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Contrary to common misconception, a down payment is often much less than many believe. According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market.
Gen Zers are the next generation of homeowners, and they’re eager to jump in and buy their first homes. Whether you are part of this generation or any other, it’s never too early to start saving, so you can reach your homeownership goal sooner rather than later.
Learning the lingo of homebuying is an important part of feeling successful when buying a home. From APR to P&I, you need to know the acronyms that will come up along the way, and what they mean when you hear them. Your local professionals are here to help you feel confident and informed from start to finish…and this infographic will help you as you go.
You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection.
The latest edition of the Realtors Confidence Index from NAR sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand). Until the supply of homes for sale starts to meet buyer demand, prices will continue to rise.
Some Highlights: The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020. CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months. If you’re ready and willing to buy your dream home, now is a great time to buy.
When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable.
One of the benefits of homeownership is that it is a “forced savings plan.” Here’s how it works: You make a mortgage payment each month. Part of that payment is applied to the principal balance of your mortgage. Each month you owe less on the home. The difference between the value of the home and what you owe is called equity.