Tag Archives: first-time buyers

Evaluating your Readiness to Buy a Home

Is it time to purchase your first home?  Owning your own home may offer many advantages including building equity, qualifying for tax deductions, and having a place to call your own. It also requires a level of financial and emotional readiness.  Evaluating your position in each of the following categories can help guide you as you make this important decision.

Monthly Finances

Purchasing a home is a big financial decision. In addition to making mortgage payments you also have to factor in additional costs such as taxes, homeowner’s insurance, homeowner’s association fees, city assessments, and household repairs. Mortgage companies use a debt to income ratio (DTI) to determine loan eligibility.

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How Much Personal Information Do You Need to Reveal When Buying a Home?

Close up of domestic personal files in expanding pocket folders

During the home buying process, you’ll be working with a range of professionals, including a real estate agent, loan officer, home inspector, appraiser, and a lawyer or representative from a title company. And while you may need to divulge some very personal information, like your annual income and debt history, not all of these people need to know the intricate details of your life.

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Real Estate Market faces challenges and holds opportunities for growth in 2016

A lot of great information was shared at the National Association of REALTORS® (NAR) conference, and one of the conference’s most interesting panels was also one of its first: Residential Economics Issues and Trends Forum — Will Housing’s Strength Continue into 2016?

Cost, demographics will shape real estate’s future

Jonathan Corr, the CEO of Ellie Mae, a tech company that processes as many as 1 in 4 mortgage applications, points to homebuyer demographics and closing costs as drivers of future change.economic issues NAR 2015

In 2007, the cost to close a loan was $3,400, whereas last year, the cost hovered around $7,000, according to Corr. The increases, mainly due to the Consumer Financial Protection Bureau as well as other regulators, will factor into the real estate deals of the future.

Demographically, Corr said that the more than 80 million millennials — the biggest generation since 76 million baby boomers — will set the pace in real estate.

“They are reachable, but not by old-school means,” Corr said. They key? Leveraging technology in tomorrow’s transactions. Corr predicts that everything to do with a real estate transaction will be done electronically in the next five years. Continue reading