There are few things better than finding your dream home and being able to afford it, but simply because you've found the perfect place doesn't mean you should stretch the truth. It might seem tempting to polish your mortgage application a little in the hopes of making a better impression, but here are a few reasons why you should stick to the truth when signing off on your home. Your Credit History Tells All It can be tempting to bump up your salary or make some hefty deposits into your savings account. However, lenders will be taking a look at your financial history by way of your bank statements, credit report and paystubs so they're likely to discover any erroneous details. If you're not … [Continue Reading...]
There are many Millennials who are looking for a home, and many of them are getting ready to trade up for more space. If you think you need more space, you may have more buying power than you realize. The coronavirus pandemic has led to a lot of changes, and you might be able to use the equity in your home to purchase a bigger house with more features. Why Millennials Are Looking For Bigger Homes There are a few reasons why many Millennials are looking for bigger homes. First, the coronavirus pandemic forced many people to work from home. This meant that a lot of people, including Millennials, needed a home office. In some cases, this means looking for a home with an extra room. In … [Continue Reading...]
Although interest rates continue to rise, they are still low and you have probably heard that refinancing could help you save money on your home loan. Even though you are probably focused on current mortgage interest rates, feverishly comparing them to your own interest rate, you need to check your financials first. What are a few important indicators of your financial health that you need to check before you go through the refinancing process? Check Your Credit Report During the refinancing process, you will essentially replace your current home loan with another one. Therefore, the lender is going to check your credit report, so you should do so before your lender does. You can request one … [Continue Reading...]
Owning a home can be a major investment, but it is also a significant responsibility. From time to time, issues can pop up, and it is important that homeowners do not to ignore them. Ignoring these issues can lead to significant repair bills down the road. What are some of the top issues that homeowners should not ignore? 1. Mold Mold is a sign that the humidity level in the home is off or that there is standing water present somewhere. Mold thrives in warm, moist conditions. If homeowners do not address mold as quickly as possible, it will proliferate throughout the house, damaging the structure. Mold can also lead to significant health concerns, particularly for people who suffer from … [Continue Reading...]
Last week’s economic reporting included readings from S&P Case-Shiller Home Price Indices, the Federal Housing Finance Agency House Price Index, and the Commerce Department on sales of new homes. Weekly readings on mortgage rates and jobless claims were also reported. S&P Case-Shiller, FHFA Report Near-Record Home Price Growth February home prices continued their rapid growth, but analysts hinted at a coming slowdown in-home price growth as would-be buyers were faced with rising mortgage rates and affordability concerns. S&P Case-Shiller’s National Home Price Index reported year-over-year home price growth of 19.80 percent as compared to January’s national … [Continue Reading...]
Many would-be homebuyers are now considering buying a condominium instead. Condominiums may be a good option for first-time buyers who are experiencing obstacles when searching for properties that meet their budgets and other criteria. Here’s why: Condos Might Offer More Budget-Friendly Options In today's housing market, supply constraints are a fact of life. Including condominiums in a home search might expand the pool of alternatives. Remember, condos are often less expensive because they have less room—the owner won't have their own garden, for example—and the overall square footage is typically less than that of a single-family house. … [Continue Reading...]
