Josh's Mortgage Report

179Experts are predicting that first time homebuyers, especially millennials (20-34 year olds), will be making a comeback this year as more favorable housing conditions arise. The improving labor market is also a plus as wages and job growth increase, allowing more potential buyers to save for homeownership.

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178Why should winter get the cold shoulder from Buyers and Sellers? While spring and summer are naturally the busiest seasons in real estate, there is no reason why you should put off buying or selling a home this winter.

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177Low down payment mortgages are making a comeback. Previously the lowest down payment on a conventional conforming mortgage loan was 5%. Now even more potential homebuyers may qualify for a loan with just 3% down. Even though a low down payment loan requires mortgage insurance, this loan option provides potential first time homebuyers the chance to lock in a low interest rate, take advantage of affordable home prices, and start building equity. Read More…

181Your kitchen is most likely one of the most used rooms in your home. After cooking thousands of meals, it might start to look a little worn. If you don’t have the $19,000 that the average homeowner spends on a kitchen remodel to fix it, follow some of the updates below to brighten your kitchen for cheap.

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180After all the insane amounts of paperwork you’ve supplied with endless questions answered and hundreds of dollars spent on an appraisal and home inspection, your loan is finally approved. You’re beyond excited and get everything ready for moving day. But then you get a phone call from your lender telling you your loan is not funding. In other words, you can’t get the loan. What happened? Below are some things that commonly go wrong:

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00775-174With winter just around the corner and weather getting colder, you’re going to use your fireplace. There’s nothing quite as comforting and cozy than curling up next to a fireplace with a crackling fire. But before you strike your first match, it’s important to take precautions so your fireplace is safe, well maintained, and good-looking. If your fireplace is not well maintained, it could cause a house fire and burn your home down. Avoid placing furniture, rugs, or other objects too close to a functioning fireplace. Keep the area clear of decor, firewood, and other household odds and ends.

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00775-173Buying a home will most likely be the largest purchase of your life, so you want to make sure you know what you’re doing so that you still have some money in your wallet. The national median price of a single family home for the third quarter of 2014 is $217,300. Depending on where you are buying, that could buy you anything from a small condo to a reasonably large sized home. Either way, it’s a lot of money.

So what key information should you know about buying a home? Below are four questions that the average first time homebuyer will ask.

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00775-172When applying for a mortgage, lenders must review your financial situation in order to assess your ability to repay. Some of the most important qualifications that mortgage lenders need to see in order to approve a borrower for a loan includes steady income, low debt, a high credit score, job stability, and savings for the down payment.

The biggest red flag for lenders when it comes to approving a mortgage is a high Debt-to-Income Ratio (DTI). The suggested DTI by the Consumer Financial Protection Bureau (CFPB) is a maximum of 43%. DTI is measured by dividing your monthly debts by your gross income. The lower your DTI is the larger the loan you will be eligible for.  You can improve your DTI by paying down your debt or increase your income.

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00775-176A homeowners association (HOA) is probably not on your mind when you’re thinking about buying a home. But if you do choose a home that has an HOA it’s important to calculate those fees into your budget.

What is an HOA?

An HOA is a legal entity that manages a shared housing complex. All condos and almost all townhomes fall under the jurisdiction of an HOA. An HOA collects monthly dues from its members which are used to fund activities. You will need to find out how much the dues are when you’re trying to figure out how much home you can afford.

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Once you become a homeowner, you have more freedom to make renovations and to personalize your home. Some of the changes may be small, but they still make an old house more modern. If you plan on selling your house in the future, you should avoid some of the below projects before you start remodeling. They just aren’t worth the money. When you calculate your project budget, keep the total no more than 10% of the current value of your house. If you spend more, count the profit in terms of personal enjoyment.

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