In our prior blog posts, we discussed contingencies and their place in the home buying process. There is one more buyer contingency worth mentioning that is little-known but very insightful – the C.L.U.E. report!
More Americans think that now is a good time to buy a home, according to the Fannie Mae Home Purchase Sentiment Index® (HPSI) from February 2017. The survey of 1,000 consumers reached an all-time high of 88.3%, indicating the strongest consumer confidence in real estate since the HPSI began tracking in 2011.
In our prior blog post, we explained what pocket listings are, and how they are a disservice to both home buyers and sellers. As a quick refresher, a pocket listing is promoted to other agents before it’s marketed to the public. The objective of a pocket listing is a fast offer and an easy, and potentially higher, commission for the listing agent.
Insider trading is forbidden in the stock market, but the real estate industry has no such restriction. As listings become scarce, selling agents are taking advantage of conditions by promoting “pocket listings” to other agents, before the home is available to the public.
Could your debts hold you back from buying a home? It’s possible, because mortgage underwriting includes calculating your DTI, which stands for debt-to-income ratio. The more debt you have outstanding, the less money you have available for a mortgage payment.
In a prior blog post about what home buyers should know about credit scores, we discussed how credit scores can affect your mortgage payment. Today, we’ll talk about the different types of credit scores, and why the score your lender uses could vary from the score you know!
With home inventory slim in many areas of the country, home buyers face plenty of competition! A mortgage pre-approval can make the difference between getting your purchase offer accepted, or having the seller choose another offer by a better-prepared buyer.
A mortgage pre-approval means a lender has verified your creditworthiness for a certain loan amount during a fixed timeframe. A mortgage pre-approval considers your income, employment, credit history, debts and overall ability to afford a home.
In a prior blog post, entitled “What Home Buyers Need to Know About Appraisals,” we explained how appraisals work, and how they can sink a home sale when the appraisal value does not agree with the sale price. Yet appraisals can delay a home sale for another reason as well.
When buying a home, you typically acquire its appliances and mechanical systems. As long as everything is in working order when you move in, you might assume there is nothing to worry about. Unfortunately, the lifespan of your home components could be shorter than you expect!
Home ownership can provide significant tax breaks, when you have eligible deductions and itemize your income tax return. We’ve put together a list of 6 income tax deductions that apply to home ownership, with tips from the Motley Fool and the IRS!