Buying a New Home? 5 Things to Consider Before the Purchase
Buying a new home can be both intimidating and exciting, especially since it’s one of the biggest purchases you’ll make in your life. It pays, therefore, not to jump in without careful thought and questions. Since buying a home comes with risks and obstacles all its own, you’ll want to approach the market prepared. Below are some tips and considerations for when you’re ready to make the leap.
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If You Have the Option of Putting More Money Down, Should You?
With the exception of the VA and USDA programs, along with certain down payment assistance programs, most every residential loan program does indeed require some sort of a down payment. Many borrowers want to come to the closing table with as little cash as possible and as the down payment amount is the largest chunk of change needed, the lowest down payment is often the request. A conventional loan can ask for a down payment of just 5.0 percent with certain first time buyers loans asking for a 3.0 percent down payment. FHA loans need a minimum down payment of just 3.5 percent of the sales price. But if you have more money to put into the transaction, should you?
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RE/MAX National Housing Report
Home Sales Rise 3.8% While Prices Dip, Inventory Grows
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Can You Borrow Your Downpayment?
Sounds like a silly question at first, but can you borrow money for your downpayment? In general, the answer is no. Your funds needed for your down payment, closing costs, and cash reserves need to come from an account you own such as a checking or savings account with your name on it. Lenders will need to verify not only the existence of these funds, but that they belong to you, and you have access to them. This almost always means your bank accounts. But it might surprise some, but you can borrow those funds from allowable sources.
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What’s More Important: A Large Floor Plan or the Right Layout?
More. More. More. That’s what we want in life, and certainly in a home. Right? We’re conditioned to reach for the stars, and, in the real estate world, that means going for the biggest home you can. But is bigger always better?
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Corvallis Market Conditions
Shape of the Current Market: end of Summer 2024
August Real Estate Roundup
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "Mortgage rates fell again this week due to expectations of a Fed rate cut. Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until further declines are seen."
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