment history – with their permission – during the credit review process. That means that paying rent on time will officially count for something as your buyers look to transition from renter to homeowner. Continue reading
But even though your sellers may not need this trick up their sleeve right now, it never hurts to educate them in case it’s a move they need to make in the future. An excellent place to start is identifying what seller’s concessions are and when or if necessary. Continue reading
But what is their “price range,” really? Do they know what that corner dream house with the covered patio and finished basement will cost them each month? Continue reading
The recent news about one major financial institution closing all existing personal lines of credit and no longer offering them to customers may sound like a scary proposition.
Let’s discuss why. Continue reading
According to Freddie Mac and the National Association of Homebuilders, mortgage rates are expected to hover around 3 percent this year. The National Association of Realtors projects the rate will reach 3.2 percent in 2021, and Wells Fargo believes rates will be around 2.89 percent. All these numbers are attractive for both new home buyers and those looking to refinance.
There are benefits and pitfalls to both that a knowledgeable and professional agent can communicate to put you in the best position possible.
Despite it being a seller’s market where home prices in many regions are skyrocketing, you could still manage to land the home of their dreams without breaking the bank.
However, if you aren’t up for getting into possible bidding wars, are still content in your current home, or need to squeeze some money out of your monthly budgets, refinancing can provide some benefits.
To help you clients determine whether they should buy now or refinance instead, here are some essential considerations to share.
But what is your “price range,” really? Do you know what that corner dream house with the covered patio and finished basement will cost you each month? The truth is, the sticker price in the homebuyers guide is just a part of the total housing cost and doesn’t take into account all the other costs and criteria that a lender will be considering when you apply for a mortgage loan.
There are distinct questions a lender has to answer before they can determine what a mortgage payment is going to look like. We’ll discuss these elements over the next couple installments, but for now… we will start at the beginning.
Are you feeling cramped from the hustle and bustle of city life? Perhaps living out in the ‘burbs’ isn’t what you thought it would be. If either of these are the case, then we have the remedy for you and your family.
- Being pre-qualified is NOT the same thing as pre-approved
- Home buying starts in the lender’s office
- There are ways to improve your chances of approval
- Reliable pre-approvals take longer than an hour
Pre-approval: Your First Step to the American Dream
Alexander Graham Bell once said, “Before anything else, preparation is the key to success.” Buying a home is a huge undertaking; and preparation and information to make a successful investment. That preparation starts with getting pre-approved for a mortgage loan…and a pre-approval meeting with a mortgage lender is a great way to begin the process. Continue reading
- Get exactly what you want
- Better for your health
- Easier to recoup your investment
Building Your Home: Getting a Dream Home is Only the Beginning to the Benefits
Buying a home is one of the largest investments a person will likely make in his/her lifetime. As such, a buyer must consider every angle when a purchase is made. Location, cost, local economy, school district, property taxes…it’s all important to the process.
And because those details will vary from person to person, one buyer’s ‘perfect home’ might be lacking for someone else. While new home construction may seem like an overwhelming solution, it’s a surefire way to get exactly what you’re looking for. In fact, with our area’s aging housing stock, there are several other benefits to building that you probably don’t even realize.
A Welcome Home Story
In November, we introduced you to Nick and Veronica Getsy and told you their success story using an FHA 203k loan. In this extended version of the video, we take another look at their story and learn more about their 203k process and how they were able to take a house they liked, and turned it into a home they love!
Click here to watch!