Those hoping to be first-time homebuyers can overcome the challenge of saving for a down payment by taking advantage of various sources of assistance. There are a variety down payment sources available to first-time homebuyers, from family gifts and retirement account withdrawals to tax refunds and down payment assistance programs, empowering them to achieve their […]
First – what is an appraisal gap? Quite simply, it’s the difference between “the fair market value determined by an appraiser and the amount you agreed to pay for the home.” It doesn’t mean that you have to cancel the sale, but it does mean some negotiations will probably be happening And, an appraisal gap […]
Closing costs – we’re pretty sure you’ve probably heard that term at one point or another. There are fees and expenses associated with mortgages that must be paid by the closing date for closing costs, and pre-paid items, in addition to the down payment. These amounts can vary according to the type of loan, mortgage […]
Sometimes, you want to wait for something to come down – a fever, a price on a video game system, etc. However, it might not be a good decision to wait until mortgage rates come down. Here’s the reason. If you’re decision to wait is correct, and the rates do come down by two percent, […]
If you’ve thought about waiting until mortgage rates come down until your buy a home, you might not be making the best decision. Here’s a reason – if you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the […]
This topic makes me think of a record. Remember back in the day, watching records spin while you listened to your favorite music? The housing market, especially when it comes to affordability, almost makes me think of those spinning records. A question many of us are asked as realtors is “when is the market going […]
“It’s a fact that many households are impacted by higher mortgage rates as they no longer earn the qualifying income for the median-priced home.” Nadia Evangelou, NAR Economist. What this means is that the rapid rise in mortgage rates during 2022 is coupled with continued appreciation of home prices. This has limited the number of […]
I’m sure you’ve heard, but mortgage rates are still rising. It’s causing some would-be buyers to pause their decisions until they determine whether rates are going to come back down. It may be possible, but the probability is that prices are going to continue to increase. According to Freddie Mac, the 30-year fixed-rate on December 23, […]
In 2021, the tax-free gift amount was $15,000. In 2022, that has risen by one thousand dollars, making the limit for tax-free gifts in 2022 a total of $16,000. Tax free means that no tax is due to the donor or the donee. There are provisions that would allow gifts higher than this amount providing […]
What exactly is an ARM? There isn’t any kind of interest rate known as a LEG, at least not as far as I’m aware, but an ARM is an adjustable-rate mortgage. Especially lately, rising interest rates added to increasing home prices are causing the affordability factor of owning a home to be quite the issue […]
