Posts in category 'Buying'
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15
Lender Minute: Low Interest Rate - What to look for.
1. Rates - Yes they are still historically low, however, many lending institutions are either
- Artificially inflating rates to control capacity issues, or;
- Aren't allowing you to lock until after you have been thru underwriting
I recommend you be quick about providing your lender with that they need so your loan officer can get you thru the system and locked. Please note some turn times out there are over 120 days long from application to close, so choose wisely with or without a lock allowed.
2. Rates- LOOKOUT- Some lending institutions are charging for those lower rates. They should be making you aware of it, however, we have seen some don't.
- Look at your Loan Estimate - It will say "points" and then provide an amount. If it does that i...
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30
How to Determine If You Can Afford to Buy a Home in Today's Market
The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.
It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.
Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today's rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser's ability to afford a home.
Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:
25
Buying a Home can be Scary ...... Until you know the Main Facts
Some Highlights:
Many potential homebuyers believe they need a 20% down payment and a 780 FICO® score to qualify to buy a home. This stops many people from even trying to jump into homeownership! Here are some facts to help take the fear out of the process:
- 71% of buyers who purchased homes have put down less than 20%.
- 78.1% of loan applications were approved last month.
- In September, the average credit score for approved loans was 737.
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