Home prices have shot up in some areas of the U.S., to the point where buyers need jumbo loans to finance them. In mortgage-speak, jumbo refers to loans that exceed the limits set by the government-sponsored enterprises (GSEs) that buy most home loans and package them for investors.
Not knowing your mortgage rate can be an expensive mistake, especially in this rising interest rate market. Yet nearly three in 10 mortgage holders (29 percent) either didn’t know their mortgage rate or wouldn’t say, according to a survey by Bankrate.
This is a big problem, says Martin Choy, operations manager at Westwood Mortgage in Seattle.
Student loan debt is one of the biggest factors impacting millennials’ ability to purchase a home. According to the National Association of REALTORS® (NAR), 80 percent of millennials do not own a home, and, of that, 83 percent say student loan debt is impacting their ability to buy. Millennials expect to be delayed from home-buying for a median of seven years, the NAR research shows.
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.
Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home.
However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest rate on the mortgage used to purchase it.
Summer is traditionally a busy season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on those buyers who are looking to purchase before the new school year. This year will be no different!
Many people don’t realize that there are renovation loans that can help pay for your housing upgrades. Whether you need a new roof or your kitchen is outdated, there is a mortgage that’s right for your fixer-upper. Here are your options and what you should know about each one.
Government-Backed Home Renovation Loans
No matter the age or life stage, everyone makes mistakes when it comes to home-buying.
Whether it’s picking the wrong location or buying more house than you can afford, the mistakes are often universal, says Ilyce Glink, author of “100 Questions Every First-Time Home Buyer Should Ask.”
A home inspection is an assessment of a home’s condition. Home inspectors not only identify problems with houses; they can give buyers information that will help them with the upkeep.
“We want to teach them how to maintain the property because it’s the biggest investment they’ll ever make,” says Alden E. Gibson, a past president of the American Society of Home Inspectors.
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