The Truth About Down Payments

Written by Fort Walton Beach Mortgage Syndicated User on February 26, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Mortgage Fort Walton Beach.

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize.As The Mortgage Reports says:“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most...

Strategic Tips for Buying Your First Home

Written by Fort Walton Beach Mortgage Syndicated User on February 20, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Mortgage Fort Walton Beach.

Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it’s a dream you can make come true, but there are some hurdles you’ll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges.So, if you’re ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality.Save Money with First-Time Homebuyer Programs Paying the initial costs of homeownership,...

Achieve Your Dream of Homeownership with Condos and Townhomes [INFOGRAPHIC]

Written by Fort Walton Beach Mortgage Syndicated User on February 16, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Infographics, Mortgage Fort Walton Beach.

Some HighlightsIf you’re trying to buy a home but are having a hard time finding something in your budget, here’s something that can help: consider condos and townhomes.They may better fit your budget, can help you start building equity, and tend to require minimal upkeep and less maintenance.Looking at condos and townhomes can make it easier to find and buy a home. When you’re ready, connect with a local real estate agent.

Why So Many People Fall in Love with Homeownership

Written by Fort Walton Beach Mortgage Syndicated User on February 14, 2024. Posted in First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Mortgage Fort Walton Beach, Rent vs. Buy.

Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a homeowner is emotional.So, if you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership.Customizing to Your Heart’s DesireYour house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve...

Bridging the Gaps on the Road to Homeownership

Written by Fort Walton Beach Mortgage Syndicated User on February 13, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Mortgage Fort Walton Beach, Move-Up Buyers.

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers.It’s clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest...

Winning Plays for Buying a Home in Today’s Market [INFOGRAPHIC]

Written by Fort Walton Beach Mortgage Syndicated User on February 9, 2024. Posted in First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Housing Market Updates, Infographics, Mortgage Fort Walton Beach, Move-Up Buyers.

Some HighlightsIn today’s housing market, you can still come out on top if you have the right team and plan.To win when buying a home, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd.Connect with a local real estate agent today to make your winning move.

Why Pre-Approval Is Even More Important This Year

Written by Fort Walton Beach Mortgage Syndicated User on February 7, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Mortgage Fort Walton Beach.

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.What Pre-Approval IsAs part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:“A pre-approval...

Why Having Your Own Agent Matters When Buying a New Construction Home

Written by Fort Walton Beach Mortgage Syndicated User on February 5, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Mortgage Fort Walton Beach, New Construction.

Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you.But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation...

2 of the Factors That Impact Mortgage Rates

Written by Fort Walton Beach Mortgage Syndicated User on January 30, 2024. Posted in For Buyers, Fort Walton Beach Mortgage, Interest Rates, Mortgage Fort Walton Beach.

If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play.Inflation and the Federal ReserveThe Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates,...

Why It’s More Affordable To Buy a Home This Year [INFOGRAPHIC]

Written by Fort Walton Beach Mortgage Syndicated User on January 26, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Walton Beach Mortgage, Infographics, Mortgage Fort Walton Beach, Move-Up Buyers, Pricing.

Some HighlightsHome affordability depends on three factors: mortgage rates, home prices, and wages.Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual.That’s good news if you want to buy a home because it means affordability is getting better.

Category: For Buyers