mortgages: Surge in Home Sales to Younger Americans?
- 09/12/16 04:57 AM
Because they are vital to the health of the housing market, first-time home buyers are a closely watched group. In recent years, they have been less active but there is new research indicating that the number of first timers is spiking. So what can new home buyers expect their first time through the home buying process? According to economist Jonathan Smoke, they may face more challenges in this market but can improve their chances by getting their finances in order, raising their credit score above 700, and planning for a down payment. “The market has seen growth despite higher prices in part because of pent-up demand from … (0 comments)
B-I-G mortgages High-end home buyers are being motivated by low interest rates to up their mortgages at rates seen during the housing boom. On loans bigger than $417,000, the average rate on a 30-year mortgage is 5.15%. Two years ago, this same mortgage would have had a 6.41% rate. If the math is done-this means payment on a $600,000 home loan is about $480 less than the same loan in 2009. This is an annual savings of $5,800! Termed as ‘Jumbo Loans,’ these high end mortgage rates are competing with conforming loans backed by Fannie … (2 comments)
mortgages: As a Consumer, do YOU Understand Your Mortgage?
- 08/04/11 07:39 AM
As a Consumer, do YOUUnderstand Your Mortgage? Zillow Mortgage Marketplace recently conducted a survey with results indicating home buyers may not fully understand the basic ideas behind real estate mortgages. Zillow Mortgage Marketplace Director, Erin Lantz, noted that, "Most people wouldn't jump out of a plane if they didn't know how to use a parachute, yet each year many buyers commit to the largest loan they will take out in their lifetimes without understanding essential information about mortgages. By simply spending a few hours researching how a mortgage works, and by shopping around for the most competitive rates and fees, buyers … (0 comments)
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.
Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing … (0 comments)
Because they are vital to the health of the housing market, first-time home buyers are a closely watched group. In recent years, they have been less active but there is new research indicating that the number of first timers is spiking. So what can new home buyers expect their first time through the home buying process? According to economist Jonathan Smoke, they may face more challenges in this market but can improve their chances by getting their finances in order, raising their credit score above 700, and planning for a down payment. “The market has seen growth despite higher prices in part because of pent-up demand from … (0 comments)
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