Posts from July 2016
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21
3 Tips for Homebuyers in a Competitive Market
(BPT)—Homebuyers traditionally face competition at the height of real estate season. Now, with market indicators reaching record post-recession milestones, competition is stiffer than ever.
To gain an edge as a buyer, real estate professionals advise:
Getting Pre-Approved – Getting pre-approved for financing will give you significant leverage in negotiations with the seller—and knowing exactly what you can afford will keep you on track if a bidding war ensues.
Thinking Long-Term – As a homebuyer, your decision regarding which home to purchase should align with your future expectations. Planning to grow your family? Consider a larger house in need of work instead of a completely updated two-bedroom bungalow. Looking to downsize? Consider purchasing a ranch home without stairs.
Researching the Neighborhood – Researching areas in advance can save you time spent huntin...
15
Brexit Vote Drives down Mortgage Rates, Results Show
Slow growth in China and the Brexit vote in the U.K. have played a major role in driving down mortgage rates, according to Freddie Mac's recently released monthly Outlook for July. In the most recent Primary Mortgage Market Survey, the 30-year fixed-rate mortgage fell to 3.41 percent, just slightly above the all-time record low. This is likely to result in a boost in housing activity, particularly refinance, as homeowners take advantage of the current low rates.
"With the U.K.'s decision to exit from the European Union, global risks increased substantially, leading us to revise our views for the remainder of 2016 and all of 2017," says Sean Becketti, chief economist, Freddie Mac. "Nonetheless, the turbulence abroad should continue to create demand for U.S. Treasuries and keep mortgage rates near historic lows; thereby, a...
7
Buying a Home? Tips to Grow Your Down Payment
A down payment is an initial payment made by a homebuyer with financing, generally ranging from 5 to 20 percent of the home's value, according to the American Bankers Association (ABA) Foundation.
A down payment of 20 percent will save the expense of private mortgage insurance (PMI), which is often imposed on borrowers who finance more than 80 percent of their purchase, and can also result in a lower mortgage interest rate.
To grow your down payment to 20 percent, the ABA Foundation recommends:
Saving – Open a separate savings account strictly for your down payment. Setting these funds aside from other types of savings will reduce the chance you'll draw from it in times of need.
Budgeting – Your down payment will depend on the amount you plan to spend on a home. Assess your current...
7
3 simple, fast changes to make your kitchen more usable and beautiful
(BPT) - Why do you want to remodel your kitchen? Sure, the cabinets date back to the disco era, but the doors and hardware all still work. Your stove may be older than your college senior, but you can still bake a batch of chocolate chip cookies in it. So why invest the time, money and emotional capital in renovating the most-used room in your home?
If you're like most Americans, you'll undertake a kitchen renovation to make your life easier and happier. In a Houzz survey, 79 percent of homeowners who planned a kitchen project said they were doing it to improve the look and feel of the room, while 59 percent wanted to improve functions. The popular home improvement website Homeadvisor says tha...
1
Helping first-time home buyers get from 'I can't' to 'I can'
(BPT) - Finally! The economy is improving, interest rates are low and many consumers now find themselves in a great position financially to become a first-time homeowner. There's a small problem though for some locations around the country — the booming real estate market is resulting in rising home prices and increased competition for the most desirable properties.
The S&P/Case–Shiller national home-price index recently estimated that 2016 prices are within four percent of the peak in 2006. In some areas, low inventories around the country are making the situation even more challenging.
These conditions are introducing first-time buyers to common challenges and frustrations while searching for their dream home. "Don't get discouraged," says Travis Peace, executive director of mortgage at USAA Bank. "Buying a home requires...