With mortgage rates still favorable, home prices rising and the number of existing homes on the market near record a record low, having sound financing is essential if you hope to purchase a home heading into the busiest homebuying season of the year. Here’s how a loan commitment gives you a head start against other buyers in the market.
Buying a home isn’t the right choice for everyone, but many renters self-exclude themselves from homeownership based on misconceptions they have about the home financing and homebuying process. If owning a home is a priority for you, don’t let these mortgage and homeownership myths discourage you from making it a reality.
Credit scores are a huge part of the loan approval process. They not only determine your eligibility for home financing but can also determine what mortgage rate you will qualify for. But what if your credit score falls on the lower side of the spectrum?
Buying a home is likely the biggest purchase you’ll make in your lifetime, so it makes sense that preparing to buy one takes a little longer than most other purchases. With that being said, there are several mistakes you should avoid if you hope to purchase a home in the next few months.
Think of all the tasks you no longer need to hire out. You don’t need a travel agent to book a vacation. You don’t need to hire a web developer to design a website. So in a DIY age with the world of real estate readily available at your keyboard, do you really need a real estate agent? Yes. Here’s why.
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.
Down payment requirements, carrying other monthly debt and building mortgage-ready credit are common hurdles for today’s homebuyers. A relatively new mortgage product addresses these issues and makes home financing accessible to creditworthy low- to moderate-income homebuyers through Fannie Mae’s HomeReady™ program. Here’s how the HomeReady mortgage can benefit first-time homebuyers or homebuyers looking to purchase a multi-generational home.
The official first day of spring is nearing! Is your home ready? As the days grow longer and the weather becomes milder, it’s essential for homeowners to address any damage caused by the winter elements, as well as get their home ready for a brand new season. If you're a first-time homeowner still learning the basics of home maintenance, here’s a quick list of preventative tasks to complete over the next few weeks.
Low existing home inventory isn’t new housing market issue. Low mortgage rates and rising home values have made many real estate markets extremely competitive with homes selling above listing price within a matter of days. According to the most recent existing home sales report, inventory is at its lowest in nearly two decades. Here’s how you can prepare for buying a home when inventory is tight.
With mortgage rates and rent prices climbing on top of the availability of several down payment assistance programs, there’s no better reason to purchase your first home sooner rather than later. Here’s how the Illinois Housing Development Authority's loan program 1stHomeIllinois makes homeownership even more enticing for first-time buyers.