Tuesday, December 20, 2022 / by House Search Support
Homeowners Still Have Positive Equity Gains over the Past 12 Months
If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Here’s how it happened and what it means for you, even as the market moderates.
Equity is the current value of your home minus what you owe on the loan.
Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.
And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.
To prove you still have equity you can use, the latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over ...
Monday, November 18, 2019 / by Fona Abad
There are currently over 16 million self-employed workers in the United States—and as the gig economy continues to grow, the number of self-employed individuals only stands to increase. But even though working for yourself is becoming more common, it still presents certain challenges when obtaining a mortgage—and if you want to successfully buy a home, you need to know what mistakes to avoid.
According to an article from Realtor.com, there are three crucial mistakes self-employed individuals need to avoid when obtaining a mortgage, including:
Erratic income. As a self-employed person, you’ll be required to submit at least two years of federal tax returns. This proves to your lender that your business provides the stability necessary to pay your mortgage each month—which is why having steady income is so important. Obviously, minor fluctuations are fine—but in order to show your lender you’re a qualified candidate for a mortgage, . ...
Monday, November 11, 2019 / by Fona Abad
When you apply for a mortgage, you expect your lender to have some questions. But the truth is, your lender is going to have a lot of questions—and if you know what to expect before you start the application process, all of those questions can feel a lot less jarring and invasive.
A recent article from Realtor.com outlined a variety of questions you should expect when applying for a mortgage, including:
What is your credit score? Your credit score will, in large part, determine the interest rate on your mortgage—so be prepared to turn it over to your potential lender.
Do you have a sufficient credit history? Your credit score is important—but so is your credit history. Your lender wants to see a variety of credit types and a long history of on-time payments.
How much cash do you have on hand?Lenders want to know that you have enough cash on hand to cover your down payment, inspection, and closing costs. In order to show them you have enough. ...
Wednesday, November 6, 2019 / by Fona Abad
From leaving the house for showings and open houses to having to keep the place spotless at all times, having a home on the market can be a nerve-wracking endeavor. Once you’ve made the decision to sell, you want to know that you won’t be in this anxiety-filled limbo forever. You want to hand over those keys, collect your check and move on — literally!
So, without lowering your asking price, what can you do to sell your home in a hurry? The following are 11 strategies that will help your property sell quickly without your wallet taking a heavy hit.
Few things detract from the beauty of a home quite like clutter. Though straightening and organizing is rarely the way most homeowners want to spend their days, it makes a huge difference. We’re not just talking about scrapping the junk mail either. Rid your entryways and mud rooms of extra coats, bags, and boots. Keep those countertops clear, and don’t forget to straighten up ...
Tuesday, November 5, 2019 / by Fona Abad
Many people continue to rent because they think that it’s the more affordable option—and that owning a home is out of their reach. But, as it turns out, rents have seen sharp increases across the country—while the average mortgage payment has actually fallen.
According to a report from CoreLogic, the “typical mortgage payment” (a monthly mortgage payment based on the US median home sale price that incorporates both principal and interest) has decreased four percent since 2005—while the monthly cost to rent a single-family home has increased by 36 percent. Renters are also more cost-burdened than homeowners, with nearly half (46 percent) spending more than 30 percent of their total income on rent (compared to just 27 percent of homeowners).
If you’ve been renting as a way to save money, it might be time to rethink your strategy. Rent has been steadily increasing across the US in recent years, and in many cases it’ ...