For first-time home buyers, closing costs are a major hurdle for home ownership. Coming up with a down payment and several thousand dollars for closing costs can be hard without home equity to tap. To help, buyers often ask sellers to cover all or some of these costs. In markets favoring buyers, this is a common habit, but when the market switches to favoring sellers it becomes harder. Sellers who know they may get multiple offers are less likely to say "yes" to this request. Yet even when the … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 6th, 2018
Last week's economic reports included readings from Case-Shiller, Commerce Department reports on pending home sales and construction spending and an FOMC statement. Labor sector reports on job creation and the national unemployment rate were released along with the monthly Consumer Confidence Index. Weekly reports on mortgage rates and first-time jobless claims were also released. Case-Shiller: Home Price Growth Holds Steady in May Home price analysts Case-Shiller reported national home prices … [Read more...]
Top Tips To Get Mortgage Pre-Approval Fast
When buying a house in a market that favors sellers, buyers must be able to move quickly. Mortgage pre-approval is critical to this. Here are some tips buyers can use to get approved fast. 1. Estimate Purchase Costs Buyers need to know what their target purchase price is. This could speed up the pre-approval process according to Realtor.com. If buyers have been saving for a down payment, they should also tell the lender the amount they plan to put down on the home. Again, this helps speed up the … [Read more...]
What You Need To Know About Short Sales
On the surface, a short sale seems like the perfect deal. However, before you take the plunge, you need to understand how this type of home purchase works. What Is a Short Sale? A short sale is a home sale in which the homeowner is selling the home for less than he or she currently owes on the mortgage. In most cases, this means that the buyer is paying less for the home than it's worth, which leads to instant equity. Short sales allow homeowners to get out from under mortgages without damaging … [Read more...]
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