Friday, December 11, 2020 / by Traci Pimentel
Once you've found the right home and applied for a mortgage loan, there are some KEY things to avoid so you continue to qualify for your loan when it's time to close on your home.
#1. DON'T Deposit Any Cash Into Your Bank Accounts Before Speaking
To Your Banker Or Loan Officer.
While normally we celebrate depositing money into an account, you don't want to put any 'sizable' amount of funds in an account while you're waiting for a mortgage loan. Unless you can prove the deposit is legit, that additional money can lead to the Underwriter denying your loan.
#2. DO NOT Make Any Large Purchases, Like A New Car
Or Furniture For Your Home!
We know it's tempting to want a new ride to park in your new garage or want to furnish your new pad ... WAIT!!! This can affect both your credit score and debt to income ratio, which can cause the amount you initially qualified for to be reduced. Not to mention, racking up additional debt before factoring in a mortgage payment m ...
Tuesday, December 1, 2020 / by Traci Pimentel
Around this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why selling your house now, or keeping it on the market this season, is the best choice you can make. This year, buyers want to purchase homes for the holidays, and your house might be the perfect match.
Here are seven great reasons not to wait to sell your house this holiday season:
1. Buyers are active now. Mortgage rates are historically low, providing motivation for those who are ready to get more for their money over the life of their home loan.
2. Purchasers who look for homes during the holidays are serious ones, and they’re ready to buy.
3. You can restrict the showings in your house to days and times that are most convenient for you, or even select virtual options. You’ll remai ...
Monday, November 23, 2020 / by Traci Pimentel
This year’s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why.
According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB):
“The length of time spent searching for a home continues to grow.”
The report indicates that 62% of buyers now spend 3 months or more looking for a home, an increase from 58% one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home. Based on recent data from the National Associatio; ...
Tuesday, October 13, 2020 / by Traci Pimentel
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. ...
Monday, September 28, 2020 / by Traci Pimentel
Back in March, as the nation’s economy was shut down because of the coronavirus, many were predicting the real estate market would face a major collapse. Some forecasts called for a 15-20% decline in transactions. However, six months later, it seems as though the housing market has fully recovered.
Mark Fleming, Chief Economist at First American, announced last week:
“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”
The Economic & Strategic Research Group at Fannie Mae upgraded its forecast for home sales last week:
“Housing data over the past month continued to show a strong V-shape rebound, helping drive the broader economy. Existing home sales jumped to a pace no; ...