A new zero-down option, plus more ways to put down less on your home This week, Bank of America announced a “no-down” mortgage program called the Community Affordable Loan Solution, aimed at closing the racial homeownership gap. It’s the latest of various no- and low-down payment mortgage options, as growing numbers of buyers seek more affordable paths to becoming … [Read more...] about The lowdown on low-down payment mortgages
When the only certainty is uncertainty, simple rules can help Buying a home for the first time can be scary, but it’s especially true in today’s market. Rates are at a relative high and home sales are on the decline. Uncertainty remains around inflation. It’s understandable that you might be second-guessing yourself right about now. While the current market conditions … [Read more...] about Getting it right the first time: simple steps for first-time homebuyers
Sort out your finances *before* getting pre-approved If you are looking to restart your search for a home, it can be tempting to jump straight into getting a pre-approval. But you may want to spend some time sorting out your finances first, as it’ll give you a more realistic snapshot of what you can afford in a fast-changing market. Some areas to focus on: 1. Take a close … [Read more...] about Ready, set, prep: first steps before you buy a home
What major steps come to mind when you think about starting the process of buying a home? For many, it probably includes saving for a down payment, getting pre-approved for a mortgage and finding an agent to support the home search. But it’s important to know that this isn’t the only route to homeownership. In fact, an often-overlooked option is to enter into a rent-to-own … [Read more...] about How Does Rent-to-Own Work?
A new normal for the housing market There have been a few pieces of news driving conversation around the state of the housing market this week. We saw new data from the National Association of Realtors that purchase contracts dropped by 8.6% in June. We also saw the Federal Reserve raise interest rates again in a continued effort to curb inflation. Intense speculation … [Read more...] about The upside to higher rates