Many first-time homebuyers could be out in the market struggling to find the home that ticks all the boxes. But for those who are willing to shell out a few thousand bucks more for a property that they can call home, they need to know if they are about to buy a flipped home. As someone buying a home for the first time, you don’t want to pay for a property with serious defects like what actress Rachel Bloom and husband, Daniel Gregor found out from the flipped home they bought in 2015.
Expressing an “intent to proceed” is another critical step in the home buying process that you need to decide after shopping and getting pre-approved by a few mortgage lenders. In simple terms, intending to proceed means that you’ve finally chosen a lender who you think offers you the most competitive rates. As a first-time homebuyer, there are things that you need to understand if you plan to proceed with your application with a particular lender because this will be the first time a lender will start charging you fees, other than a credit report fee.
Generation Z is, no doubt, the next bloodline that will keep the housing market alive. Recent surveys have suggested that there’s an increasing number of credit-eligible individuals from this generation taking out mortgages compared with other forms of debt. For someone who’s young and planning to buy his or her first home, taking a HomeReady® mortgage can be an affordable option.
The number of Generation Z homebuyers are expected to grow in the next couple of years. As the youngest credit-eligible generation planning to buy a home, you should be aware of the industry-specific acronyms that you’ll encounter which may appear to be very technical. It’s critical that you know and understand the common mortgage acronyms by heart to avoid costly mistakes and help you get the best deal.
A loan estimate is an important document that would-be homebuyers receive when applying for a mortgage. In general, the three-page document estimates everything that a homebuyer needs to pay for the entire loan. While loan estimates are designed to help homebuyers better understand the mortgage loan terms, there are some instances when the final Loan Estimate may be higher than what was originally quoted.
First-time homebuyers are required to shell out a significant amount of funds for the down payment and closing costs. Moreover, there are instances when homebuyers need to pay for additional services to ensure that they’re making the right decision to buy a home. A home inspection, for example, is an important part of the homebuying process that every homebuyer should prioritize, especially when buying an older home.
The oldest members of Generation Z are now at the right age to enter the real estate market and a good percentage are reportedly determined to be a homeowner, taking out mortgages instead of other types of debt. Although mortgage rates have become more affordable for Gen Z to purchase a home, finding the right one might be a challenge. It’s important for these young homebuyers to know that there are different types of homes available in the market to help them fulfill their American dream of homeownership.
Here’s a scenario: You found a seemingly perfect property to be called home that’s just right or even below your budget range. It is newly painted, with an updated kitchen, and is located in a good neighborhood. You learned from the property disclosures document that you just need to do very minimal repairs before you move in and you don’t need to spend much. But later on, after you and your family moved in, you start to experience some weird stuff like unusual footsteps from the hallways in the wee hours, or perhaps the smell of popping popcorn in the kitchen but couldn’t find any. After sharing your odd experience with a neighbor, you were told that your home was previously owned by a person who died inside the property’s kitchen. What’s even bothersome is that family members of the previous owner were notorious in the neighborhood for practicing witchcraft.
Thousands of additional condominium units in the market will soon become eligible for FHA financing after the Federal Housing Administration (FHA) issued last August an important update which included the revival of its “spot approval” program. Compared with a detached single-family home, a condo is a more affordable option for a broad range of credit-worthy homebuyers who prefer a relaxed lifestyle that’s surrounded by amenities. The new policy will result in an estimated 20,000 to 60,000 FHA-insured condominium units every year.
Massive data breaches are becoming common nowadays. A few days after the massive Equifax data breach settlement news broke out, Capital One reported that sensitive information of roughly 100 million consumers in the U.S. has been compromised. As someone planning to buy a home, it is critical that you know if you’re affected by such breaches, especially if you’re applying for a mortgage.