Category Archives: Financing

Millennials, First Time Home Buyers And Buyer’s Remorse

IT DOESN’T HAVE TO BE THIS WAY.

I researched the topic til my eyes were red, swollen and felt like fire! I know it’s real; I know it’s terrifying; I know there are ways to minimize it.

Buyer’s remorse is a sickening topic to consider when the purchase is a home.  It’s not a pair of ill-fitting shoes or an ugly sofa to be returned or cast off and forgotten. I’m amazed to discover statistics are all over the board regarding – well, statistics!  But certain things jumped out at me.  Socio-economic status was deemed irrelevant.  The phenomena seems more prevalent among millennials (who want to diy, but often discover the scope of work is outside their skill set or the cost becomes prohibitive) and first time home buyers (who get swept away in their excitement).

The purchase of a home can easily overwhelm. So, what can you do? Identify each step before you tackle the process, break it down into bite size pieces, and make it manageable.  Part of my job is to help you focus on your requirements and goals. Needs first. Wants are a bonus and depend on your budget. A bit of thought and planning, some serious brainstorming, these things are not a waste of time. 

Continue reading Millennials, First Time Home Buyers And Buyer’s Remorse

What Impacts Mortgage Interest Rates?

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Photo by Pixabay on Pexels.com

If you’re looking for a home or about to sell one, you know that monthly mortgage interest rates are a key factor in housing affordability. But what makes rates go up or down? What national economic indicators affect the interest you’ll pay?

The information out there can be confusing. Should you pay attention to stocks, T-bills, bank rates, short-term rates, crystal balls or the Federal Reserve? Unless you’re a financial professional, all the data can make your head spin.

Here is the one interest rate indicator that will tell you where mortgage rates are headed: Bonds. Bonds, bonds, bonds. Specifically, bonds called mortgage backed securities, or MBS.

Continue reading What Impacts Mortgage Interest Rates?

Why Do Realtors Ask That?

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Have you ever gone to an open house? Or called a real estate agent because you were curious about a listing? Maybe you e-mailed an agent about a property he/she has listed?

Did you just want to check out the house?  Maybe you’re curious about amenities. Or, perhaps you’re really serious about buying a house. Doesn’t matter. All you’re doing is asking a question. That’s it. You just want an answer.

It must seem like one of the first questions we ask you is, “Do you have a house to sell?

I’m sure you wonder what difference it makes and I suppose it does seem a bit cart-before-the-horse.  It might even come across as pushy and forward, and beside the point.  (Well…that’s sort of characteristic of Realtors, right?)

You don’t even know if you like the house – and you aren’t even really thinking about selling your house, until and unless you find the house you want and actually have an offer accepted.

So, why is it asked?

Maybe you think it’s because we’re hoping you do have a house to sell, so we can list the home you own, sell you the one you’re asking about, and get two sales off you.  Or that we want you to list your home, and get it under contract, so that you have to move…(again, so we can get two sales off you).

Which makes you feel like we’re just looking to make as much money as possible, as quickly as possible, and all from you!  All of your fears and perceptions about real estate agents seem justified…but… Continue reading Why Do Realtors Ask That?

Credit Score Below 580?

Credit Scort

Low credit scores alone aren’t an automatic ‘no’ when you’re considering buying a home.  Lenders also consider these factors.

  • Large down payment (10% down or more)
  • Low debt-to-income ratio
  • High income
  • No outstanding debt
  • Large amount of cash reserves
  • Significant amount of time with current employer
  • Paying comparable rent payments (no payment shock)

For FHA (lender requirements vary)

FHA loan credit requirements Continue reading Credit Score Below 580?