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While many of us envision the day when we can purchase our first home, we rarely consider the several prerequisites that must be met first. Looking at listings online or going to open houses is just the start of what can be a difficult process for first-time homebuyers. We suspect you have questions regarding the procedure if you've never bought a house before, and we have the answers...
It's one thing to consider becoming a homeowner. But what if you're serious about buying a house in the next few months? Getting pre-approved before you begin house hunting allows you to look at homes with confidence that you will be able to finance them. A pre-approval letter will reassure you that you are qualified for a mortgage. (And what if you discover a problem ...
When your dream home becomes available for purchase, you may feel compelled to make an offer. If you are currently renting and have a lease, purchasing a home may require you to make two payments: one for the home and one for your rent. Double payments can be expensive. You'll need to break your lease when you're ready to buy a house. If you understand your options and...
Rising mortgage rates have clearly defined the 2022 housing market. With interest rates rising due to the Federal Reserve's Response to inflation- it has undoubtedly reduced housing affordability. But, because the rate increase had occurred during a highly competitive market with very little inventory and record high home prices, this has been the silver lining of the housing market as a wh...
1. Failure to initiate the approval process as soon as possible The home buying process is exciting, so I totally understand the desire to dive in headfirst - but shopping for a home before receiving initial approval - also known as preapproval - can be a costly mistake.Taking the time to apply for approval ahead of time benefits home buyers in a variety of ways. Buyers have a reliable price...
Renters typically have to decide whether to start a new lease, renew their current one, or buy a house each year. This year, nothing has altered. But before you go too far into your options, it's a good idea to have a basic awareness of the actual costs of renting moving forward. Rent hikes were experienced by both current renters and new renters in the preceding year, according to stat...
I’m sure you have asked the question- “when should I buy a home?” at least once and have gotten various amounts of answers- well, here is one more data backed answer I’d like to add to that pile! So, when should you buy a home? When you know you can afford it- by “afford” - I mean, you must consider the following four:&nb...