Homebuyers should take advantage of the current mortgage interest rate climate, which has improved significantly from last year. With rates now around 6.80% for a 30-year mortgage, it's crucial to shop around for the best rates, boost credit scores, understand mortgage options, lock in favorable rates, and be aware of key dates that may affect … Continued
Purchasing a home requires careful planning and disciplined saving. Start by setting a clear savings goal, ideally saving at least 20% for a down payment and accounting for closing costs. Create and stick to a budget, cutting unnecessary expenses. Consider investing a portion of your savings for better returns and open a dedicated high-yield savings … Continued
Fannie Mae and NAR expect the 30-year mortgage rate to lower to 6.7% by year-end. The Mortgage Bankers Association forecasts a slightly lower rate of 6.6%.
Cooling inflation could lead to Federal Reserve rate cuts, resulting in lower mortgage rates.Lower rates make homeownership more affordable with reduced monthly payments and long-term savings.
New changes may require homebuyers to pay their Real Estate agent directly, shifting the cost from sellers. Traditional buyer’s agent commission rates, often ~3%, will now need negotiation between buyers and agents.
Happy Labor Day! Labor Day is a day dedicated to honoring the contributions and achievements of workers and the labor movement. It marks summer's informal end in the U.S., as schools often start after the holiday. It offers a chance to ponder the historical strides in workers' rights and labor advancements. Cheers to hardworking individuals … Continued
Potential homebuyers face challenges due to high mortgage rates and low inventory. Homeowners benefit from increased home equity, with an average of $300,000 available. Home equity loan rates are around 8.6%, making them a cost-effective borrowing option. To secure the best rate, shop around, ensure financial stability, consider paying points upfront, explore alternatives like HELOCs, … Continued
Mortgage rates are unpredictable and unlikely to drop significantly soon. Waiting for rates to drop might lead to increased competition and higher home prices when they eventually decrease.
You can buy a house without income by proving financial strength or paying in cash. A strong credit history, including a high credit score, can improve your chances.
Buying a house can be a financial milestone, but the down payment can be a barrier. Government-backed loans like VA and USDA loans require no down payment. Down payment assistance programs from state and local agencies offer grants and loans. Alternative options include seller financing, lease-to-own agreements, and co-borrowing. Strengthening credit, managing finances, and getting … Continued