Think Twice Before Waiting for 3% Mortgage Rates

Written by Palm Bay FL Mortgage Syndicated User on January 18, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

Key Terms To Know When Buying a Home [INFOGRAPHIC]

Written by Palm Bay FL Mortgage Syndicated User on January 14, 2023. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

What Are Your Goals in the Housing Market This Year?

Written by Palm Bay FL Mortgage Syndicated User on January 3, 2023. Posted in First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus. In the last year, high inflation had a big impact on the economy, the housing market, and likely on your wallet too. That’s why it’s critical to have a clear understanding of not just the market today, but also what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at realtor.com, explains: “The key to making a good decision in this...

Applying For a Mortgage? Here’s What You Should Avoid Once You Do.

Written by Palm Bay FL Mortgage Syndicated User on December 29, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying for your home loan. Don’t Deposit Large Sums of Cash Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer. Don’t Make Any Large Purchases It’s not just home-related purchases that could disqualify you from...

Financial Fundamentals for First-Time Homebuyers

Written by Palm Bay FL Mortgage Syndicated User on December 27, 2022. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

Are you prepping to buy your first home? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are just a few of the financial fundamentals you’ll need to focus on as you set out to buy a home. Build Your Credit Your credit is one element that helps determine which home loan you’ll qualify for. It also impacts your mortgage interest rate. While there are many factors that go into your mortgage application, a higher credit score could lead to a lower monthly payment in the long run. So how do you make sure your credit is in the best...

What Makes a House a Home?

Written by Palm Bay FL Mortgage Syndicated User on December 23, 2022. Posted in First Time Home Buyers, For Buyers, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

There’s no denying the long-term financial benefits of owning a home, but today’s housing market may have you wondering if now’s still the time to buy. While the financial aspects of buying a home are important, the non-financial and emotional reasons are too. Home means something different to all of us. Whether it’s sharing memories with loved ones at the kitchen table or settling in to read a book in a favorite chair, the emotional connections to our homes can be just as important as the financial ones. Here are some of the things that make a house a home. 1. You Can Be Proud of Your Accomplishment Buying...

Mortgage Rates Are Dropping. What Does That Mean for You?

Written by Palm Bay FL Mortgage Syndicated User on December 20, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy. Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying: “Mortgage rates dropped even further this week as two main factors affecting today’s mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result,...

You May Have More Negotiation Power When You Buy a Home Today

Written by Palm Bay FL Mortgage Syndicated User on December 15, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers. And with less competition comes more opportunity. Here are two trends that may be the news you need to reenter the market. 1. The Return of Contingencies Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal...

Homeownership Is an Investment in Your Future

Written by Palm Bay FL Mortgage Syndicated User on December 9, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates, Rent vs. Buy.

There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains: “The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.” If you’re in that position, remember that it’s important to consider not just what’s happening today but also what benefits you may...

Key Advantages of Buying a Home Today

Written by Palm Bay FL Mortgage Syndicated User on December 8, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Palm Bay FL Condo Financing, Palm Bay FL Mortgage, Palm Bay FL Mortgage Rates.

There’s no doubt buying a home today is different than it was over the past couple of years, and the shift in the market has led to advantages for buyers today. Right now, there are specific reasons that make this housing market attractive for those who’ve thought about buying but have sidelined their search due to rising mortgage rates. Buying a home in any market is a personal decision, and the best way to make that decision is to educate yourself on the facts, not following sensationalized headlines in the news today. The reality is, headlines do more to terrify people thinking about buying...

Category: First Time Home Buyers