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The Cost of NOT Paying PMI

Saving for a down payment is often the biggest hurdle for a first-time homebuyer as median incomes, rents, and home prices all vary depending on where you live. There is a common misconception among homebuyers that a 20% down payment is required, and it is this limiting belief that often adds months, and sometimes even years, to the home-buying process. So, if you can purchase a home with less than a 20% down payment… why aren’t more people doing just that? One Possible Answer: Private [...]

By |2018-09-26T04:00:43+00:00September 26th, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Move-Up Buyers|Comments Off on The Cost of NOT Paying PMI

Having Trouble Saving Enough for Your Down Payment? Crowdfund It!

You read that right! First-time buyers across the country are getting creative when it comes to saving the necessary down payment to buy a home. Many couples are asking their wedding guests to contribute to their “Down Payment Fund” rather than fulfilling a traditional registry. This is fueled by the fact that many couples live together prior to marriage and already have the necessary items to make a house a home…they just need the house! The average wedding in the United States has 120 guests [...]

By |2018-08-22T04:00:35+00:00August 22nd, 2018|Down Payments, First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers|Comments Off on Having Trouble Saving Enough for Your Down Payment? Crowdfund It!

What You Need to Know About the Mortgage Process [INFOGRAPHIC]

Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

By |2018-07-20T04:00:55+00:00July 20th, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Move-Up Buyers|Comments Off on What You Need to Know About the Mortgage Process [INFOGRAPHIC]

First-Time Home Buyers Continue to Put Down Less Than 6%!

According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017. Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down. Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics, recently shed light on why buyer demand has remained strong, [...]

By |2018-07-16T04:00:02+00:00July 16th, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Rent vs. Buy|Comments Off on First-Time Home Buyers Continue to Put Down Less Than 6%!

You DO NOT Need 20% Down to Buy Your Home NOW!

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them. This brings us to two major misconceptions that we want to address today. 1. Down Payment A recent survey by Laurel Road, the National Online Lender [...]

By |2018-06-25T04:00:18+00:00June 25th, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers|Comments Off on You DO NOT Need 20% Down to Buy Your Home NOW!

3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC]

Some Highlights: Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking much about it. Living within a budget right now will help you save money for down payments while also paying down other debts that might be holding you back. What are you willing to cut back on to make your dreams of homeownership a reality?

By |2018-05-11T04:00:24+00:00May 11th, 2018|Down Payments, First Time Home Buyers, For Buyers, Infographics|Comments Off on 3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC]

Home Buying Myths Slayed [INFOGRAPHIC]

Some Highlights: The average down payment for first-time homebuyers is only 6%! Despite mortgage interest rates being over 4%, rates are still below historic numbers. 88% of property managers raised their rents in the last 12 months! The credit score requirements for mortgage approval continue to fall.

By |2018-04-20T04:00:20+00:00April 20th, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers|Comments Off on Home Buying Myths Slayed [INFOGRAPHIC]

You Can Save for a Down Payment Faster Than You Think!

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state. Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is [...]

By |2018-03-13T04:00:36+00:00March 13th, 2018|Down Payments, First Time Home Buyers, For Buyers|Comments Off on You Can Save for a Down Payment Faster Than You Think!

It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,840 this year when filing their taxes. This is down slightly from the average refund of $2,895, last year. Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals; for anyone looking to buy a home in 2018, this can be a great jump start toward a down payment! The map below shows the average tax refund Americans received last year [...]

By |2018-02-28T05:00:36+00:00February 28th, 2018|Down Payments, First Time Home Buyers, For Buyers|Comments Off on It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!

2 Major Myths Holding Back Home Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report: “Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders [...]

By |2018-01-30T05:00:06+00:00January 30th, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Move-Up Buyers|Comments Off on 2 Major Myths Holding Back Home Buyers