62% of Buyers Are Wrong About Down Payment Needs

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According to the ‘2019 Home Buyer Report conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”

When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,

“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):

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The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.

 

Bottom Line

 

Don’t let a lack of understanding keep you and your family out of the housing market. Let’s get together to discuss your options today.

 

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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.

The Role Access Plays in Getting Your House Sold

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So, you’ve decided to sell your house.  You’ve hired a real estate professional to help you with the entire process and you’ve been asked what level of access you want to provide to potential buyers.

 There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access you can provide to your agent to be able to show your home.

Here are five levels of access you can provide to a buyer, each with a brief description:

  • Lockbox on the Door – This allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  • Providing a Key to the Home – Although the buyer’s agent may need to stop by an office to pick up the key, there is a little delay in being able to show the home.
  • Open Access with a Phone Call – The seller allows showing with just a phone call’s notice.
  • By Appointment Only – Example: 48-hour notice. Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  • Limited Access – Example: the home is only available for a couple of hours a day. This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.

 

What Is the Probability That Home Values Sink?

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With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.

 

 

Here is a table showing the predicted levels of appreciation from six major housing sources:0 down mortgage Elk River, 0 down mortgage Monticello, 0 down mortgage Zimmerman, down payment assistance Elk River, FHA approved lenders Elk River, FHA loan application Elk River, FHA loan application Ramsey, FHA mortgage interest rates Elk River, FHA streamline loan Elk River, home construction loans Elk River, home loans with no down payment Elk River

As we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.

 

Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability.

 

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Those waiting for prices to fall before purchasing a home should realize that the probability of that happening anytime soon is very low. With mortgage rates already at near historic lows, now may be the time to act. home loans with no down payment Zimmerman, mortgage broker Elk River, mortgage broker Monticello, mortgage broker St. Michael, mortgage broker Zimmerman, mortgage interest rates Ramsey, zero down home loans Elk River, zero down home loans Zimmerman, zero down mortgage Elk River, zero down mortgage Ramsey, zero down mortgage Zimmerman

 

 

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.

 

 

 

 

*Re-posted by: https://www.mykcm.com/2019/09/10/the-role-access-plays-in-getting-your-house-sold-2/ and https://www.mykcm.com/2019/09/12/what-is-the-probability-that-home-values-sink/

Buyers: Do You have the Buying Power?

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Millennial Buying Power Poised to Boost Home Ownership

In a recent article by Realtor Magazine, Mark Fleming, Chief Economist of First American Financial Corporation, notes,

“The largest group of Millennials by birth year will turn 30 in 2020, which puts them entering their prime home buying years”.

The article continues to describe how Millennials have more buying-power than the generations that preceded them, making their interest in embracing home ownership stronger than ever,

“Millennials—the most educated generation—have the highest incomes across their generational cohorts, even when salaries are adjusted for inflation.”

This combination of power and desire has the potential to drive positive growth in the home ownership rate heading into the near future. According to Fleming,

‘“The gap between the potential and actual home ownership in 2018 narrowed slightly as the growth in home ownership modestly exceeded the increase in potential demand,” he says, citing First American’s Home ownership Progress Index.

“We expect the home ownership rate to further close the gap with potential in the years ahead as Millennials continue to make important decisions, such as attaining an education and, later in life, getting married and having children.”’ home loans with no down payment Zimmerman,  mortgage broker Elk River,  mortgage broker Monticello, mortgage broker St. Michael,  mortgage broker Zimmerman,  mortgage interest rates Ramsey,  zero down home loans Elk River,  zero down home loans Zimmerman, zero down mortgage Elk River,  zero down mortgage Ramsey,  zero down mortgage Zimmerman

That said, the shortage of sell able inventory in the entry and mid-range levels that’s attractive to potential millennial buyers may be a contributing factor as to why many Millennials haven’t yet purchased a home. According to another recent report citing Frank Martell, President and CEO of CoreLogic,

“Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.”

With millennials aging-up into mortgage-ready and home-buying territory, along with their strong buying interest and buying power, this generation is poised and ready to have positive impact on home ownership rates across the country. Many of them just need to find a home they’re excited to buy in this competitive end of the market.

