Tag Archives: buy

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Second Chance for Foreclosed Home Owners

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The Federal Housing Administration is giving some former home owners another shot at home ownership. The FHA sent a letter to mortgage lenders stating that it would offer mortgage insurance to borrowers who once filed for bankruptcy, or who lost their homes through foreclosure or short sale during the recession.

Still, potential borrowers must show they can meet all other FHA requirements and that they are no longer financially constrained. Borrowers also will have to undergo housing counseling and FHA is requiring lenders to verify that at least a year has passed since the foreclosure or “economic event” that caused the foreclosure or bankruptcy.

Read more…

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Buying is Cheaper Than Renting Til Mortgage Rates Hit 10.5%

The recent rise in mortgage rates has made buying a house a little more expensive: the increase in the 30-year fixed rate over the past month from 3.4% to 3.9% (Freddie Mac) raised the monthly payment on a $200,000 mortgage by $56, or 6%. However, because mortgage rates are still near long-term lows, and because prices fell so much after the housing bubble burst and remain low relative to rents even after recent price increases, buying is still much cheaper than renting. That means that the recent jump in rates doesn’t change the rent-versus-buy math much.

Rates are likely to keep rising, but how far must rates rise before buying a home starts to look expensive relative to renting?

Read the very informative article…

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The DOs and DON’Ts of a New Mortgage

For Sale and Sold

You’ve made a great decision to buy a home.  Now what?!

From now until you closing, you’ll want to keep your accounts clean when it comes to getting a mortgage.  Here are just a few things to remember throughout the process.

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Top Reasons Renters Say They Want to Own

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A recent study by mortgage giant Fannie Mae showed that 90 percent of renters aspire to be home owners one day, and the top reason behind that desire is for the sense of gaining greater control over their living arrangements.

The survey revealed the following top reasons why renters want to own…

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Americans’ Optimism about Buying and Selling a Home Hits Record Levels

Americans’ confidence in their ability to buy and sell a home climbed sharply in May, likely due to reports of strong home price gains, according to results from Fannie Mae’s May 2013 National Housing Survey. The share of respondents who say now is a good time to sell a home reached a record high.

Read the details here…

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Buy or Rent: Which Makes More Sense Financially?

Every potential home buyer has to stop for at least a moment and consider this question. Today, we want to look at one of the many financial reasons to buy instead of rent: the housing expense moving forward.

Read the details here…

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With over 11 years of success, Jennifer Gilbert-Smith has the knowledge and experience to assist buyers. She especially enjoys helping first-time home buyers!

Contact Jennifer