mortgage: Is Your Credit Score Good Enough To Buy A House? - 03/20/19 12:17 PM
A lot of Americans are holding back on buying homes because of their credit score. The sad truth is the majority of this group are misinformed and should have already started earlier than they plan to.
Only 25% of the Americans have a FICO Score between 740 and 800. Here is the breakdown according to Experian: 1
6% Very Poor (300-579)
18% Fair (580-669)
21% Good (670-739)
25% Very Good (740-799)
20% Exceptional (800-850)
Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,
"Just because you have a low credit score doesn't mean you can't purchase a … (2 comments)

mortgage: Increasing Family Wealth Through Homeownership - 03/12/19 11:35 AM
For most Americans, buying a home is the most important financial investment that we will ever make. Nevertheless, the recent housing bubble has left many people wondering if buying a home is still an effective way for people to save money and build wealth for the future.

The answer is 'yes,' according to recent studies.
The study revealed that the median net worth of a homeowner is $231,400 - a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of … (1 comments)

mortgage: Housing Prices Coming In For A Soft Landing - 03/08/19 03:17 PM
We are definitely headed to a balanced market this year. As things start to unfold, we are beginning to realize that last year's worries are nothing more than speculations. Price hikes are starting to soften as more inventory is introduced, this is good news to sellers and buyers alike.
The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed properties (foreclosures and short sales).
Today's market is totally different. Mortgage standards are tighter than … (2 comments)

mortgage: Mortgage Interest Rate At Its Lowest In The Last 12 Months - 03/07/19 10:52 AM
As the rates continue on its slow and steady descent, it is now in its lowest by far in the last 12 months. This is good news to prospective buyers looking to buy their first house or existing homeowners planning to move up to their dream home.
According to Freddie Mac's Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven't been seen since February 2018! Last week's survey results reported an interest rate of 4.35%.
This is a welcome change from the near 5% rates seen in … (1 comments)

mortgage: Three Key Indicators Of A Healthy Real Estate Market - 03/05/19 03:33 PM
With the traumatic devastation caused by the last housing bubble, it's understandable why a lot of Americans can be a little paranoid when it comes to market fluctuations. We tend to worry about heading into another housing crash whenever we see changes in the market. Good news is, we no longer have to go through all that unnecessary stress for here are three indicators to let us know how the market then and now are different from each other.
Home Prices Mortgage Standards Foreclosure Rates HOME PRICES
A decade ago, home prices depreciated dramatically, losing about 29% of their value over … (3 comments)

mortgage: David Bach's Advice To Millennials - 02/28/19 04:23 PM
A self-made Millionaire David Bach gave a piece of simple yet compelling advice to Millennials; "Don't Get Stuck Renting A Home... Buy One!" plain and straight, Bach pointed out a common mistake a majority of millennials tend to make with their life decisions.

In a CNBC article, self-made millionaire David Bach explained that: "The biggest mistake millennials are making is not buying their first home." He goes on to say that, "If you want to build real financial security, real wealth for your lifetime, then you need to buy a home."
Bach went on to explain:
"Homeowners are worth 40 times more … (0 comments)

mortgage: Setting The Best Price For Your Home - 02/21/19 03:00 PM
Pricing your home right is one of the most challenging part of the sales process, too low may mean a loss on your end, on the other hand, you can be at risk of having a stale listing if you price it too high.
If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018. The map below shows the results of the latest index by state.

Real estate is … (0 comments)

mortgage: The Value Of Homeownership - 02/20/19 03:11 PM
We have discussed time and again the advantages of owning a home over renting, and not only has the majority of Americans agree to these, but surveys say the same things too. Money spent on a mortgage is money well spent and help build one's financial wealth.

