Saturday, October 8, 2022 / by Kenneth Brands
Rising interest rates can be a major concern if you’re shopping for a new home. A higher rate reduces your buying power and increases the home cost thousands of dollars over the course of the loan. One option to avoid this is to “buy down” your loan rate. This allows you to purchase your home at a more attractive rate.
A rate buydown is when you pay an upfront fee in exchange for a lower interest rate. This increases your closing costs and for every 1% of the purchase price you pay in points, your mortgage interest rate is reduced. Buying a lower interest rate may be a good strategy for a home you intend to keep for a long time, thus making up the difference over the life of the loan.
There are a couple options for a rate buydown. The first is a simple payment of increased closing costs up front in exchange for a lower interest rate. The buydown lasts for as long as you have the loan and is requested by t. ...
Read More
biggs realty, dallas real estate, home buyers, tips for buyers, market update, dfw real estate, frisco home values, mckinney home sales, new home buyers, allen real estate, plan of action for home buyers, north texas home sales, resources, dallas-fort worth real estate, dallas home sales, mortgage rates, millennial home buyers, millenials buying real estate in dallas texas, affordability, inflation, costly mistakes, homeownership, buydown, interest rate
Thursday, July 14, 2022 / by Kenneth Brands
If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.
The Future of Home Price Appreciation
Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):
As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will contin ...
Read More
biggs realty, dallas real estate, home buyers, tips for buyers, market update, frisco home values, mckinney home sales, new home buyers, allen real estate, plan of action for home buyers, north texas home sales, resources, dallas-fort worth real estate, real estate investment, dallas home sales, mortgage rates, millennial home buyers, housing bubble, mortgage, millenials buying real estate in dallas texas, forbearance, foreclosures
Tuesday, June 21, 2022 / by Kenneth Brands
If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.
Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:
“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”
Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowne ...
Read More
biggs realty, dallas real estate, home buyers, sellers, tips for sellers, market update, tips for buyers, dfw real estate, frisco home values, mckinney home sales, listing agent, new home buyers, plan of action for home buyers, allen real estate, real estate investment, resources, mortgage rates, north texas home sales, dallas home sales, dallas-fort worth real estate, listing, housing bubble, mortgage, millennial home buyers, forbearance, foreclosures, millenials buying real estate in dallas texas, texas, commercial real estate
Tuesday, February 8, 2022 / by Kenneth Brands
If you’re looking to buy a home, you may be wondering how your student loan debt could impact those plans. Do you have to wait until you’ve paid off your student loans before you can buy your first home? Or could you qualify for a home loan with that debt?
To give you the answers you’re searching for, let’s take a look at what recent data shows. That way, you know what to expect and what to do next to achieve your dream of becoming a homeowner. While everyone’s situation is unique, your goal may be more within your reach than you realize.
Do you have to delay your plans because of student loans?
If you’re worried your student loans mean you have to put your homeownership goals on hold, you’re not alone. In fact, many first-time buyers believe they have to delay their plans. According to data from the National Association of Realtors (NAR):
“When asked specifically about purcha ...
Read More
biggs realty, dallas real estate, home buyers, tips for buyers, market update, plan of action for home buyers, dfw real estate, frisco home values, mckinney home sales, new home buyers, resources, millennial home buyers, dallas home sales, dallas-fort worth real estate, millenials buying real estate in dallas texas, mortgage, north texas home sales, mortgage rates, student loans
Wednesday, November 24, 2021 / by Kenneth Brands
Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022:
“The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.”
If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise.
Taking Time Off Can Be Costly
Mortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases if you’re buying a home, directly affecting how much you can afford. And even the smallest increase can have a large impact on your monthly payment (see chart below):With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Instead of waiting and hoping rates will fa ...
Read More
biggs realty, home buyers, tips for buyers, dallas real estate, plan of action for home buyers, market update, new home buyers, allen real estate, dfw real estate, frisco home values, mckinney home sales, millenials buying real estate in dallas texas, millennial home buyers, mortgage
