Quick, what credit score do you need to buy a home? If a number pops into your head, there's a pretty good chance it's wrong. And the right answer is getting harder to pin down, because the way credit scores are determined and delivered is changing - for the better. Here's what you need to know in today's changing credit climate. #1 Most People Are Guessing Fannie Mae has been tracking consumer...
There's nothing quite like the excitement of getting an offer on your house. You're one step closer to moving on to what's next. But what happens if that buyer backs out or ghosts you before closing? If you've been seeing headlines about more home sales falling through lately, that possibility may be keeping you up at night. And it's true. According to Redfin and Cotality, canceled contracts have been on...
Ryan Serhant, CEO of SERHANT, says there isn’t just 1 housing market right now. There are really 4: cash buyers, buyers who need a mortgage, homeowners with low mortgage rates, and builders. Today, let’s zoom in on the 1st group – cash buyers. According to the National Association of Realtors (NAR), 27% of homes sold in September were bought with all cash. That’s more than 1 in 4 buyers. And...
Here's something most homebuyers don't think about. When the housing market slows down, homeowners and builders don't always respond the same way. Think about it. If you're selling your house and aren't getting the offers you want, you could make the choice to take it off the market and stay put, and wait for things to improve. But builders? They may be more motivated to stay the course. They've already...
When mortgage rates climb, buying a home can start to feel like trying to hit a moving target. Every jump in rates makes monthly payments bigger, and that pushes a lot of buyers to look for another way in. More and more of them are finding it in the adjustable-rate mortgage, or ARM. The ARM Option Here’s how an ARM differs from a more traditional mortgage. With a regular fixed-rate mortgage, your...
Selling your house is a big step, and you want it to go smoothly. And with houses taking a little longer to sell these days, renting it out might start to sound like a nice backup plan. But the reality is, while renting can work well for some people, it’s also a big commitment. So before you decide, it helps to see the whole picture first. Why Some Sellers Are Deciding To Rent Instead Lately, some...
Whether you own a house already or you’re looking to buy one, you probably care about home prices. But it’s not always easy to figure out what’s really happening right now, especially if you look at the headlines. One says home prices are falling. The next says they’re still climbing. So, which one’s right? It comes down to where you live. What’s Really Going on with Asking Prices Part of the...
When you picture buying your first home, chances are you’re imagining a traditional single-family house with its own yard, maybe a garage, and little extra room to grow. But with affordability still tight, getting everything on that list right away may come with a higher price tag than you’re comfortable with right now. So, if you’re running the numbers and buying a house like that feels like a...
What's the biggest payment you make every month? If you’re a renter, it's probably your rent. But did you know that you can pay your rent on time, every time, for years, and it may never show up in your credit history? It's pretty frustrating, especially if you'd like to buy a home someday and you’re trying to build your credit. The good thing is that’s changing right now. Here’s what you need...
If you’ve seen headlines saying home sales are slowing down, you may be wondering: is this really a good time to sell? While the latest numbers show sales picked up slightly in September, they're still down compared to last year. But here’s the perspective the headlines can miss. Homes are still selling every single day. Because no matter what’s happening with mortgage rates or the economy, life...
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