homebuyers: The Psychology of Homebuying: How Emotions Influence Decisions
- 02/29/24 06:40 AM
Buying a home is often considered one of the most significant financial and emotional investments in a person's life. Beyond the mere transactional aspect, the process of purchasing a home is deeply intertwined with human emotions and psychology. From excitement to anxiety, hope to hesitation, the journey of home buying is laden with a complex interplay of feelings that greatly influence our decisions. Let’s explore how emotions can sway real estate decisions.
The Emotional Rollercoaster of Home Buying: The journey of buying a home is akin to riding a rollercoaster of emotions. Initially, there's the thrill of embarking on a new adventure, … (0 comments)
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homebuyers: How to Evaluate Property Taxes and What You Need to Know
- 01/25/24 08:18 AM
Retirement is a significant milestone in one's life, symbolizing the culmination of years of hard work and dedication. As individuals approach this stage, meticulous planning becomes imperative to ensure a comfortable and financially secure future. Among the plethora of retirement planning options, real estate emerges as a challenging player, offering unique advantages that can enhance the overall strategy. Let’s discuss the pivotal role that real estate plays in retirement planning and why it deserves a prominent place in your financial portfolio.
Building Equity for the Future:
One of the fundamental advantages of investing in real estate is the potential for equity growth over … (1 comments)
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homebuyers: Reasons You Need an Insurance Binder and How to Get One
- 11/06/23 08:50 AM
When a borrower applies for a mortgage loan, the lender typically requires proof of insurance coverage before they approve the loan. An insurance binder is a document issued by the insurance company that provides temporary proof of insurance coverage until the official insurance policy is issued.
The insurance binder for mortgage loans will typically include information about the property being insured, the coverage limits, and the effective date of the policy. The lender will review the insurance binder to ensure that it meets their requirements for coverage and will usually require the borrower to maintain insurance coverage for the duration of the … (2 comments)
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homebuyers: How to Analyze Finances to Determine How Much Mortgage You Can Afford
- 10/17/23 07:11 AM
Whether you're buying a home for the first time or you've decided it's about time that you upgraded to a larger, more expansive house, if you're making a real estate purchase you'll need to be aware of how much you can reasonably afford to borrow in a mortgage. In today's post we'll take a look at a few ways that you can analyze your financial situation to help decide how much mortgage you can truly afford.
Prepare An Honest Monthly Budget
The first step in understanding how much of a monthly payment you can afford is to create an honest monthly budget which … (1 comments)
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homebuyers: Amortization: What You Need to Know About How Your Loan Is Paid Off
- 10/27/22 08:27 AM
If you own a home, you will see a lot of information about your payment schedule. It specifies exactly what payments you have to make, when you have to make them, and how much of each payment will go toward your principal and interest. This is called an amortization schedule, and it is typically designed in such a way that your last payment pays off your loan down to the penny. How does this impact the life of your loan?
Most Of Your First Few Payments Go Toward The Interest
During the first few years, the majority of each payment is going to … (5 comments)
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homebuyers: The Quick Guide to Understanding the Math Behind Closing Costs
- 06/30/22 07:20 AM
It's amazing that in a year with extremely low mortgage rates being reported around the country, closing costs are up by as much as 6% from the previous year. Part of the reason for this is that the stricter regulations on loans have increased the costs to banks, and they always find a way to pass on new costs to the consumer.
Understanding Third-Party Closing Costs
When closing on a mortgage the borrower will notice a long list of additional fees that they are expected to pay for. These can range from insignificant into the thousands of dollars depending on the state and … (1 comments)
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homebuyers: A Large Down Payment, Or Be Agile With Your Savings?
- 05/20/22 06:19 AM
Putting down the largest sum of money at your disposal might seem like the best way to go when it comes to your mortgage down payment. There is a certain amount of truth to this, but the reality is bigger is not always better.
Ideally, the amount of money you settle on for your mortgage down payment will take into account your monthly budgeting requirements.
The Big Advantages Of A Large Down Payment
Fewer Mortgage Payments: The larger the down payment, the higher the likelihood that you will be able to afford a shorter mortgage. Unlike some of the other benefits of large … (2 comments)
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homebuyers: The Pros and Cons of 'Mortgage Before Marriage' for Young Cou
- 04/06/22 01:51 PM
There was a time when a higher percentage of people were married before they committed to buying a home together, but it's a lot more common to co-habit and invest in a home together. If you're considering the commitment of a mortgage without being married, here are some things to be aware of before you start searching the market.
Relationship Status Won't Affect Your Rates
It might seem like there are greater risks involved if two individuals purchasing a property are not legally bound, but it actually makes no difference to the mortgage lender. If two people are buying a home together, the … (0 comments)
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homebuyers: The Difference Between Renting and Owning [INFOGRAPHIC]
- 02/25/22 10:56 AM
Some Highlights If you’re deciding whether to rent or buy, consider the many financial benefits that come with owning a home. As a renter, you build your landlord’s wealth and face rising costs. As a homeowner, you build your own net worth and can lock in your monthly payments for the length of your loan. If you’re weighing your options, remember that owning a home is a decision that has considerable financial perks. If you want to learn more, let’s connect to talk about the perks of homeownership. … (2 comments)
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homebuyers: Everything Homeowners Need To Know About Down Payments
- 02/25/22 10:31 AM
Buying a house is an exciting time, but homeowners also need to make the best financial decision to meet their needs. One of the biggest decisions potential homeowners will face is how much money to put down.