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If you’re thinking of selling, let’s connect and determine if now is a great time for you to list your house and move-up. More Millennials are getting ready to jump into the market and join the ranks of home ownership, so demand for homes in the starter and mid-level range will continue to be strong.

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.

 

 

 

*Re-posted by: https://www.mykcm.com/2019/09/11/millennial-buying-power-poised-to-boost-homeownership/

Cash Out Refinance for a Vacation or Start a College Fund

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.

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Refinance My Home Now or Wait?

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With the recent lower interest rates, many homeowners are wondering if they should refinance.

To decide if refinancing is the best option for your family, start by asking yourself these questions:

Why do you want to refinance?

There are many reasons to refinance, but here are three of the most common ones:

  1. Lower your interest rate and payment– This is the most popular reason. If you have a 5% interest rate or higher, it might be worth seeing if you can take advantage of the current lower interest rates, hovering below 4%, to reduce your monthly payment and overall cost of the loan.
  2. Shorten the term of your loan– If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner.
  3. Cash-out refinance– With home prices increasing, you might have enough equity to cash out and invest in something else, like your children’s education, a vacation home, or a new business.

Once you know why you might want to refinance, ask yourself the next question:

How much is it going to cost?

There are fees and closing costs involved in refinancing, and Lenders Network explains:

“If you were to refinance that loan into a new loan, total closing costs will run between 2%-4% of the loan amount.”

They also explain that there are options for no-cost refinance loans, but be on the lookout:

“A no-cost refinance loan is when the lender pays the closing costs for the borrower. However, you should be aware that the lender makes up this money from other aspects of the mortgage. Usually pay charging a slightly higher interest rate so they can make the money back.”

If you’re comfortable with the costs of refinancing, then ask yourself one more question:

Is it worth it?home loans with no down payment Zimmerman, mortgage broker Elk River, mortgage broker Monticello, mortgage broker St. Michael, mortgage broker Zimmerman, mortgage interest rates Ramsey, zero down home loans Elk River, zero down home loans Zimmerman, zero down mortgage Elk River, zero down mortgage Ramsey, zero down mortgage Zimmerman

To answer this one, we’ll use an example. Let’s assume you have a $200,000 home loan. A 4% refinance cost will be $10,000. If you want to lower your interest rate from 6% to 4%, then refinancing is going to save you $244 per month. To break even ($10,000/$244), you need to continue owning your home for over 40 months.

Now that you know how the math shakes out, think about how much longer you’d like to own your current home. If you plan to stay for more than 3 years, then maybe it is advantageous for you to refinance.

If, however, your current home does not fulfill your present needs, you might want to consider using your potential refinance costs for a down payment on a new move-up home. You will still get a lower interest rate than the one you have on your current house, and with the equity you’ve already built, you can finally purchase the home of your dreams.

Bottom Line

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision.

 

Here’s the home price appreciation these experts are projecting over the next few years:

 

Bottom Line

Every source sees home prices continuing to appreciate, which is great news for the strength of the market. The increase is steepest throughout the rest of 2019, and prices should continue to rise as we move through 2020 and beyond.

 

What a Difference a Year Makes for Sellers

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Over the last few years, many sellers have been hesitant to put their houses on the market because they feared not being able to find another home to buy.

 

 

We’ve reported on inventory shortages in the past, and it’s been a constant concern for potential buyers throughout recent years. New research shows the inventory concern is starting to decrease among potential buyers.

According to First American, the two leading obstacles to homeownership that buyers feel today are Affordability and Limited Inventory. This means the feeling that homes are less affordable has risen, while the fear of limited inventory has decreased, delivering a wealth of good news for sellers.At the same time, over the past 12 months, we’ve seen a steady month-over-month increase in the number of homes coming to market for purchase. In the past, the lack of listings and available inventory slowed down the real estate market. This recent increase in current inventory has many buyers and sellers now thinking it is time to make their move – and rightfully so! For the last two months, we’ve seen over 4 months of inventory become available for sale, a promising number that’s been slowly increasing this year and creating more buying opportunities.To further support the idea of an improving real estate market, Sam Khater, the Chief Economist at Freddie Mac says,0 down mortgage Elk River, 0 down mortgage Monticello, 0 down mortgage Zimmerman, down payment assistance Elk River, FHA approved lenders Elk River, FHA loan application Elk River, FHA loan application Ramsey, FHA mortgage interest rates Elk River, FHA streamline loan Elk River, home construction loans Elk River, home loans with no down payment Elk River

“…In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.” 

