Taking the time to save a down payment for buying a home might be keeping you from actually buying a home. But you may be unaware that those funds may already exist. NAR does a Profile of Home Buyers and Sellers report each year which says that 81 percent of first-time buyers pull all or […]
“If” interest rates go up is not the correct question. “When” interest rates go up is what you need to worry about. Because “when” those rates increase it will be a big difference for buyers and move-up buyers. Freddie Mac is predicting that mortgage rates will be at 4.5 percent a year from now. Higher […]
Some buyers are under the impression that they need to wait until they have saved a 20% down payment so when they buy their dream home they can avoid mortgage insurance (PMI) which lenders required when the loan-to-value ratio of larger than 80 percent. The only exception to this rule is VA loans. Here is […]
If you have a good job and good steady income and a qualifying retirement program, you may be able to buy a home. The rules differ between a Roth IRA, a 401(k) or a traditional IRA With a 401(k) account, you can borrow up to half of the balance or $50K, whichever is less, for […]
A higher house payment doesn’t mean your home is more valuable. It means that you got a mortgage loan rate higher than it has to be. If you are looking to lower your monthly mortgage payment then an adjustable rate mortgage can do that for you only factor to consider is how long are you […]
First-time home buyers and repeat home buyers are often faced with determining which loan product they want to use. You have a certain amount of money you can use for a down payment, so should you go FHA or Conventional? Fannie Mae re-launched its Conventional 97% LTV conventional loan program in December 2014. Now the […]
Lenders are a dime a dozen. Making a Lender selection can be a bit daunting. You want someone who will understand your needs as a buyer and present you with the best loan product. Being able to sit in front of someone and have face-to-face contact is a huge advantage. It’s hard to con someone […]
There are times when the things we don’t do cost us more than the things we do. If you had a certificate of deposit that you put money into and it was earning 2 percent when you had a chance to take advantage of an 8 percent earnings, the difference between these percentages cost you […]
A short story about an offer presented to a single, senior woman who was relocating to a retirement home: The offer was for full price and had reasonable terms and timelines. The seller would not accept it. As the offering agent delved deeper into why, the agent discovered the seller was upset about her dining […]
Most of us know that if you withdraw funds early from your IRA you pay a 10 percent penalty. Current withdrawal age is 59.5 years old. But first-time homebuyers have an exception available to them. They are allowed to withdraw up to $10,000 per person, penalty free, if they did not own a home in […]
