A recent Wall Street Journal article pointed out that real estate investors may be pushing young, first-time homebuyers out of the housing market. Low and mid-priced homes, which appeal to both first-time buyers and investors, are in tight supply. Investors are swooping in with all-cash offers only to turn around and rent out the properties. As rental rates skyrocket across the nation, investors stand to benefit while potential homebuyers are challenged by high rent that may prolong saving for a down payment. Is there a solution? Can buyers finance a home purchase and still put forth a strong enough offer to compete against all-cash? We asked Realtor® Dana Green to weigh in on how buyers can level the playing field.
The concept of home is special to each of us in our own way, so shopping for a home can be emotional. Once you connect with a home that’s just right for you, emotions can run hot because that’s when you need to get the seller to accept your offer.
The Fed’s December announcement of a rate increase of 25 basis points (.25%) was highly anticipated, mostly because the last increase happened a decade ago. The threat of an increase has been looming and now that it has happened, what does the increase really mean to consumers? There’s no reason to panic. Here’s why:
In the mortgage industry, we routinely encounter instances in our day-to-day interactions with clients that make us realize what is obvious to us may not be so obvious to those we serve. As loan advisors, a question we are frequently asked by those shopping for a home and going through the mortgage pre-approval process is, “How long is my pre-approval good for?”
So you’re on the hunt for a new home. What should you do first? You’ve heard you should get pre-approved or pre-qualified, but which is it? Is there a difference? If you’ve ever been confused by the two, you’re not alone. Many people are under the assumption that the two options are the same, but, in fact, there are major differences between the two. Here’s the breakdown…
Why do you receive so many unsolicited offers after you apply for something like a credit card, or a loan? The answer may surprise you, but the solutions are fairly simple!
The millennial generation is entering a job market and economy that comes with its own set of challenges. The Wall Street Journal reports that, “The financial crisis exacted a heavy toll on the generation of Americans now entering their 30s. Facing difficult job prospects, little-to-no income growth and a historically unprecedented level of student loans, their finances are in a more precarious state…” At the same time, this younger generation is empowered by technology and motivated by a strong desire for more freedom in their daily life.
With student loans and credit debt at an all-time high, many first-time home buyers wonder if they’ll ever accumulate enough money to meet their down payment. Fortunately, there are ways for cash-strapped borrowers to bridge the gap. Here are some options to consider:
Most house hunters have a clear vision of their dream home. A gourmet kitchen. A yard for the kids. Lots of natural light. But how often is equal consideration given to the finer details of the location? How do you evaluate a neighborhood to determine if your dream home is truly in your dream location? Here are 5 ways to figure out if a neighborhood matches your lifestyle and investment goals.
What kind of income documentation do you need to provide in order to qualify for a mortgage? Lending requirements have changed at a rapid pace, largely due to a regulatory environment seeking to prevent a repeat of the real estate collapse. While it used to be good enough to state your income, regulations now require that income be “fully documented”. To clarify, here is a list of the forms of documentation that are used to verify income in the majority of mortgage qualification scenarios in 2015: