Coldwell Banker American Homes Blog
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9
5 Tips for First-Time Homebuyers
(TNS)—You've decided to go for it. You know mortgage rates are enticingly low.
Buying a home can be thrilling and nerve-wracking at the same time, especially for first-time homebuyers. It's difficult to know exactly what to expect.
Take these five steps to make the process go more smoothly.
Check Your Credit
Your credit score is among the most important factors when it comes to qualifying for a mortgage.
"In addition, the standards are higher in terms of what score you need and how it affects the cost of the loan," says Mike Winesburg, formerly a mortgage planner in Wheeling, W. Va.
Scour your credit reports for mistakes, unpaid accounts or collection accounts.
Just because you pay everything on time every month doesn't mean your credit is stellar. The amount of credit you're using relative to your available credi...
2
Rising Rates: Spoiling Homebuyers' Plans?
Homebuyers are concerned about the effect rising interest rates have on their ability to afford a home, but not enough to spoil their plans, according to a recent survey issued by Zillow Group Mortgages. Eighty-three percent of homebuyers who plan to purchase a home in the next three years expect to see those plans through, even if their monthly mortgage payment increases by $100 due to rising rates. Forty-nine percent will forge ahead even if their payment increases by $200.
Rising rates will have an impact, however, on the location and size homebuyers settle on, according to the survey. Twenty-five percent of homebuyers with $100 in additional costs would change their plans, opting for a home with less square footage or in a more affordable community.
"For years, falling interest rates have been a boon to the U.S. housing market, kee...
24
Experts Agree: The No. 1 Factor Shaping the 2017 Housing Market
Rising mortgage rates will have the most impact on the housing market in 2017, according to expert opinions recently assessed in Zillow's Home Price Expectations Survey, followed by limited housing supply and shifting demographics.
Rising rates, markedly, affect both sides of the transaction—as rates increase, homebuyers are further extended, while sellers hold off on listing to avoid a higher-priced mortgage. The experts surveyed expect the most significant changes to come when rates reach 5.5 percent. According to Freddie Mac, rates currently are in the neighborhood of 4 percent.
"Rising mortgage rates, inventory shortages and demographic shifts will be the main drivers of the U.S. housing economy this year, especially for first-time buyers who...
17
The Real Deal on Rising Rates: What It Means for Your Home-Buying Plans
You've taken all the necessary steps to get ready to buy a home. You've saved for a down payment, improved your credit score, got all your financial documentation in line, and figured out what price range you can afford. And then the interest rates went up. Is your dream of homeownership now unachievable?
According to recent data from realtor.com®, the share of first-time buyers planning to buy a home this spring fell sharply when mortgage rates began to rise toward the end of 2016. According to realtor.com®'s January survey of active homebuyers, 44 percent of buyers planning to buy in spring 2017 are first-time buyers. This has dropped significantly since the survey was conducted in October, when 55 percent of buyers planning a spring purchase indicated they were looking for their first home.
However, with inventory shortag...
10
5 Things to Pay Attention to on a Walk-Through
You've done your research online and narrowed down the neighborhoods and homes you're most interested in. The next step? Visit your top picks in person. But what should you look for? What real estate information will you be able to determine live that you couldn't find in the photos and details you already looked at online? Here's a list of what to look for when on a walk-through:
The neighborhood. Sure, you found out all about school quality, crime stats, proximity to transportation and more during your online research, but nothing compares to being there. Take a look at traffic patterns, the condition of surrounding homes, the neighbors, their yards, etc. After you've toured the house, take a few minutes for a quick stroll around the block. This will give you a much better sense of the neighborhood you may c...