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Down Payment

Empty Nester? 3 Things to Ask Before You Downsize to a Smaller Home

If you are about to become an empty nester–or even if you’ve been one for a while now–you may be thinking about downsizing from the family home. After all, bigger isn’t always better, especially once the kids are out of the house and you start to find you’ve got a lot more space than you know what to do with. The larger the home, the more time and money it takes to maintain.  Downsizing...

Your Debt-to-Income Ratio: What It Is and How it Impacts Your Ability to Get a Mortgage

Your debt-to-income ratio is one of the key factors in qualifying for a new home loan. But how much do you really know about this important calculation and what can you do to move it in your favor? Your debt-to-income ratio, or DTI, is used by mortgage lenders in making a decision regarding your worthiness for a home loan. If your DTI is too high, you could end up paying a higher interest rate or worse...

When the Offer Includes a Contingency: What Home Sellers Need to Know

When you’ve got your home listed, getting an offer can be exciting. And, in today’s market, it’s more likely you’ll be looking at multiple offers at one time. Comparing those offers can be a challenge, particularly when it comes to understanding the contingencies that you might see. Read on to learn what you need to know as the seller. Three common contingencies While these are common...

Escalation Clause: Love It or Hate It, Here’s What Homebuyers Need to Know

With buyer competition reaching new heights, it’s no wonder homebuyers feel they need to pull out all the stops to ensure their offer rises to the top. There’s nothing like the frustration of losing out on a house that checked all your boxes—especially if it turns out to be a matter of a few thousand dollars you would be willing to throw into the deal, if given the chance. Pursuit of the top...

Before You Shop for Houses, Ask Yourself These Six Questions

A home purchase is a major commitment–likely the largest purchase you’ll make in your lifetime. Before you get too far down the road to homeownership, you need to be sure you’re prepared for the home-buying process. To get started, ask yourself the following six questions: 1. Do you have verifiable income and employment? While it’s true that your mortgage lender will want to be able to verify your...

Here’s What Buyers Say Are the Biggest Challenges to New Home Ownership

Buying a home is an exciting endeavor. But, it isn’t without its challenges. If you’re thinking about making a new home purchase, whether this is your first home or your fifth, you may be wondering what buyers are saying about the process. What are the obstacles they found most difficult to get through?  According to the National Association of REALTORS®  2021 Home Buyer and Seller...

Busting the Myth of the 20 Percent Down Payment

Homeownership brings with it a number of benefits. But, many homeowners believe the required down payment is well beyond reach.  If that sounds familiar, you’ve probably been told you need to put 20% down to purchase a home. On a $300,000 home, that’s $60,000. Add costs for closing, inspection, appraisal and other fees and it’s no wonder a lot of people don’t think they will ever own a...

Down Payment Fact or Fiction: What You Need to Know

Down payments can be the bane of many would-be homeowners. Add to the challenge all the free advice many would-be homeowners are bombarded with by well-meaning friends and family. In many cases, the information isn’t true or is only partially so.   Here’s a look at three of the most common myths surrounding down payments: Fiction: You can’t buy a house unless you’ve saved 20% of...

Ready, Set…Win! How to Buy a House in a Highly Competitive Market

Saying that the housing market is highly competitive is an understatement. Continued tight inventory means buyers can expect conditions to continue. But if you’re looking to make a move, whether first-time homebuyer or not, don’t let frustration rule the day. As with any challenge, being prepared is often the key to coming out on top. Someone is getting an offer accepted—it may as well be...

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