When to dump your mortgage insurance payment?

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mn

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

VA Cash-Out Refi & Use 100% of Home’s Equity

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

How Quickly Can You Save Your Down Payment?

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mnUsing data from HUDCensus and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expenses.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mn

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 2 to 5 years, but becomes possible in less than a year in most states, as shown on the map below.

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

Bottom Line

Whether you have just begun to save for a down payment or have been saving for years, you may be closer to your dream home than you think! Let’s get together to help you evaluate your ability to buy today.

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mnRelated topics: 62% of Buyers Are Wrong About Down Payment Needs

For a Hassle-Free consultation on Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

A Rent Payment is Your Landlord’s Mortgage Payment

0 Down Mortgage Ramsey, Apply for VA Home Loan Elk River, Apply for VA Home Loan Monticello, Apply for VA Home Loan Ramsey, Apply for VA Home Loan Zimmerman, Best Mortgage Rates Today Ramsey, Down Payment Assistance Elk River, Down Payment Assistance Ramsey, Down Payment Assistance Zimmerman, FHA Approved Lenders Ramsey, FHA Mortgage Interest Rates Ramsey, Home Construction Loans Ramsey, Home Loans with No Down Payment Ramsey, Mortgage Broker Otsego, Mortgage Broker Ramsey, Mortgage Broker Rogers, Mortgage Broker Zimmerman, Veteran Home Loan Ramsey, VA Home Loan Ramsey, VA Home Loan Monticello, First-Time Home Buyer
What is going to come out our your wallet this year? Your mortgage payment or your landlord’s?

There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However, everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business explained in their article, “12 Practical Steps to Getting Rich”:

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

With home prices rising, many renters are concerned about their house-buying power. Mike Fratantoni, Chief Economist at MBAexplained:

“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.”

As an owner, your mortgage payment is a form of ‘forced savings,’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.

As mentioned before, interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.46% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

For a hassle-free first-time home buyer mortgage consultation, contact DJ Riley today at 763-276-3960  or via email @ djriley@unitedfamilymortgage.com

0 Down Mortgage Ramsey, MN | Apply for VA Home Loan Elk River | Apply for VA Home Loan Monticello | Apply for VA Home Loan Ramsey, MN | Apply for VA Home Loan Zimmerman | Best Mortgage Rates Today Ramsey, MN | Down Payment Assistance Elk River | Down Payment Assistance Ramsey, MN | Down Payment Assistance Zimmerman | FHA Approved Lenders Ramsey, MN | FHA Mortgage Interest Rates Ramsey, MN | Home Construction Loans Ramsey, MN | Home Loans with No Down Payment Ramsey, MN | Mortgage Broker Otsego | Mortgage Broker Ramsey, MN | Mortgage Broker Rogers | Mortgage Broker Zimmerman | Veteran Home Loan Ramsey, MN | VA Home Loan Ramsey, MN | VA Home Loan Monticello

One More Time… You Do Not Need 20% Down to Buy a Home

First-time home buyer mortgage programs, 0 Down Mortgage Ramsey, Apply for VA Home Loan Elk River, Apply for VA Home Loan Monticello, Apply for VA Home Loan Ramsey, Apply for VA Home Loan Zimmerman, Best Mortgage Rates Today Ramsey, Down Payment Assistance Elk River, Down Payment Assistance Ramsey, Down Payment Assistance Zimmerman, FHA Approved Lenders Ramsey, FHA Mortgage Interest Rates Ramsey, Home Construction Loans Ramsey, Home Loans with No Down Payment Ramsey, Mortgage Broker Otsego, Mortgage Broker Ramsey, Mortgage Broker Rogers, Mortgage Broker Zimmerman, Veteran Home Loan Ramsey, VA Home Loan Ramsey, VA Home Loan Monticello
3% down payment and for some borrowers, ZERO down payment options are available!

The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses.

In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!

