If you've recently put your home up for sale, one of the most exciting parts of the selling process is getting an offer. However, all is not said and done once you've received an offer, as you'll probably want to negotiate a better price. If you're wondering how you can counter without losing a potential buyer, here are some tips when the time comes to negotiate. Lower Your Price (A Little) As a seller, it's important to believe in the price you've put your home on the market for, but lowering your asking price after getting an offer will tell the potential buyer that you're flexible. While you may not want to compromise too much, you'll have to move a bit to keep them interested. Pay For … [Continue Reading...]
Last week’s financial and economic reporting included readings on sales of new and previously-owned homes, along with weekly data on mortgage rates and jobless claims. Single-Family Home Sales Rise in February Year-over-year sales of previously owned homes rose 14.5 percent to a seasonally-adjusted pace of 4.58 million sales. Analysts expected 4.20 million sales of pre-owned homes as compared to January’s year-over-year reading of 4.0 million sales. February’s increased sales halted 12 months of falling sales of previously-owned homes. February’s reading marked the highest pace of sales since July 2020, when sales of pre-owned homes rose by 22.40 percent. The National … [Continue Reading...]
If you're about to seek approval for a mortgage, you'll want to ensure you have a solid credit score and clean financial records to boost your likelihood of being approved. There are certain characteristics that lenders want to see in a mortgage applicant before they agree to give a loan, and you want to prove that you're a responsible borrower. But certain behaviors can easily tank your application and crush your home ownership dreams. Before you seek approval, make sure your finances are in order. Avoid these three mortgage-killing habits while your lender evaluates your loan and you'll quickly find yourself holding the keys to your new home. Using Up Most Of Your Available Credit It can … [Continue Reading...]
When you go through the process of applying for a mortgage, you need to make sure you understand all of the terms on the page. Two of the most common numbers you will come across include the mortgage rate and the APR. Many people associate both of these numbers with interest rates, but you will probably notice that they are not quite the same. What are the differences between these two numbers, and how are they going to impact your mortgage loan? The Mortgage Interest Rate The first number you are probably going to look at is the mortgage interest rate. This reflects the additional money that you will be charged over the life of the mortgage. For example, if you take out a loan for … [Continue Reading...]
Even though interest rates have gone up significantly during the past few months, there are still opportunities for you to find a home at a great price. The high interest rate can be discouraging for some people, but as long as you know how to navigate the market, you can still put yourself in a position to be successful. Put More Money Down The easiest way to combat a high interest rate is to reduce the amount of money you borrow. That means that you might need to put more money down. Of course, this means that you might need longer to save up a down payment, but there are other benefits you might notice as well. For example, if you are willing to put 20 percent down or more, you no longer … [Continue Reading...]
The mortgage process is a long and complicated one, with a number of similar-sounding terms that can easily confuse first-time homebuyers. A pre-approval is not the same thing as a pre-qualification, and it's important to understand everything that goes into a pre-approval. Being declined during the pre-approval process means you'll have a hard time getting the funds you need to buy your home, so it's important that you know what the process is going to look like before going into it. How does a pre-approval work, and how can you make sure you won't be declined? Here's what you need to know. What Is A Mortgage Pre-Approval? A mortgage pre-approval is a step that happens somewhere near the … [Continue Reading...]
