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Buyers new to homeownership have a lot to learn in their first go-around-and recently released insights reveal just how important education is.
According to an analysis by Freddie Mac, borrowers who received classroom and home study counseling had reductions in their subsequent rates of serious delinquency of 26 percent and 21 percent, respectively. The same data show that borrowers who received individual counseling averaged a 34 percent reduction in their rate of serious delinquency.
"Freddie Mac believes objective, unbiased homebuyer education and counseling can improve the ability of borrowers to make prudent homeownership and home financing choices," says Sean Becketti, chief economist at Freddie Mac. "The benefit is likely to be greatest for first-time homebuyers, and, as a result, Freddie Mac requires financial literacy education for first-time homebuyers who take advantage of Freddie Mac's low-down-payment prog...
Made the decision to move? Congratulations! You're one step closer to living in the home of your dreams. Make your move go as smoothly as possible by following this checklist, mapped out in timeline format by the experts at Roadway Moving.
60 Days Before You Move…
• Start strategically planning your move, step-by-step, to alleviate the stress of last-minute packing and planning.
• Think about holding a garage sale before your move to help reduce the amount of stuff you bring into your new home.
30 Days Before You Move…
• Check-in with your mover regarding details for move-in day.
• Confirm with your moving company that they will be able to connect or disconnect cable, Internet, electric and any additional services you're using.
• Begin packing and develop an unpacking plan for move-in day.
2 Weeks Before You Move…
• Clear out any rooms in your...
(BPT) - If you're in the market for a new house this year, don't be fooled by the brisk chill in the air - the spring house-hunting season is actually closer than you think. That means now is the perfect time to start your planning. Space requirements such as bedrooms, bathrooms and square footage are essential, but a house is more than just shelter, it's your home, and the great ones not only have everything you need, but everything you want.
"Each family lives in their home differently," says Beazer Homes Senior Creative Manager Michael Phillips. "Some buyers prefer a private dining room, while others want an open-concept kitchen with a more casual eating area. Where one buyer might prefer an owner's suite on the main level, others may want all their bedrooms on the upper level."
Although every ho...
Generally, homeowners undertake home improvement projects for one of two reasons: to enhance their quality of living, or to increase the value of their home. The best improvements, however, pay off whether staying or selling.
The projects worth the most of their investment are:
1. Boost Natural Light – Buyers love balanced, natural light- and you probably do, too! To make the most of the light entering your home, install ENERGY STAR®-qualified, no-leak skylights in the kitchen or bathrooms. Skylight blinds can help control the amount of light at any given time of day, giving you (and buyers) the ability to enhance the ambiance of the home.
2. Install a Deck – Whether seeking to spend more time outdoors or to attract potential buyers, adding a deck (or up...
Mortgage rates have moved lower for the sixth week in a row, prodded by ongoing market volatility, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®).
"The 30-year mortgage rate dropped another 7 basis points [last] week to 3.65 percent," says Sean Becketti, chief economist at Freddie Mac. "[Last] week's drop leaves the mortgage rate just 6 basis points above last year's low of 3.59 percent."
The average 15-year fixed-rate mortgage (FRM) averaged 2.95 percent with an average 0.5 point, according to the survey, and the average 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent with an average 0.4 point-both decreases.
"I...
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