Wednesday, December 26, 2018 / by Hunt Brothers Realty
We frequently talk about why it makes sense to buy a home financially, but more often than not the emotional reasons are the more powerful or compelling ones.
No matter what shape or size your living space is, the concept and feeling of a home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.
1. Owning your home offers stability to start and raise a family
From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.
2. There’s no place like home
Owning your own home offers you not only safety and security but also a comfortable place that allows you to relax after a long day!
3. You have more space for you and your family
Whethe. ...
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for buyers, move-up buyers, first time home buyers
Thursday, December 13, 2018 / by Hunt Brothers Realty
National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which have allowed many buyers to enter the market and lock in low rates.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Report, home prices will appreciate by 4.8% over the next 12 months.
What Does This Mean as a Buyer?
If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, h. ...
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for buyers, move-up buyers, first time home buyers, housing market updates, interest rates
Wednesday, December 5, 2018 / by Hunt Brothers Realty
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.
Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily throughout 2019.
How Will This Impact Your Mortgage Payment?
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!
Let’s take a look at a historical view of interest rates over the last 45 years.
Bottom Line
Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than you ...
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for buyers, move-up buyers, first time home buyers, interest rates
Wednesday, October 31, 2018 / by Hunt Brothers Realty
Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.
According to new data released from ApartmentList.com, 49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007.
When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday.
But there is hope for those who are able to save at least a 3% down payment! The percent! ...
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for buyers, first time home buyers, down payments, rent vs. buy
Friday, October 26, 2018 / by Hunt Brothers Realty
Some Highlights:
Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home which stops many of them from even trying! Here are some facts:
72% of buyers who purchased homes this year have put down less than 20%.
76.4% of loan applications were approved last month.
The average credit score of approved loans was 727 in September. ...
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for buyers, first time home buyers, infographics, buying myths
