According to The Mortgage Reports, borrowers are more likely to let property investment loans default before their primary home loans do. For this reason, property investment mortgage rates will almost always be more expensive. In addition, interest rates for these loans are .50-75% higher than they are for primary home loans.
Home buying activity (demand) is up, and the number of available listings (supply) is down. When demand outpaces supply, prices appreciate. That’s why firms are beginning to increase their projections for home price appreciation going forward. As an example, CoreLogic increased their 12-month projection for home values from 4.5% to 5.6% over the last few months.
In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”
While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think.
With today’s low interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of Americans surveyed say it is a good time to buy. Similarly, the Q3 2019 HOME Survey by the National Association of Realtors said 63% of people believe now is a good time to buy a home. Unfortunately, fear and misinformation often hold qualified and motivated buyers back from taking the leap into homeownership.
According to the same CNBC article,
“For the first time, the average national credit score has reached 706, according to FICO®, the developer of one of the most commonly used scores by lenders.”
This is great news, as it means Americans are improving their credit scores and building toward a stronger financial future, especially after the market tumbled during the previous decade. With today’s strong economy and increasing wages, many Americans have had the opportunity to improve their credit over the past few years, driving this national average up.
Taking out a mortgage can be an exciting time, especially for first-time homebuyers. However, all the steps involved can also make the process time-consuming. If you’re in the market for a home loan, it’s likely you’ve heard the terms “prequalification” and “preapproval” tossed around in conversation, on the web, or in advertisements from lenders.
While these two concepts are related, they refer to entirely different stages within the mortgage process. Yet many borrowers may think both words mean the same thing, especially if they haven’t encountered such terms before. It’s important to understand exactly what each refers to, as both are a way to streamline the steps it takes to get a mortgage. Here’s a primer on mortgage prequalification vs. preapproval to ensure your homebuying process is a smooth as possible.
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.
When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you.
According to a recent article on realtor.com,
“In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.”
An HOA is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R),
Looking to buy a home in Seattle or Las Vegas? You might want to hurry, as prices are rising fast—and showing no signs of slowing down.
The just-released Standard & Poor’s/Case-Shiller Home Price Index shows home prices in most major markets are increasing steadily, with the west coast being especially hot.
Once again, Las Vegas maintains its long-standing reputation as the leading destination for business travel. For the 24th consecutive year, Las Vegas was named the country’s No. 1 trade show destination according to the Trade Show News Network (TSNN) “2017 TSNN Top 250 Trade Shows in the United States” list. According to the list, Las Vegas hosted 47 of the largest shows held in the country last year.
Summerlin Gets Urban
Downtown Summerlin is rapidly becoming deserving of its downtown name. Across Pavilion Center Drive from the outdoor mega-mall packed with Trader Joe’s, Regal Luxury movie theaters, Lazy Dog Restaurant & Bar and Crate & Barrel, an actual urban center is on the way, anchored by two venues capitalizing on the latest Vegas craze: pro sports. City National Arena, the home-away-from-T-Mobile of the Vegas Golden Knights, is packed every day with hockey-crazed locals, and last month Howard Hughes Corporation broke ground on its neighbor, the Las Vegas Ballpark—the future home to the 51s.
88LasVegasRealtor.com | Leonora DeLa Cruz 
