Rising rental costs, low mortgage rates, financial benefits, and the ability to customize your living space are just a few of the many reasons first-time homebuyers want to take the plunge into homeownership. Regardless, buying is a big commitment and it’s crucial to make sure it’s the right lifestyle and financial choice for you. Here are a few questions to ask yourself first.
The jolt of the recession affected the housing market in many ways, but a 2016 study says that one of those effects may become a longer-term housing market trend. In the economic downturn, adults lost their homes and adult children “boomeranged” home after college, and for some, living with multiple generations under one roof became commonplace. But as the economy has rebounded, multigenerational homes have become even more popular, stimulating a brand new market that is much more than a guest bedroom for in-laws over the holidays.
Owning a home is a symbol of the American Dream - something we all can be appreciative of. Nevertheless, homeownership is an ever-changing and sometimes challenging journey. Whether you fell in love with your home the moment you stepped inside or are still finding ways to make it your own, here are a few ways to love and appreciate your home a little more this year.
You’ve likely dreamed of the day that you would own your home free and clear. If you want to see that day sooner rather than later, you know that making additional principal payments is your route to mortgage freedom. While there are several benefits of paying additional principal on your mortgage, there are several variables that determine whether it's the right choice for your financial situation right now.
Increasing mortgage rates coupled with rising home prices and rent costs are among a few of the reasons 2017 could be a good year for you to buy a home. Here’s what you can and should be doing now if 2017 is the year you want to get out of the rental circuit.
The desire for a master suite has been trending upwards in the housing market, topping lists alongside updated kitchens and bathrooms and open floor plans. While the benefits of a master suite, such as a private bathroom and separation from the home’s other bedrooms, may seem priceless to some homeowners, the budget of a master suite addition can become one of the priciest home renovations.
One in four homebuyers was looking to purchase a home in the first quarter of 2016 because rent was too high, up from one in five in November 2015, according to Redfin. Renters are feeling the burden of their monthly lease while homebuying continues to be the cheaper option by 36% , according to the latest Trulia Rent vs. Buy Report.
See five other benefits of buying a home sooner than later.
A greater sense of community, more living space, more stability for your children; the benefits of homeownership are endless. In honor of National Homeownership Month, we’ve compiled some of the biggest financial perks of accomplishing a significant part of the American Dream.
You’ve thumbed through listing photos online, compiled a list of favorite properties and are ready to start your home tours. While a picture is worth a thousand words, here are some non-aesthetic, very important items to factor in to your purchase considerations.
Down payment requirements, carrying other monthly debt and building mortgage-ready credit are common hurdles for today’s homebuyers. A new mortgage product addresses these issues and makes home financing accessible to creditworthy low- to moderate-income homebuyers through Fannie Mae’s new HomeReady™ program.