Real Estate Agents And Economists

The economic decline has possible home buyers, especially first time home buyers, scared to invest anything into the housing market. With the fear of another depression in the back of everyone's minds, some businesses are attempting to clarify the pros of home ownership.

In conclusion, having a good credit score and money saved up for a down payment as well as choosing the right lenders will make the process of buying a house less stressful. You should take your time and fully understand all that goes into buying a house before signing that dotted

Mortgage rates have been at an all time low for many years and while they've gone up a bit recently, they are still historically low. This has led to masses of homeowners scrambling to refinance their mortgages. The reason so many homeowners have waited to refinance their mortgage is because there are so many mortgage refinancing myths out there. That's why we're going to help you wade through the information and dispel those mortgage refinancing myths, which will help you make an educated decision about whether or not refinancing your home is the right decision for you and your situation. Here are the top nine mortgage refinancing myths that keep so many homeowners from taking advantage of these historically low interest rates.

A really small down payment: Many homebuyers save up for years before they can afford the down payment. With FHA loans, the down payment is only 3.5%. So, there is no need to wait for years, buy your home now.

New loan offerings make it easier to buy a home, but harder to pick which mortgage is right for you. The standard 30-year fixed rate mortgage allows predictable payments. If you’re planning on moving quickly, consider an adjustable rate mortgage, which has low

One of the biggest mistakes a person can make when starting the steps in the home buying process, is to go out shopping for a home before they get pre-qualified for a home loan! Most people get so caught up in the excitement of shopping for their new home that they don't realize they are putting the cart before the horse. They may spend hours of their time and their Realtor's time looking for that perfect home, only to find out that they do not qualify for a home loan due to some unforeseen obstacle or new guideline.

The best thing to do is the other way around its a great way of setting your own expectations as to what kind of house you can afford. So get pre-approved for a loan first and with a help of an agent, you will be able to find the right kind of home for you that works well within the allowable funds.

If you cannot pay off your credit card debt, then you cannot afford a mortgage and you cannot afford to pay for a house. You need to learn how to handle your money before you take on mortgage debt.

Receiving loans from lenders regularly lead to debt, and home loans for improvement only leads to paying off your home twice. Thus, elude high interest rates and loan payments and learn to plan your finances to improve your home.

If you applied for a mortgage and were offered a larger sum than your house costs, or you have been paying on your house for years, you may be eligible to roll your credit card debt into your house payment, lowering your interest rates by up to 15% in some cases.

No one wants to be tied down to a mortgage for 30 years! If the above stringent measures are not your cup of coffee, you might want to consider refinancing your mortgage for a shorter term, say 15 years instead of 30. Refinancing your home allows you to get financing to pay off the initial loan and instead sign up for another one with a lower interest, which is payable within a shorter

It is key when obtaining a mortgage that you be upfront with your mortgage lender about your situation. You should never lie or mislead them into believe something that is not true. However, there are some things that you don’t need to mention to your lender. There are things that if you do mention them, your lender might think twice about writing your loan. Avoid these at all costs.

In the world of home mortgage, a borrower may actually convert part of home equity into cash. This is called REVERSE MORTGAGE. Imagine taking out a loan so you can buy your dream home and yet you can withdraw cash from it that you can use for your needs. So, isn’t that having your cake and eating it too?

For many, their credit reports were damaged in the Fall, and there are still people carrying unserviceable debts or even bankrupt. A major lesson learned by homeowners would be to “cut your coat according to your cloth.” It is not worth it if you own a place only to be able to claim the title of homeowner, or even just to boast about it. You clearly have to think through maintaining and servicing its financing over the long term. Also, many home owners are sure looking into the smarter (and ultimately higher) route in paying initially in cash – as much as can be afforded, of course. Investors are now more educated and would not just jump at anything real estate without doing good research. They are asking the right questions and taking their time in committing funds. The silver lining would be that the market has since bottomed out and can only go up now. This has resulted in growing confidence in the real estate market which will further boost overall economic

Establish Credibility: According to US News, the great American dream of owning a home appears poised for a comeback. Real estate company Trulia reports that in many parts of the country, rents are rising while housing prices are falling, making buying a home more affordable. Trulia found that in 98 out of 100 major metropolitan areas, including Detroit, Atlanta, and Cleveland, buying has become more affordable than renting.” I think the mortgage catastrophe of 2001 left prospective home buyers afraid of buying a house without being extremely certain that is the right decision.