what you need to know about private mortgage insurance (PMI)

what you need to know about private mortgage insurance (PMI)

Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).

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your tax refund is the key to homeownership

your tax refund is the key to homeownership

Americans can expect an estimated average tax refund of $3,143 according to the IRS. This is down slightly from the average refund of $3,436 last year. Tax refunds can be considered extra money to use toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment!

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student loan debt is not a threat to home ownership

student loan debt is not a threat to home ownership

Over the course of the last thirty years, a shift has happened. An entire generation has been raised to believe that a college education (often accompanied with student loan debt) is their key to unlocking opportunities that were not available to their parent’s or grandparent’s generations.

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the net worth of a homeowner is 44x greater than a renter

the net worth of a homeowner is 44x greater than a renter

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released. It revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

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do you need 20% down to buy a home? no.

do you need 20% down to buy a home? no.

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The survey shows that the main reason non-homeowners do not own their own homes is that they believe they cannot afford them.

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rising prices are building your family’s wealth

rising prices are building your family’s wealth

Homes are appreciating, which is what makes buying one such an excellent investment. According to Pulsenomics’ most recent Home Price Expectation Survey, home prices are expected to appreciate, on average, by 3.6% per year over the next 5 years and grow 18.2% cumulatively. What does that mean for homeowners? Equity and more of it.

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want to buy a home? time to get pre-approved.

want to buy a home? time to get pre-approved.

During spring and summer, we see an influx of buyers competing for the same properties. An active marketplace demands that buyers set themselves apart from each other. One of the easiest ways to do that is to show how serious they are about purchasing a home. Getting pre-approved for a mortgage demonstrates dedication, expedites the loan process and provides an accurate view of the buyer’s budget. To us, starting the buying process with a pre-approval is an absolute must. Otherwise, you’re going into the market blind to what you can afford.

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the real cost of your credit score

the real cost of your credit score

Purchasing a new home is an exciting time. However, the numbers can make the process confusing and stressful. Real estate professionals regularly mention credit scores and interest rates, but their connection to each other is not always clear. When purchasing a property, this information can determine a lot in terms of cost for you and your family. It’s a good idea to familiarize yourself with their role before buying a home.

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