Forget the Price of the Home. The Cost is What Matters.

Home buying activity (demand) is up, and the number of available listings (supply) is down. When demand outpaces supply, prices appreciate. That’s why firms are beginning to increase their projections for home price appreciation going forward. As an example, CoreLogic increased their 12-month projection for home values from 4.5% to 5.6% over the last few months. Continue reading

Posted on November 12, 2019 at 7:00 am
Jennifer Angel | Category: Buyer Tips, Housing Market Updates, Lending, Mortgage, Seller Tips

Taking the Fear Out of the Mortgage Process

A considerable number of potential buyers shy away from the real estate market because they’re uncertain about the buying process – particularly when it comes to qualifying for a mortgage.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and a good credit history.

Once you’re ready to apply, here are 5 easy steps Freddie Macsuggests to follow:

  1. Find out your current credit history and credit score– Even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® for all closed loans in September was 737, according to Ellie Mae.
  2. Start gathering all of your documentation– This includes income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
  3. Contact a professional– Your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
  4. Consult with your lender– He or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
  5. Talk to your lender about pre-approval– A pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you’re serious about buying.

Bottom Line

Do your research, reach out to professionals, stick to your budget, and be sure you’re ready to take on the financial responsibilities of becoming a homeowner.

Are you thinking of selling or buying real estate this year?  Contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.

Posted on November 1, 2019 at 7:00 am
Jennifer Angel | Category: Buyer Tips, Buying Myths, First-time Homebuyers, Lending, Mortgage, Move-up Buyers

Things to Avoid After Applying for a Mortgage

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan. Continue reading

Posted on September 23, 2019 at 7:00 am
Jennifer Angel | Category: Buyer Tips, First-time Homebuyers, Lending, Mortgage, Move-up Buyers

How Much Do You Know About Down Payments?

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today. Continue reading

Posted on August 9, 2019 at 7:00 am
Jennifer Angel | Category: Buyer Tips, Downpayment, First-time Homebuyers, Lending, Mortgage, Move-up Buyers

3 Powerful Reasons to Buy a Home Now

Whether you are a first-time buyer or looking to move up to the home of your dreams, now is a great time to purchase a home. Here are three major reasons to buy today. Continue reading

Posted on August 2, 2019 at 11:00 am
Jennifer Angel | Category: Buyer Tips, Buying Myths, First-time Homebuyers, Housing Market Updates, Lending, Mortgage, Move-up Buyers, Seller Tips | Tagged , , , ,

Slaying the Largest Homebuying Myths Today [INFOGRAPHIC]

Continue reading

Posted on April 27, 2019 at 8:00 am
Jennifer Angel | Category: Buyer Tips, Downpayment, First-time Homebuyers, Infographics, Lending, Mortgage, Move-up Buyers

Are Low Interest Rates Here to Stay?

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week! Continue reading

Posted on April 18, 2019 at 8:00 am
Jennifer Angel | Category: Buyer Tips, First-time Homebuyers, Lending, Mortgage, Move-up Buyers

Do 46 Million Millennials Know They Are Mortgage Ready?

Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream. Continue reading

Posted on April 4, 2019 at 8:00 am
Jennifer Angel | Category: Buyer Tips, First-time Homebuyers, Lending, Mortgage, Move-up Buyers

7 Things To Avoid After Applying for a Mortgage!

Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.  Continue reading

Posted on March 15, 2019 at 8:00 am
Jennifer Angel | Category: Buyer Tips, First-time Homebuyers, Lending, Mortgage, Move-up Buyers

4 Reasons to Buy a Home in the Spring

Spring has sprung, and it’s a great time to buy a home! Here are four reasons to consider buying today instead of waiting. Continue reading

Posted on March 14, 2019 at 8:00 am
Jennifer Angel | Category: Buyer Tips, First-time Homebuyers, Lending, Move-up Buyers