If you are hoping to buy a home in one of the country’s pricier markets, you may need a special type of mortgage. The main two are jumbo loans and super conforming loans. Here’s what you need to know about each one and which is right for you.
Read MoreWe’ve known for decades that home buying and selling follows seasonal patterns, but a recent study* from housing tech startup Haus found that mortgage interest rates also have their own pattern. They also uncovered several other tidbits about how and when the lowest rates are available. Here’s what they discovered and how it can help you...
Read MoreA recent survey from the National Association of Home Builders found that the number of prospective home buyer looking for a new home more than doubled during the past year. At the same time, the number of those searching for only existing properties fell from 40% to 30% of buyers. With interest rates so low, now is definitely a good time to jump into the housing market. But should you buy new or existing? Here are the pros and cons…
Read MoreWith the housing market red hot these days thanks to low interest rates and limited inventory, many homebuyers are considering properties that need some work just to be able to afford a home. And some homeowners who would prefer to trade up are instead turning to renovating their current homes because there are so few properties available.
If you find yourself in either of these situations, you may be wondering what the best way to pay for your home improvements may be. The good news is there are plenty of options. Here are the most common choices along with their pros and cons.
Read MoreThe U.S. mortgage market is red hot right now. After a year of pandemic living, more and more people are ready to have extra space at home. With all those potential buyers searching the market, housing inventory is ultra-low and competition is extreme. According to the National Association of Realtors, there were four offers per home sold on average in February 2021.
If you are hoping to buy a home in this climate, your first move should be to get a pre-approval letter from a mortgage lender. No buyer will take your offer seriously without accompanying proof of mortgage backing. Here are five questions to ask yourself before you apply for a pre-approval letter to make sure you are ready for the process…
Read MoreIn today’s hot seller’s market, it may be difficult to find and buy a home as quickly as you would like. If you add in time for property search and making offers, buyers are averaging about four months to find and buy a home. While all factors are not within your control, there are several things you can do to speed the process along and avoid major delays.
Read MoreYou’re in the middle of the home selling process, having accepted a buyer’s offer. But after your house is appraised, the reported value comes back lower than the agreed-upon price. What happens now? Does the deal fall through? In many cases, especially in a hot sellers’ market, this is a common occurrence. Bidding wars often inflate prices so quickly that appraisers don’t recognize homes as being worth the offering prices yet. The good news is that there are still several alternatives to letting the contract fall apart.
Remember that a home appraisal is a professional estimate of the value of your home, based on the condition of the house and nearby comparable properties. It is required by the buyer’s lender to protect themselves from loaning more money than the home is worth.
Read MoreWhen you take the plunge to buy a home, there will be a flurry of appointments and meetings with real estate agents, mortgage lenders, title companies, and inspectors. Some of the most important appointments will come after you make an offer on a property: an appraisal and a home inspection. What do these terms mean and how do they differ?
Read MoreUsing a cash-out refinance to pay off credit card debt is also known as a debt consolidation refinance. You end up owing the same amount, but you pay off high-interest credit card debt and replace it with lower-interest mortgage debt.
Read MoreMortgage interest rates have been near record lows this year, and the latest forecasts have rates falling even lower in the coming year. Many homeowners have already been taking advantage of these historically low rates by refinancing their mortgages. If you have not yet refinanced, here are four good reasons why now is the perfect time.
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