Thursday, February 4, 2021 / by Kayla Nelson
Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there’s still a common myth that you have to come up with 20% of the total sale price for your down payment. This means people who could buy a home may be putting their plans on hold because they don’t have that much saved yet. The reality is, whether you’re looking for your first home or you’ve purchased one before, you most likely don’t need to put 20% down. Here’s why.
According to Freddie Mac:
“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”
If saving that much money sounds daunting, potential homebuyers might give up on the dream of homeownership before ...
Monday, January 25, 2021 / by Kayla Nelson
As we look back over the past year, we’ve certainly lived through one of the most stressful periods in recent history. After spending so much more time at home throughout the health crisis, some are wondering if they should move to improve their mental health and well-being. This is no surprise since the U.S. Census Bureau reported an increase in the percentage of adults with symptoms of anxiety and depression in a recent Household Pulse Survey.
There’s logic behind the idea that making a move could improve someone’s quality of life. When people change their scenery, they often feel happier. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how new experiences impact happiness, mentioned:
“Our results suggest that people feel happier when they have more variety in their daily routines—when they go to novel places and have a wider arr ...
Tuesday, January 5, 2021 / by Kayla Nelson
If you are looking to plump up your financial portfolio, you may be looking into purchasing your first investment property. There are so many benefits that come with owning an investment property, from being able to weather financial crises to taking advantage of lucrative tax credits.
Before you can start enjoying those perks, you need to take care of some initial steps to get your property up and running. So to help you out, here are some rental basics, courtesy of Range Real Estate.
Purchasing Your First Investment Property
Buying a rental home can be a more complex process than purchasing a primary residence, especially when it comes to acquiring financing. Lenders tend to be more hesitant about offering loans for a home that you do not plan on occupying, so make sure your credit is in top shape before you apply.
In addition to financing your investment property, you may also need to consider funding any repairs that need to be complete ...
Friday, December 4, 2020 / by Kayla Nelson
Housing inventory is at an all-time low. Realtor.com just reported that there are 39% fewer homes for sale today than there were last year. At the same time, buyer demand remains strong. In a recent newsletter, research analyst Ivy Zelman explained:
“Although the headwind of severe supply constraints in most markets has contributed to slight moderation in seasonally-adjusted and year-over-year new pending contract growth for two consecutive months (albeit still growing strongly), the underlying strength of buyer demand, particularly for this time of year, remains apparent.”
Whenever there’s a shortage in the supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. As a result, home values are surging.
This is great news if you’re planning to sell your house. On the other hand, as either a first-time or repeat buy ...
Friday, November 27, 2020 / by Kayla Nelson
Ready to move into your first home? It’s an exciting time, but there’s a lot to consider, especially if you’ve never purchased a property before. Range Real Estate is ready to help! Here’s a quick overview of the steps you’ll take on the path to home ownership:
The first step is figuring out your budget. There is no point in starting to look at listings or tour homes you can’t afford. This increases your chances of falling for a house out of your price range, and either feeling disappointed in your options or making a poor financial decision in response.
Instead, reach out to your bank to get a sense of your loan options. This will be based on several things, including your credit score, income to debt ratio, and how much you have set aside for a down payment.
First-time homeowners may be best suited for an FHA loan, which NerdWallet explains has lower credit score and down payment requirements than co ...