Affordability Options for First-Time Home BuyersProspective first-time home buyers face several challenges, including the need for a down payment and the financial stability to qualify for a home loan.While home prices and affordability vary from one market to another, individual buyers must find a balance between what they can comfortably afford and what they want in their first home.Know Your Ma...
Housing affordability nationwide creeped lower once again, as home
prices continue to outpace incomes, according to the National
Association of REALTORS®' Monthly Housing Affordability Index.
Nevertheless, price gains are slowing and mortgage rates are hovering
near yearly lows, which is helping to keep homes more affordable to the
average family.The median single-family home price in Ju...
Margin loans for short-term financing can help potential home buyers get cash fast to close a deal or win a bidding war — and an increasing number of people are turning to them for a quick fix. "A person with easy access to cash may have a leg up over someone who has to have long-term financing," explains Tucker Watkins, a private wealth adviser with wealth-management company Ameriprise Finan...
A new report from Texas Tech University shows how the Permian Basin is
now one of the biggest oil and gas producers in the world with an
economic impact felt across the country. The report, by energy economics professor Bradley Ewing, was commissioned by the Permian Basin Petroleum Association.
Ewing and his team found that the region has the highest rig count of
any basin or region in t...
Recent news has been encouraging for the overall growth of the U.S. economy during the third quarter, as consumer
credit, excluding mortgages, rose $26.0 billion in July to a total of
$3.24 trillion, according to Federal Reserve data. The
higher-than-expected annualized growth rate of nearly 10% from June was
the largest in three years and indicates stronger consumer spending,
You've just gotten approved for a mortgage and now you’re waiting to make it to the closing table. Make sure you don’t throw your loan approval into jeopardy by making one of these common mistakes: Making a big purchase: Avoid making major purchases, like buying a new car or furniture, until after they close on the home. Big purchases could change your debt-to-income ratio that...
Down payments have declined this year and mortgage lenders are
loosening standards slightly as the housing market
improves, according to an analysis by LendingTree. Credit scores for
borrowers also have dropped 6 percent year over year, LendingTree
"As the housing market improves and refinance activity declines,
lenders are adapting their guidelines to improve credit acces...
The Federal Housing Finance Agency announced that it wants housing
finance giants Fannie Mae and Freddie Mac to provide greater support to
low-income mortgage borrowers and refinancers.
FHFA, which is the regulator for Fannie Mae and Freddie Mac, outlined
goals for 2015-2017 aimed at advancing that goal. It wants to ensure
that low-income families account for 23 percent of the GSE’s pur...
Two-thirds of baby boomers say they want to help their children or grandchildren with a home down payment, according to a study of more than 1,000 baby boomers age 45 and up conducted by Meredith Research Solutions for Better Homes and Gardens Real Estate.
In fact, one in five boomers surveyed say they've already loaned their children money, cosigned a mortgage, or given a cash gift for a d...
How to Pay Off Your Mortgage Before You Retire
For most of your life,
preparing for retirement means investing. But as the actual date approaches,
you also will need to streamline your budget so your expenses will be as low as
possible. If a mortgage payment is your biggest monthly expense, as it is for
most people, you might want to try to pay off your mortgage before you retire....
Once former home owners, who have experienced a foreclosure, get a better handle on their credit, how long do they have to sit on the sidelines until they can secure future financing to buy a home again? An article in The New York Times notes “there are plenty of asterisks and conditions” when it comes to how long a borrower must wait after a “significant derogatory event,” like a foreclosure...
Fannie Mae and Freddie Mac will offer a new, simplified loan modification program to help troubled borrowers avoid foreclosure and stay in their homes.Borrowers who are at least 90 days delinquent on a Fannie Mae- or Freddie Mac-guaranteed mortgage will be allowed to lower their monthly payments and modify their mortgages without having to fill out financial or hardship documentation.Fan...
Carrying student loan debt is making it more difficult for many young
professionals to qualify for a mortgage. Recent college graduates with
student loan debt who want to own a home will need to earn about
one-third more annually — or $8,969 more — than those who are debt-free,
according to new research by the real estate data firm RealtyTrac.“To overcome the additional debt from student l...
With some credit report errors not getting fixed by either the credit reporting bureau or credit card companies, at least you have the Consumer Financial Protection Bureau in your corner.When you find an error in your credit report and send the credit bureau proof that your creditor was wrong when it said you paid late, didn’t pay at all, or, worse yet, are deceased, you expect the burea...
a Pre-Approval is Crucial to Your Home Search
When you’re ready to
find a home, the last thing you want to do is limit your possibilities. Dream
But you’d be totally
bummed if you found a perfect pad, only to learn you don’t qualify for the home
of your dreams.
If you don’t earn a
loan pre-approval before you start looking, you might actually prevent