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We hear from many customers that they would love to buy or build a new home, but with mortgage rates at 20-year highs, it does not seem to make sense. And why should it? If you bought or refinanced your home back in 2020 and have a 30-year fixed rate locked at 3%, it will cost you a lot more money in the long run by buying a new home today. Well, that may not be the case.
Existing home inventory is low. This is excellent news for sellers. National Association of Realtor data found existing single-family home prices increased by 4.3% during the second quarter of 2019. In this environment, listing homes at the higher end of the market is unlikely to deter eager buyers. Increased housing demand and low inventory can lead to homes selling quickly, at or above the asking price.
Before your lender will let you buy a new home, you’ll need to have it appraised. This is an often overlooked but important step in your homebuying journey.
Thinking about refinancing your mortgage? Consider these ideas to determine if now is the right time for you.
You’ve spent weeks, even months searching for your dream home. You’ve viewed countless listings with your realtor and attended several open houses on your own. Finally, your hard work has paid off. You’ve found the home of your dreams and it falls with your budget; however, reality now sinks in. You’re going need to sell your current home in order to make the down payment on the new one and the fear that your dream home will be sold to someone else while this happens becomes real.
Do you know the difference between a conforming and a non-conforming mortgage loan? We can help.
Let’s look at how a cash-out mortgage refinance works, and some potential pros and cons.
Congratulations, you have found your dream home! You and your realtor have worked out all the details with the seller and have finally agreed to the purchase price. Now what?
Multi-generational living is defined as adults from multiple generations living in the same home. This form of living is on the rise in the U.S. after declining for years and a record 60.6 million Americans live in multigenerational households according to data from Pew Research Center. Reasons include growing racial and ethnic diversity in the U.S., more young adults living at home, economic necessity and a larger percentage of the US population over age 65. Whatever the reason that may be causing you to consider multigenerational living with some planning, you can make this living arrangement work for everyone.
How Much of Your Income Should Go Toward Housing? If you’re ready to start house-hunting – or if you’re just looking to build a better budget – you need to know how much of your income should go toward housing.
