Maybe you’ve decided 2021 is the year you start working toward your financial goals and building wealth. Investing in real estate is decidedly one of the best ways to build wealth, but getting started is intimidating. Too often, people count themselves out of investing in real estate because they don’t think they have enough money to get started.
If you’re considering the purchase of a home, you have one big decision to make as you get started, to narrow down your search. You have to decide whether you’ll buy a new home or an existing property. There are pros and cons to each, and you have to weigh them carefully during the decision-making process.
As the federal government years ago attempted to help consumers more easily compare interest rates from multiple lenders, the Annual Percentage Rate, or APR was developed. In theory, this calculation would allow consumers to choose the best deal. But most, including many individual loan officers themselves, stumble when explaining what the APR actually represents.
When you’re preparing to become a homeowner, there are some things you might not think about as far as the costs of maintaining a home. One of those is property taxes. Property taxes are easy to overlook when you’re calculating your true bottom line.
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "During the course of the pandemic, 'home' has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers. Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest."
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