The standard down payment has always been to put 20% down, and while this is not a bad idea, it is not always the best idea. Saving for a down payment is arguably the hardest part of buying a home. But, what if you have the money saved? How much of that should you actually put down?
Being in the mortgage industry, there are many guidelines I have to follow. These guidelines are always changing, sometimes for the worse and sometimes for the better. Fannie Mae recently made some big changes to their guidelines, which will have a big impact on many people looking to get a home loan. Read on to find out how these changes affect you.
Marc Breckenridge with MGIC is here to discuss the ins and outs of Private Mortgage Insurance (PMI). What exactly is PMI and why may you have to pay it? For people with less than a 20% down payment, PMI is a tool allowing them to buy a home sooner. We wanted Marc to come on to explain mortgage insurance and how it affects you as a homebuyer.
If you are thinking about buying a home, is there a cost of waiting? What about renting versus owning? Finally, have you heard we are in a dual market? Well, we decided to run the numbers and the answers may surprise you. Interest rates are at historic lows, but trending upwards and home appreciation is up year after year. Buying a home now could be the best time for you. Let’s take a look at the numbers.
There are typically two ways to figure out how much you can get a home loan for: pre-qualification and then on to pre-approval. With the Diamond Approval we take it a step further to eliminate the unknowns and give you the utmost confidence when house shopping. A Diamond Approval could be worth its weight in gold, or well, diamonds when you’re buying a home. So, what is a Diamond Approval? And, how does it differ from the traditional approval methods?
With interest rates trending higher we typically see refinances go down. However, there are several reasons to refinance other than lowering your rate. Let’s take a look at five reasons why you might want to consider a refinance even with rising rates.
Doug Haldeman, Mortgage Strategist (NMLS: 298419) with Cornerstone Mortgage shares the free service with his listeners.
He and Tammie discusses some of the benefits of the Home Buyer’s Scouting Report and how it is a great way for the consumer to shop for their next home or investment property. There are so many great features available with this service. Not to mention it has 100% of the MLS listings and we DO NOT sell your email to anyone.
If you are considering buying a home in the next 12 months be sure to visit the Home Search Tab above or you can download the mobile app on your phone.
The U.S. home-ownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters.
The share of Americans who own their homes was 62.9% in the second quarter. This is the lowest since 1965, according to a Census Bureau report Thursday. It was the second straight quarterly decrease, down from 63.5% in the previous three months.
Millennials – they’re the generation between 18 and 35; the new young professionals; the recent graduates, and they’re also coming into the housing market in droves. Usually, they’re also first-time homebuyers, which means that they have the potential to make mistakes in the home-purchasing process.
Here are the top seven mistakes millennials make when they purchase a new home. Whether you consider yourself part of the generation or you’re just looking to ensure your home search goes as smoothly as possible, these tips should help any potential homebuyer.
You’ve scrimped, saved, and made sure every bill is paid just to be in the perfect position to purchase a property. You’ve got great credit, but how about your partner? Eh, not so much. This is a very common issue that I run into on a weekly basis. Sometimes when a couple, married or not, is looking to purchase a home they run into the issue of one of them having bad credit. So, let’s take a look at your options if this is the case and some other possible solutions.