Careful…Don’t Get Caught in the Rental Trap!

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage. Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that, “Low rental vacancies and a [...]

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Millennials Flock to Low Down Payment Programs

A recent report released by Down Payment Resource shows that 65% of first-time home buyers purchased their homes with a down payment of 6% or less in the month of January. The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings [...]

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Do You Know the Real Cost of Renting vs. Buying?

Some Highlights: Historically, the choice between renting or buying a home has been a close decision. Looking at the percentage of income needed to rent a median-priced home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious. Every market is different. Before you renew your lease again, find [...]

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First-time homebuyers. First Comes Love . . . Then Comes Mortgage?

Most first-time homebuyers are married. It is no surprise that having two incomes to contribute to monthly housing costs makes buying a home more attainable.  It also makes saving for a down payment a more attainable goal. According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once [...]

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Listing in the Winter Attracts More Serious Buyers

A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close. It’s [...]

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Why Pre-Approval MUST Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved [...]

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Daydreaming About Your Perfect Home? Know What You WANT vs. What You NEED

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search. If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d [...]

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Homeownership Offers Stability & Wealth Creation

The most recent Housing Pulse Survey released by the National Association of Realtors revealed that the two major reasons Americans prefer owning their own home instead of renting are: ***They want the opportunity to build equity.*** ***They want a stable and safe environment.*** Building Equity In a recent article by The Mortgage Reports, they report [...]

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Sales at Highest Pace in 10 Years!

5.45 million existing homes were sold in 2016! This is the highest mark set since 2006. Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999. The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year price [...]

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How Low Interest Rates Increase Your Purchasing Power

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.09%, which is still very low in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing [...]

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