A down payment is the amount of money that homeowners pay upfront when they purchase a home. Many homeowners believe they need to put down 20 percent; however, this is not always the case. What do homeowners need to know about putting a down payment on a house?
20 Percent Is Not Always Required
The reason why homeowners often believe they need to put down 20 percent … (0 comments)
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homebuyers: How to Calculate Cost of Living and Determine How Much You Can Afford
- 02/11/22 08:11 AM
A monthly mortgage can seem like enough of a financial responsibility on its own, but there are many factors involved in home ownership that affect its fiscal feasibility. If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you.
Determine Your Down Payment
Before you start with anything else, you'll want to determine the amount of money you can put down so you can estimate your monthly payments. The traditional amount for a down payment is 20% of the home's … (0 comments)
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homebuyers: Analyzing The Closing Disclosure: What Everyone Must Know
- 02/11/22 08:06 AM
It is exciting to hear that an offer has been accepted, and many homeowners are ready to move into their new houses as quickly as possible. At the same time, homeowners must take the time to review all documents associated with the purchase. Purchasing a house is a major financial decision, and homeowners need to understand what their obligations are. That is where the closing disclosure is critical. What type of information is included in the closing disclosure, and what do homeowners need to know now?
The Closing Disclosure Includes Fees and Costs
First, homeowners need to take a look at the … (0 comments)
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homebuyers: Tips for Making Your Best Offer on a Home
- 12/29/21 09:40 AM
As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.
1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:
“This pre-approval allows you to look for a home with greater confidence and demonstrates to … (0 comments)
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homebuyers: What's Ahead For Mortgage Rates This Week - December 27, 2021
- 12/27/21 07:35 AM
Last week’s scheduled economic reporting included readings on sales of new and previously-owned homes along with weekly data on mortgage rates and jobless claims.
Home Sales Increase in November
Sales of new and previously-owned homes rose in November. The Commerce Department reported sales of new homes rose to 744,000 sales on a seasonally-adjusted annual basis. October sales of new homes were revised to a year-over-year reading of 662,000 new homes sold, which was the lowest reading since the worst stage of the pandemic in April 2020. Analysts expected a year-over-year reading of 766,000 new homes sold for November. The median price of new … (0 comments)
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homebuyers: The Perks of Putting 20% Down on a Home
- 12/23/21 09:58 AM
If you’re thinking of buying a home, you’re probably wondering what you need to save for your down payment. Is it 20% of the purchase price, or could you put down less? While there are lower down payment programs available that allow qualified buyers to put down as little as 3.5%, it’s important to understand the many perks that come with a 20% down payment.
Here are four reasons why putting 20% down may be a great option if it works within your budget.
1. Your Interest Rate May Be Lower A 20% down payment vs. a 3-5% down payment shows your lender you’re … (1 comments)
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homebuyers: What's Ahead For Mortgage Rates This Week - November 15, 2021
- 11/15/21 06:48 AM
Last week’s scheduled economic reporting included readings on inflation and a preliminary report on consumer sentiment. Weekly reports on mortgage rates and jobless claims were also released.
Inflationary Growth Exceeds Expectations, Creates Consumer Challenges
October’s inflation rate rose to its highest year-over-year pace in 31 years last week with a reading of 6.20 percent growth as compared to September's year-over-year growth rate of 5.40 percent. Inflation rose by 0.90 percent month-to-month in October as compared to September’s reading of 0.40 percent growth. Consumers paid more for essential goods including food, fuel, and transportation. October’s inflationary growth rate surpassed the Federal Reserve’s inflationary … (0 comments)
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homebuyers: What You Can Do Right Now To Prepare for Homeownership
- 09/02/21 09:19 AM
As rent prices continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from ApartmentList.com:
“The first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has increased by 11.4 percent since January . . . .”
Those rising rental costs may make it seem impossible to prepare for homeownership if you’re a renter. But the truth is, there are ways you can – and should – prepare to purchase your first home. Here’s some expert … (1 comments)
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homebuyers: Americans Choose Real Estate as the Best Investment [INFOGRAPHIC]
- 05/21/21 08:27 AM
Some Highlights For the eighth year in a row, real estate maintained its position as the preferred long-term investment among Americans. Real estate has been gaining ground against stocks, gold, and savings accounts over the last 11 years and now stands at its highest rating in survey history. Let’s connect if you’re ready to make real estate your best investment this year. … (0 comments)
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homebuyers: How Smart Is It to Buy a Home Today?
- 03/05/21 10:57 AM
Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, and only you can judge what impact those factors should have on your desire to move.
However, there’s one category that provides a simple answer. When deciding to buy now or wait until next year, the financial aspect of the purchase is easy to evaluate. You just need to ask yourself two questions:
Do I think home values will be higher … (0 comments)
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homebuyers: 3 Reasons to Be Optimistic about Real Estate in 2021
- 12/16/20 10:29 AM
This year will be remembered for many reasons, and optimism is one thing that’s been in short supply since the spring. We’re experiencing a global pandemic, social unrest, an economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reevaluate their space and what they need in a home going into 2021. So, experts are forecasting that next year is one in which we can be optimistic about real estate for three key reasons.
1. The Economy Is Expected to Continue Improving Tim Duy from the University … (0 comments)
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Buying a home is often considered one of the most significant financial and emotional investments in a person's life. Beyond the mere transactional aspect, the process of purchasing a home is deeply intertwined with human emotions and psychology. From excitement to anxiety, hope to hesitation, the journey of home buying is laden with a complex interplay of feelings that greatly influence our decisions. Let’s explore how emotions can sway real estate decisions.
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