According to the “Barriers to Accessing Homeownership” study commissioned in partnership between the Urban Institute, Down Payment Resource, and Freddie Mac, 39% of non-homeowners and 30% of those who already own a home believe they need more than a 20% down payment.

The percentage of those who are aware of low down payment programs (those under 5%) is surprisingly low at 12% for non-homeowners and 13% for homeowners.

In a recent Convergys Analytics report, they found that 49% of renters believe they need at least a 20% down payment.

The median down payment on loans approved in 2018 was only 5%!  Those waiting until they have over 20% may already have enough saved to buy now!

There are over 45 million millennials (33%) who are mortgage ready right now, meaning their income, debt, and credit scores would all allow them to qualify for a mortgage today!

Bottom Line

If your five-year plan includes buying a home, let’s get together to determine what it will take to make that plan a reality. You may be closer to your dream than you realize!

For a hassle-free first-time home buyer mortgage consultation, contact DJ Riley today at 763-276-3960  or via email @ djriley@unitedfamilymortgage.com

0 Down Mortgage Ramsey, MN | Apply for VA Home Loan Elk River | Apply for VA Home Loan Monticello | Apply for VA Home Loan Ramsey, MN | Apply for VA Home Loan Zimmerman | Best Mortgage Rates Today Ramsey, MN | Down Payment Assistance Elk River | Down Payment Assistance Ramsey, MN | Down Payment Assistance Zimmerman | FHA Approved Lenders Ramsey, MN | FHA Mortgage Interest Rates Ramsey, MN | Home Construction Loans Ramsey, MN | Home Loans with No Down Payment Ramsey, MN | Mortgage Broker Otsego | Mortgage Broker Ramsey, MN | Mortgage Broker Rogers | Mortgage Broker Zimmerman | Veteran Home Loan Ramsey, MN | VA Home Loan Ramsey, MN | VA Home Loan Monticello

Paying Rent = Paying Your Landlord’s Mortgage

0 Down Mortgage Ramsey, Apply for VA Home Loan Elk River, Apply for VA Home Loan Monticello, Apply for VA Home Loan Ramsey, Apply for VA Home Loan Zimmerman, Best Mortgage Rates Today Ramsey, Down Payment Assistance Elk River, Down Payment Assistance Ramsey, Down Payment Assistance Zimmerman, FHA Approved Lenders Ramsey, FHA Mortgage Interest Rates Ramsey, Home Construction Loans Ramsey, Home Loans with No Down Payment Ramsey, Mortgage Broker Otsego, Mortgage Broker Ramsey, Mortgage Broker Rogers, Mortgage Broker Zimmerman, Veteran Home Loan Ramsey, VA Home Loan Ramsey, VA Home Loan Monticello, First-Time Home Buyer
What is going to come out our your wallet this year? Your mortgage payment or your landlord’s?

There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However, everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business explained in their article, “12 Practical Steps to Getting Rich”:

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

With home prices rising, many renters are concerned about their house-buying power. Mike Fratantoni, Chief Economist at MBAexplained:

“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.”

As an owner, your mortgage payment is a form of ‘forced savings,’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.

As mentioned before, interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.46% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

For a hassle-free first-time home buyer mortgage consultation, contact DJ Riley today at 763-276-3960  or via email djriley@unitedfamilymortgage.com

0 Down Mortgage Ramsey, MN | Apply for VA Home Loan Elk River | Apply for VA Home Loan Monticello | Apply for VA Home Loan Ramsey, MN | Apply for VA Home Loan Zimmerman | Best Mortgage Rates Today Ramsey, MN | Down Payment Assistance Elk River | Down Payment Assistance Ramsey, MN | Down Payment Assistance Zimmerman | FHA Approved Lenders Ramsey, MN | FHA Mortgage Interest Rates Ramsey, MN | Home Construction Loans Ramsey, MN | Home Loans with No Down Payment Ramsey, MN | Mortgage Broker Otsego | Mortgage Broker Ramsey, MN | Mortgage Broker Rogers | Mortgage Broker Zimmerman | Veteran Home Loan Ramsey, MN | VA Home Loan Ramsey, MN | VA Home Loan Monticello

