7. Gather your loan paperwork Before you’re approved for a mortgage, your lender will ask you for financial records to verify your income, assets and debt, including: Proof of income and employment, such as tax returns, W-2s and 1099s. Statements for bank, retirement and brokerage accounts. Records of debt payments, such as student loans, auto loans or any real estate debt. ...
July 2023
Mortgage selection tips 4. Explore mortgage options A variety of mortgages are available with varying down payment and eligibility requirements. Here are the main categories: Conventional mortgages are the most common type of home loan and are not guaranteed by the government. Some conventional loans targeted at first-time buyers require as little as 3% down. FHA loans are insured by the...
Preparing to buy tips 1. Start saving early When calculating how much money you need to buy a house, consider one- time expenses as well as new, recurring bills. Here are the main upfront costs to consider when saving for a home: Down payment: Your down payment requirement will depend on the type of mortgage you choose and the lender. Some conventional loans aimed at first-time home buyers with...
There are many benefits to owning your own home, which often outweigh the benefits of renting. Many individuals struggle with the decision of whether to rent or own in their lifetime. However, the American Dream of homeownership is still alive and strong Owning a home comes with personal reasons that are unique for each buyer. However, there are many commonalities, such as building wealth, gaining...
After May’s big surge in home building, things slowed down in June, as Housing Starts slipped slightly for the month. But, looking to the future, single-family Building Permits hit their highest level in 12 months. The market for new homes is clearly improving. NAHB homebuilder sentiment saw its seventh straight gain in July, hitting the highest reading in over a year, as a solid majority of...
The residential real estate market is HOT. Builders are now officially bullish. The National Association of Homebuilders’ confidence index jumped 5 points to 55. Anything above 50 means that sentiment is bullish (things are expected to improve). The last time builders were bullish was July 2022. And after seeing the housing starts for May, we understand why. Housing starts jumped 22% MoM to 1.63...
This is from a post on REtechnology on July 11th. Since I get asked from my buyers and sellers just when is the right time to buy or sell, I wanted to share this post. In the ever-changing world of real estate, timing is everything. The ability to identify opportune moments to buy and sell properties can make all the difference in maximizing profits and minimizing risks — but it requires a...
Many of my buyers when I first meet them ask, what does it take to get qualified for a mortgage? The below article goes over this. Factors that affect your mortgage pre- approval Jenna Connour Lenders start by looking at these three key areas of your finances before issuing you a home loan pre-approval A pre-approval is an essential step in the homebuying process that can help you determine the...