For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage!
The Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net … (0 comments)

mortgage: Prepping House For Sale Made Easier - 02/15/19 12:01 PM
One of the things that add up to the stress of selling a house is cleaning up. Believe it or not, most people spend days to weeks on end trying to tidy up their home in preparation for selling. Well, we have good news for all you prospective sellers.
The KonMari Method is here to save the day. Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.
"The KonMari Method encourages tidying … (0 comments)

mortgage: Are You Spending Your Money On Your Own Mortgage? - 02/14/19 03:43 PM
Would you rather pay rent so someone else can afford to pay the mortgage or buy your own home so all the money you spent on it monthly will leave you with something to call your own?
As Entrepreneur Magazine, a premier source for small business explained in their article, "12 Practical Steps to Getting Rich":
"While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but by renting, you're paying someone else's mortgage. In effect, you'e making someone else rich." … (0 comments)

mortgage: 20% Down Payment To Buy A Home is Not Accurate For Everyone - 02/13/19 02:11 PM
One of the biggest rock potential buyers face is saving up for the down payment, and the sad truth is a lot of Americans find it as a deterrent and just give up their dreams of buying a home of their own.
The truth of the matter is, you don't need 20% Down to buy a home. In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!
According to the "Barriers to Accessing Homeownership" study commissioned in partnership … (0 comments)

mortgage: Building Family Wealth Through Real Estate - 02/08/19 03:02 PM
We have discussed about how owning a home could significantly increase a person's net worth. Today we're giving you four more proven ways on how real estate can build sizable family wealth.
1. Appreciation
"The rising of home prices over time, is how the majority of wealth is built in real estate. This is the 'home run' you hear of when people make a large windfall of money. While prices fluctuate, over the long run real estate values have always gone up, always, and there is no reason to think that is going to change.
One thing to consider when it … (2 comments)

mortgage: Hacking Mortgage Interest Rate - 01/04/19 02:27 PM
Paying off mortgages takes time, but it's helpful to know that there are ways to shorten your mortgage payments by months or even years. Here are some ways to help you beat the loan clock legitimately and save thousands of dollars in the process.
Any additional payments to the principal amount (the original sum of money borrowed in a loan), helps to cut down the amount of interest that you will pay over the life of your loan and can also help to shave years off the loan as well. When you make 'extra' payments toward your loan, the key is … (1 comments)

mortgage: Facing Your Mortgage Process Fears - 11/07/18 02:42 PM
Don't beat yourself up for having second thought about the mortgage process. Your fears are not unfounded, and as it turns out, you are not the only one. Fear comes from things we do not completely understand, and the Mortgage Process is a long and complicated process that does not come with walk-throughs and tutorials readily available at a moment's notice.
For many, the mortgage process can be scary, but it doesn't have to be!
In order to qualify in today's market, you'll need a down payment (the average down payment on all loans last year was 5%, with many buyers … (0 comments)

mortgage: Mortgage Rates Continue to Climb - 10/03/18 03:54 PM
Although it's true that another increase just occurred recently, our current rates are still low compared to what we had back 10, 20, 30 and 40 years ago. Some buyers may have missed to take advantage of the lowest rate in history, but we're still at the lower end to date historically speaking.
Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a … (1 comments)

mortgage: Renting versus Buying - 08/27/18 03:27 PM
When buying groceries, people often pick one product out of the countless others because of one reason, they want to spend their money correctly.
Have you ever wondered if you're spending your money correctly on the right mortgage? As Entrepreneur Magazine, a premier source for small business, explained in their article, "12 Practical Steps to Getting Rich":
"While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but by renting, you're paying someone else's mortgage. In effect, you're making someone else rich."
With home … (0 comments)

mortgage: Proper Preperation for Mortgage Applications in Yonkers - 04/27/12 06:00 AM

mortgage: HUD Costs Increase: Effective April 2012 - 03/01/12 03:00 AM
HUD Costs Increase: Effective April 2012
This is a BIG DEAL for The NY Real Estate Market
In a move to increase their financial standing (and to get the FHA back into required capital requirements), on Monday, HUD announced their anticipated increases in the premiums they charge borrowers. Simply stated, the cost of borrowing is going up.
FHA loans, by design, are more liberal in their underwriting guidelines than most conventional loan products (in terms of credit, income ratios, required investment from the borrower, and maximum loan amount). HUD is not a lender. Rather, it is a federally-insured insurance company. … (0 comments)

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Rummy Dhanoa

Rummy Dhanoa Real Estate Experts

Eastchester, NY

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Rummy Dhanoa Real Estate Experts

Address: 760 White Plains Rd, Scarsdale, ny , 10583

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