There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first-time homebuyer actually looks like based on the Continue Reading
Effective December 11 you could benefit from some changes coming that would allow you to put more of your mortgage into a conforming loan before bumping up to a jumbo loan. The limits on conventional loans are increasing slightly. Given our high real estate prices, buyers often use two loans to buy a house: a first (conforming) and a second (at a higher interest rate). The bump up in conforming loan limits means that more of the mortgage could Continue Reading
All of real estate is a risk. Some risks bigger than others, and the key is to minimize that risk, whether buying your first home or work a real estate investment. Some house flippers use short-term financing to buy a house in need of renovations, but it can have a higher interest rate than other types of financing. It also costs a flipper money in the form of daily interest charges. Other house flippers use their own cash reserves to Continue Reading
A lot goes into financing a home. Do I need savings? How much do I need to put down? How will the down payment factor into the overall cost? Cut through the misinformation with this infographic by the National Association of REALTORS® (NAR).
In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search. If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at Continue Reading
Fantastic new listing in desirable Boulevard Manor neighborhood of North Arlington. Open from 1-4 today, please come visit! 4 bedrooms, 3 full renovated bathrooms Gorgeous, open, renovated kitchen with plentiful cabinetry and lots of countertop work space large newer windows throughout large lower-level family room delightful gardens driveway for off-street parking, storage shed in back 500 N. Lombardy St., Arlington, VA 22203 Asking price $775,000. This is a nice home!
Starting October 1st, the DC Recording tax will be reduced to 0.725% for first-time homebuyers. Qualifying is not as simple as Maryland’s first-time homebuyer exemption; whereby, each homebuyer must simply be a first-time homebuyer of a principal residence to qualify. This enactment also imposes a few additional hurdles, including purchase price limitations and limits on household income. In general, the recordation tax will be reduced to .725% if: Each grantee (i.e., homebuyer taking title) has never owned a principal residence Continue Reading
The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market. One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage. A recent article about millennials by Realtor.com explained that: “ About 72% of Continue Reading
In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home. The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory. 1. Be Prepared “Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding Continue Reading
If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase or decrease in value due to where they’re located. Well, a new survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.” CentSai, a financial wellness online community, recently surveyed over 2,000 millennials (ages 18-34) and found that 75% Continue Reading