Many experts, like Sam, believe the second half of 2019 will drive a stronger market than we saw at the beginning of the year. This is great news for homeowners who have put off getting their houses on the market and are now ready to make a move.

Bottom Line

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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.

 

 

*Re-posted by Keeping Current Matters at: https://www.mykcm.com/2019/07/16/should-i-refinance-my-home/;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.

 

Low Interest Rates Here to Stay?

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Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018.  According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

 

This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,mortgage broker St. Michael, mortgage broker Zimmerman, VA home loan Elk River, veteran home loan Elk River, zero down mortgage Ramsey, 0 down mortgage Ramsey, apply for VA home loan Elk River, down payment assistance Ramsey, FHA loan application Ramsey, FHA streamline loan Elk River, home construction loans Elk River

 

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective home buyers this spring and could help the housing sector regain its momentum later in the year.”

 

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

 Bottom Line

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

 

 

 

 

Housing Is Affordable For First-Time Buyers

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The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their latest report shows that FTHB’s made up 33% of buyers in March, which matches their reported share in 2018.

NAR uses survey data from their members to come up with this statistic, so their results do not include every transaction completed. Rather, they only show the transactions reported by members who complete the survey.mortgage broker St. Michael, mortgage broker Zimmerman, VA home loan Elk River, veteran home loan Elk River, zero down mortgage Ramsey, 0 down mortgage Ramsey, apply for VA home loan Elk River, down payment assistance Ramsey, FHA loan application Ramsey, FHA streamline loan Elk River, home construction loans Elk River

The other entity that reports on FTHB share is the American Enterprise Institute (AEI). The AEI uses data from mortgage applications that define an FTHB as “any borrower who did not have a mortgage for the preceding three years.”

This means the AEI measurement also includes former homeowners who transitioned out of a home they previously owned and re-entered the market after at least 3 years. The latest FTHB share data from AEI shows that first-time buyers made up 57.5% of all mortgages in August 2018. NAR’s data shows a 31% share for the same time period.

New research from the New York Federal Reserve shows that these traditional reports on FTHB share have been unable to give an accurate depiction of this group’s involvement in the market.

The NY Fed was able to take consumer credit data and identify when a mortgage payment entered a consumer’s credit report to determine when a first-time home purchase was made. Using this data, they were able to show that AEI’s reported FTHB share was consistently 10% higher. The NAR reports were right on par with their findings until 2010, when NAR’s share dropped to the 11% gap seen today.

So, what does this all mean?

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This also means that rising prices have not scared buyers away from the market. Many first-time buyers are making sacrifices to save their down payment and make their dream a reality.

Bottom Line

If you are one of the many renters who is scrolling through listings on your phone every night dreaming of buying your own home, there are opportunities in every market to make that dream a reality!

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

10 Steps to Buying a Home

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10 Steps to Buying a Home [INFOGRAPHIC] | MyKCM

Some Highlights:

  • If you are thinking of buying a home, you may not know where to start.
  • Here is a simple list of 10 steps that you will go through to purchase a home.
  • Make sure to ask your agent for details about each step and what else may be required in your area!

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

3 Questions You Need To Ask Before Buying A Home

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If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following three questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a study by realtor.com found that “73% said buying in a good school district was “important” in their search.

This report supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. The actual reasons are:

  • A good place to raise children and provide them with a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in February (the latest data available) was $249,500. This is up 3.6% from last year. The increase also marks the 84th consecutive month with year-over-year gains.

Looking at home prices year over year, CoreLogic is forecasting an increase of 4.6%. In other words, a home that costs you $250,000 today will cost you an additional $11,500 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing, it may cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

Freddie MacFannie Maethe Mortgage Bankers Association and NAR have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

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Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

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