 

NO MONEY DOWN VA MORTGAGE FOR VETERANS

For a Free Phone Consultation, Contact DJ Riley Today at 763-276-3960

Apply for VA Home Loan, VA Home Loan, Veteran Home Loan, Home Loans with No Down, 0 Down Mortgage, No Money Down Mortgage

0 Down Mortgage Ramsey, MN, Apply for VA Home Loan Elk River, Apply for VA Home Loan Monticello, Apply for VA Home Loan Ramsey, Apply for VA Home Loan Zimmerman, Best Mortgage Rates Today Ramsey, MN, Down Payment Assistance Elk River, Down Payment Assistance Ramsey, MN, Down Payment Assistance Zimmerman, FHA Approved Lenders Ramsey, MN, FHA Mortgage Interest Rates Ramsey, MN, Home Construction Loans Ramsey, MN, Home Loans with No Down Payment Ramsey, MN, Mortgage Broker Otsego, Mortgage Broker Ramsey, MN, Mortgage Broker Rogers, Mortgage Broker Zimmerman, Veteran Home Loan Ramsey, MN, VA Home Loan Ramsey, MN, VA Home Loan Monticello

Buying Is Now 26.3% Cheaper Than Renting in the US

0 Down Mortgage Ramsey, Apply for VA Home Loan Ramsey, Apply for VA Home Loan Zimmerman, Best Mortgage Rates Today Ramsey, Down Payment Assistance Ramsey, Down Payment Assistance Elk River, Down Payment Assistance Zimmerman, Home Construction Loans Ramsey, Home Construction Loans Elk River, Home Construction Loans Zimmerman, VA Home Loan Ramsey, VA Home Loan Elk River, VA Home Loan Zimmerman

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.

In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas.

It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in the last year, while rents have remained relatively unchanged.

For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide!

Below is a map of the 100 metros that were studied. The darker the blue dot on the metro, the cheaper it is to buy there.

mortgage broker Monticello, mortgage broker Ramsey, mortgage broker Elk River, mortgage broker Otsego, mortgage broker Rogers, mortgage broker Big Lake, mortgage broker Zimmerman, mortgage broker Albertville, mortgage broker St. Michael

In order to calculate the true cost of renting vs. buying, Trulia includes all assumed renting costs, including one-time costs (like security deposits), and compares them to the monthly costs of owning a home (insurance, mortgage payments, taxes, and maintenance) including one-time costs (down payments, closing costs, sale proceeds). They also assume that households stay in their home for seven years, put down a 20% down payment, and take out a 30-year fixed rate mortgage. The full methodology is included with the study results here.

Below is a chart created with the data from the last six years of the study, showing the impact of the median home price, rental price, and 30-year fixed rate interest rate used to calculate the ‘cheaper to buy’ metric.

0 Down Mortgage Monticello, Apply for VA Home Loan Monticello, Best Mortgage Rates Today Monticello, Down Payment Assistance Monticello, Home Construction Loans Monticello, VA Home Loan Monticello, Mortgage Broker Monticello

In 2016, when buying was 41.3% less expensive than renting, the average mortgage rate was the driving force behind the difference. Rates this year are the highest they have been in six years which has narrowed the gap, all while home price appreciation has also been driven up by a lack of homes for sale.

Cheryl Young, Trulia’s Chief Economist, had this to say,

“One point deserves emphasizing: The ultra-costly San Francisco Bay Area is not a harbinger for the nation as a whole. While renting may outweigh buying in San Jose and San Francisco, it is unlikely that renting will tip the scales nationally anytime soon.”

Bottom Line

Homeownership provides many benefits beyond the financial ones. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.

To schedule a hassle-free mortgage consultation, contact DJ Riley today at 763-276-3960, or via email @ djriley@unitedfamilymortgage.com.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.