Dec 17, 2024 • 1 min read
We’d all love to see lower rates, but over 6% appears to be the new norm. “From an affordability perspective, we think 2025 will look a lot like 2024.” Fannie Mae, chief economist, recently shared in their latest forecast. Adding that “sales of existing homes are expected to remain near 30-year lows next year” as elevated […]
No question is too small. Realtor.com has put together a great mortgage introduction video. You may have questions about down-payment. Lenders will offer you the best terms if you make a 20% down payment. However, most lending institutions have a mortgage options that allow you to put as little as 3% down. Don’t forget to […]
I recently had an interesting interaction with a potential buyer client. She was interested in using one of the USDA Rural Housing Loans for her home purchase because they still offer 100% financing (zero down payment), but she was interested in a home that was listed in Hermitage. Unfortunately, you can’t use this loan program in that […]
If you are considering purchasing a home in Nashville anytime soon, you will need to have a mortgage pre-approval letter in hand at the time an offer is submitted. While it isn’t technically required, sellers and listing agents will not take your offer seriously without one. Not only that, it will forge a stronger relationship with […]
Buying a home? If you are, one of the very first questions you’ll need to answer is, “how much of a down payment should I make?” The answer: ideally, 20 percent. Granted, it’s not easy to save 20 percent of the home’s sale price for a down payment. In fact, saving for a down payment […]
The following was excerpted from a CRS finance class I took a few years back: Part I: Good Credit Translates into Lower Rates for the Consumer In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really […]
I’m no accountant but averting the fiscal cliff was a great move real estate-wise. Here’s what it means: The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night and extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers. For households earning […]
Breaking News from the National Association of REALTORS I’ve been complaining for years about how tightened loan guidelines from FHA, Fannie, and Freddie have been hindering housing recovery. Here is a tiny step forward as reported by NAR: Some positive news from FHA today on its condo financing rules, with more changes expected to come […]
PRE-QUALIFICATION is only a loan agent’s opinion that you’ll be able to obtain financing. No or fre verifications are made so formal approval is not issued. PRE-APPROVAL on the other hand, means the loan application has been made though a rigorous procedure. Pre-approval saves you the time of looking at houses you can’t afford. Pre-approved […]
There is a misconception out there that you must have a 20% downpayment when buying a house. This just isn’t true! Granted, if you have 20%, your terms and interest rate will be will be more appealing, but there are plenty of options out there if you can come up with 3.5% (FHA) to 5% […]
As an independent contractor who doesn’t have a 401K that my company contributes too, I often worry about retirement. Right now, my personal hopes are pinned to a strong Nashville rental market heading down the road. If you have a 401k, and are concerned about your prospects moving forward, you aren’t alone. I recently ran […]
![[video] What Is A Mortgage? Mortgage Basics 101](http://agentsteph77.wpengine.com/wp-content/uploads/2015/04/My-Photo-Welcome-to-Donelson.jpg)
![[Infographic] What is Mortgage Preapproval?](http://agentsteph77.wpengine.com/wp-content/uploads/2011/12/NiN-square-final1.jpg)
