Many homeowners today feel trapped by the current high mortgage rates, making the idea of selling and moving less appealing. If you’re in this situation, it might seem like there’s no good solution. However, there’s a potential way to counteract these higher borrowing costs: leveraging the equity in your current home.
What Is Equity?
Equity is essentially the difference between your home's market value and what you owe on your mortgage. As you pay down your mortgage and as home values rise, your equity increases. Recent years have seen significant home price appreciation, so many homeowners have more equity than they might realize.
According to the latest data from the Census and ATTOM, over two-thirds of homeowners have either completely paid off their mortgages or have at least 50% equity in their homes.
How Your Equity Can Help You Move
Your home equity can be a powerful tool when selling your house, helping you navigate higher mortgage rates more ea. ...
Buying a home has become more challenging with today’s mortgage rates and rising home prices. This difficulty might have you exploring grants and assistance programs to see if you qualify for any help. However, many homebuyers are unsure where to begin.
A recent study by the Bank of America Institute revealed that 53% of prospective buyers feel they need more information about homebuying grant programs. Here’s some information to help bridge that knowledge gap.
What Is Down Payment Assistance?
Down payment assistance (DPA) programs offer loans and grants to cover part or all of a homebuyer’s down payment and closing costs. There are over 2,000 DPA programs nationwide, each varying by location. Many buyers could receive thousands of dollars in assistance if they qualify.
Additionally, you might not need to save as much for your down payment as you think. Contrary to popular belief, you typically don’t have to put down 20% unless specified by your loan. ...
One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down. A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is $62,600.” Thankfully, $62,600 is not the amount every buyer needs for a down payment in the United States. There are many different options available, especially for first-time homebuyers (millennial or not). That amount can also be significantly less, depending on the purchase price of the house. According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was&nbs. ...
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