September 26th, 2014
In a survey conducted by Wells Fargo in June of this year called, “How America Views Homeownership” it was found that, “Americans still view homeownership as an achievement to be proud of and many believe that now is a good time to buy a home.”
Although the majority of Americans have a desire to own their own home, many surveyed gave answers that suggest they may not be aware of all the options available to them for buying a home. There are a wide variety of financing opportunities for potential home buyers, such as down payment assistance, grant programs for down payment, FHA loans, VA loans and physician loan programs. Here are few myths you might not know aren’t true:
- MYTH: 30 percent of respondents believe that only individuals with high incomes can obtain a mortgage.
FACT: You do NOT need high income to qualify, debt to income ratios up to half your gross monthly income are still available with some loan programs.
September 3rd, 2014
Our friend and colleague Emily Osguthorpe Moore talks about construction loans in her latest newsletter. Since we get lots of questions about the financing to build a new home we thought we’d share what she wrote. Emily is a great Realtor and is expert at guiding her clients through the construction process. If you are contemplating building your dream home, please watch the short video below and call with any questions, or click the chat link above and we’re happy to help.
Making the decision to build a new home can be daunting. Many clients don’t know where to start and are weary of making a mistake. Don’t let this scare you, if you simply choose to work with the right professionals, you can leverage their experience and virtually assure yourself of a positive outcome.
One of the first things you should consider is how you are going to pay for the home. If you are going to finance, then you will need a construction loan. There are two common types of construction loans, they are the one time close and the two time close.
August 26th, 2014
What a summer it has been! Zander is approaching his 4th birthday and the kid is getting scary big. It is so weird having another man (all be it, a little man) roaming your home. The kid looks like he’s 7 years old; it’s truly scary how fast they grow. Z-Man starts Rowland Hall this week and joins the big boys at school. I feel like college is right around the corner and I challenge myself to slow down and share as many personal moments as possible.
Aria is almost 3 and also starts preschool at the Winner School next week. She’s such a princess, often changing clothes 4 or 5 times in an afternoon just to end up in the Princess Anna dress from the Disney movie Frozen. How insanely different are little girls and little boys wired? So much fun to watch these two.
Speaking of insane… I’m hearing some of the best bond and mortgage interest rate forecasters call for significantly LOWER interest rates in the second half of the year.
And guess what? We are starting to see them. Last week I was able to help a client on a Jumbo No Closing Cost, 30 year fixed at 3.875%, the 15 year jumbo was at 3.375%.
Oddly enough, the jumbo mortgage rates have dropped below what conforming interest rates are at the moment. If you have a loan over $417k, you might want to look into a refinance. I can’t ever remember seeing Jumbo No Closing Cost rates so low.
So what’s the catalyst? Why are rates headed lower?
August 25th, 2014
What do you get, when you add foreclosure inventory dropping nationally, interest rates near 4% on a 30 year mortgage and home affordability still near all-time low?
APPRECIATION and consistency in home values! I just love these National Foreclosure Inventory numbers, which are showing huge improvement!
Thanks to KCMblog for this post.