Wednesday, October 21, 2020 / by Shane Anderson
Do You Have Enough Money Saved for a Down Payment?
One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down.
A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is $62,600.”
Thankfully, $62,600 is not the amount every buyer needs for a down payment in the United States. There are many different options available, especially for first-time homebuyers (millennial or not). That amount can also be significantly less, depending on the purchase price of the house.
According to the National Association of Realtors (NAR), “The median ...
Friday, August 28, 2020 / by Shane Anderson
The Cost of Renting Vs. Buying a Home [INFOGRAPHIC]
The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.
This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.
Let’s connect if you’d like expert guidance on exploring your homebuying options while affordability is high.
Friday, March 2, 2018 / by Shane Anderson
With the interest rates going up daily, have you every thought how you can lock the lower rates in while you are looking for a home? Well Now you can. I have a lender that is doing exactly that. Here is how it works.
Apply for Financing, then the Operations Department will process the application
You have 30 days to view properties, negotiate potential home sales, and to sign the contract
When you present a valid property address within 30 days of the original lock date, they can lock terms to 75 days.
Call me today to find out more.
1610 Professional Blvd
Crofton MD 21114
Friday, February 2, 2018 / by Shane Anderson
With the economy doing better we have notices that the interest rates are slowly on the rise. As of January 31 2018 here are the rates you can expect when you buy a home. These interest rates can change daily.
30 Year Fixed: 4.375-4.5%
FHA/VA 4.0 - 4.25%
15 Year Fixed 3.625 - 3.75%
5 Year Arms 3.0 - 3.5% Depending on the lending
With that being said now is a good time to buy before the interest rates go any higher. I have a chart to help explain what happens when the interest rates go up.
If you are interested in learning more or want to know what programs are out there that can help just give me a call or shoot me an email. I have lenders on my team that can help answer any questions you may have. To understand more about what has been going on with mortgages you can go to http://www.mortgagenewsdaily.com/consumer_rates/832564.aspx
Friday, January 26, 2018 / by Shane Anderson
Recently I have had people ask me "What if I find a home, but it needs repairs?". There is a loan program out there that allows you to add money to your loan for repairs or additions. For example, you found a home and you want to update the kitchen, or maybe you want to add an extra bedroom to the home. The house is selling for $200,000. This would be a good opportunity to get a 203K Loan. Your loan would be for $200,000 + the cost of the estimated repairs. Once your home goes under contract the next step would be to get a contractor out to the home ASAP and to give you an estimate of how much it would cost to do what you want to do. Let's say the cost will be $30,000. The next step is to have the appraiser look at the house and appraise the home as if the updates were complete. The total amount of the loan would be $230,000.
If you would like more information please let me know. I have lenders that can still get ...