Don’t Let Student Loans Delay Your Homeownership Dreams

Written by Fort Lauderdale Mortgage Syndicated User on February 9, 2022. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates.

If you’re looking to buy a home, you may be wondering how your student loan debt could impact those plans. Do you have to wait until you’ve paid off your student loans before you can buy your first home? Or could you qualify for a home loan with that debt? To give you the answers you’re searching for, let’s take a look at what recent data shows. That way, you know what to expect and what to do next to achieve your dream of becoming a homeowner. While everyone’s situation is unique, your goal may be more within your reach than you realize. Do you have to delay your plans because of student loans? If...

Owning Is More Affordable than Renting in the Majority of the Country

Written by Fort Lauderdale Mortgage Syndicated User on February 1, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates, Interest Rates, Pricing, Rent vs. Buy.

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says: “. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion...

Buyers Want To Know: Why Is Housing Supply Still So Low?

Written by Fort Lauderdale Mortgage Syndicated User on January 21, 2022. Posted in Buying Myths, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates, Housing Market Updates.

One key question that’s top of mind for homebuyers this year is: why is it so hard to find a house to buy? The truth is, we’re in the ultimate sellers’ market, so real estate is ultra-competitive for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale. While low inventory in the housing market isn’t new, it’s a challenge that continues to grow over time. Here’s a look at two reasons why today’s housing supply is low and what that means for you. 1. New Home Construction Fell Behind for Several Years The graph below shows new home...

With Mortgage Rates Climbing, Now’s the Time To Act

Written by Fort Lauderdale Mortgage Syndicated User on January 20, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates, Housing Market Updates, Interest Rates, Move-Up Buyers.

Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years. If you’re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn’t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here’s a look at the projections from Freddie Mac for this year: Q1 2022: 3.4% Q2 2022: 3.5% Q3 2022: 3.6% Q4 2022: 3.7% As the numbers show, this jump in rates is in line with the expectations...

Why Inflation Shouldn’t Stop You from Buying a Home in 2022

Written by Fort Lauderdale Mortgage Syndicated User on January 12, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates, Housing Market Updates, Interest Rates, Move-Up Buyers, Pricing.

If you’re following along with the news today, you’re probably hearing a lot about record-breaking home prices, rising consumer costs, supply chain constraints, and more. And if you’re thinking about purchasing a home this year, all of these inflationary concerns are likely making you wonder if you should wait to buy. Investopedia explains that during a period of high inflation, prices rise across the board. And while home prices aren’t immune from this increase, here’s why inflation shouldn’t stop you from buying a home in 2022. Homeownership Offers Stability and Security Home prices have...

How Much Do You Need for Your Down Payment?

Written by Fort Lauderdale Mortgage Syndicated User on January 4, 2022. Posted in Buying Myths, Down Payments, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates.

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says: “The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.” Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National...

5 Tips for Making Your Best Offer on a Home

Written by Fort Lauderdale Mortgage Syndicated User on December 29, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates, Move-Up Buyers.

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition. 1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it: “This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.” Showing...

Key Things To Avoid After Applying for a Mortgage

Written by Fort Lauderdale Mortgage Syndicated User on December 28, 2021. Posted in Buying Myths, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates.

Once you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan. Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process. 1. Don’t Deposit Cash...

Two Reasons Why Waiting To Buy a Home Will Cost You

Written by Fort Lauderdale Mortgage Syndicated User on December 12, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates, Interest Rates, Move-Up Buyers, Pricing.

If you’re a homeowner who’s decided your current house no longer fits your needs, or a renter with a strong desire to become a homeowner, you may be hoping that waiting until next year could mean better market conditions to purchase a home. To determine whether you should buy now or wait another year, you can ask yourself two simple questions: Where will home prices be a year from now? Where will mortgage rates be a year from now? Let’s shed some light on the answers to both of these questions. Where Will Home Prices Be a Year from Now? Three major housing industry entities are projecting...

Why It Just Became Much Easier To Buy a Home

Written by Fort Lauderdale Mortgage Syndicated User on December 12, 2021. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Fort Lauderdale Mortgage, Fort Lauderdale Mortgage Rates, Housing Market Updates, Interest Rates, Move-Up Buyers.

Since the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work. However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing: The...

Category: Buying Myths