Homeownership has declined over the recent years, especially with the younger generations. Many millennials have been simply renting instead of buying. What’s holding them back?
There are valuable tidbits to learn from the first installment of the “Lessons from Real Home Buyers” series. Meet a new homeowner who shares his story and his advice for house hunters.
Despite historically low interest rates and a glut of cut-rate houses on the market, many Millennials are hitting a brick wall when it comes to getting the mortgages they need. So instead, young adults are finding creative ways to leverage the post-Recession economy to get into the home they want.
With more advantages of installing energy-efficient upgrades emerging daily, why wait to start making changes to your home? They’ll help save you money through tax incentives and cheaper energy bills, and, according to many real estate experts, these improvements help sell your home faster.
The leaves are falling, the kids are chowing down on apples, and everyone is trying to drink as much cider as humanly possible. This time of the year is great for a lot of things: spending time with family, playing some football in the front yard, enjoying the playoff hunt for baseball, and buying a house.
Not to beat a dead horse here or anything, but you should know by now that mortgage rates are crazy low. They’re not at record lows like they were last month, but they are still insanely low given how high they were last year at this time. Combine low mortgage rates with home affordability being slightly lower than the record set last quarter, and you’ll be surprised with some of the numbers you can find.
Did you take advantage of the first-time home buyer tax credit in 2008? If so, you have to pay it back. I wish I was lying, but like George Washington, I can’t tell a lie. Also like George Washington, I have wooden teeth. But all the wooden teeth in the world can’t get me out of paying back this interest-free loan. If you’re in the same boat, read up on the details of this credit and the repayment requirements.
Sure, putting a big down payment on your new home is a good thing. But, first-time home buyers, keep some cash in your coffers for surprise home repairs! Be proactive and keep some savings aside, even if the inspection came up clean.
Buying a home can be scary. We’ve compiled a list of things to help make your home purchasing experience more enjoyable. Here are ten tips to keep in mind as you move forward in the home buying process
Be Prepared! Applying for a mortgage for the first time can be intimidating and sometimes overwhelming. But if you have all the right documents prepared ahead of time, it will make the process go much smoother and faster. First, lenders will need to know your date of birth and Social Security number in order to pull a credit report. They do this to find out how risky you are as a borrower. Generally, the higher your score, the less risky you are and the better rate you’ll qualify for. Then, you’ll need to give your lender: Documents you will need: The signed purchase agreement Copies of your W-2 forms Proof of income (original pay stubs, verification of employment, or two years’ worth of tax returns) Proof of assets (bank statements, investment statements, etc.) to show you have money to cover closing costs Copy of the earnest money deposit Copy of your homeowners insurance It may take some time to gather all of them, but it will be worth it when it comes time to close your loan. Not everyone will be able to document everything and that’s ok. There are very flexible loans available with little documentation. But generally speaking, the more documentation you provide, the better interest rate you’ll get on your loan. A Quicken Loans home loan expert can help you figure out exactly which documents you’ll need to prove your income and assets. They can also tell you whether you’ll need other documents other than the ones…