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
Existing home sales fell 3.4% in May while the median home price rose above $400,000 for the first time, according to data just released by the National Association of Realtors (NAR). Despite the headlines, these numbers aren’t necessarily a reason to panic. While yes, home sales are down overall, we’re still in a “wait and … [Read more...] about What to keep an eye on as home sales fall and prices rise
The Federal Reserve has raised interest rates three times in 2018, and they’re not finished: another hike is expected before the end of the year. If that’s not bad enough, most financial analysts agree that we can look forward to additional interest rate increases in 2019. Plenty of people would rather watch paint dry than worry about interest rates, of course. But if you’re … [Read more...] about To Buy or Not to Buy: What to Do When Mortgage Rates Are Rising
It’s one thing to idly scroll through online house listings. It’s something else entirely to make a real offer to buy a home, even now when the purchase process has taken on an entirely new form combining online shopping, social distancing open houses, and video consultations with realtors and mortgage providers. Making an offer on a home is serious business. A … [Read more...] about 8 Things You Should Know About Making an Offer on a Home
A mortgage pre-approval letter in-hand takes the stress out of house hunting. Instead of wasting your time looking at homes out of your price range—or worrying about whether you qualify for a mortgage at all—being pre-approved for a mortgage means you can conduct your home search, and eventual purchase, confidently. But not all mortgage pre-approvals are … [Read more...] about What Is the Morty Pre-Approval? How Is It Different?