Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to think about the long-term benefits of homeownership when making your decision.
Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 70% of respondents say they believe
The Mortgage Corner with Greenstate Credit Union - 5 Factors that Determine Your Credit Score
When it comes to buying a home, your mortgage is an integral step in the process. Your credit score has a direct impact on the interest rate you can obtain, which then determines your monthly payment. Are you curious what impacts your credit score?
There are 5 categories that make up your score, with some weighted more heavily than others.
1. Payment History: Your account payment information, including delinquencies and public records
2. Credit Usage: How much you own on your accounts
3. Credit Age: How long your credit accounts have been established
4. Account Mix: What types of credit accounts do you have, such as revolving and
When it comes to buying a home a contributing factor is interest rates. Here is something to keep in mind with interest rates....Interest rates are not forever!
Interest rates will change. When they drop it is a great opportunity to refinance or think about upgrading. Focus on buying a home you love now with the knowledge that you always have the option to refinance.
Working with your Realtor® & lender will help you know when it is the best time to refinance! Oakridge Real Estate is a proud partner with GreenState Credit Union and their amazing team of lenders! Get in touch with a GreenState lender today and see what your options are!
Explore the Oakridge blog for more buying information!
Market value and appraised value are both important factors to consider when buying or selling a home. The market value is the estimated price that a buyer would be willing to pay for the property, based on current market conditions. The appraised value is the estimated value of the property as determined by a licensed appraiser. Lenders use the appraised value to determine how much they are willing to lend for the purchase of the home. Both values can impact the price negotiations during a home sale, and it's important to take both into consideration when making a decision.
Market Value: The price a buyer is will to pay for a property.
Appraised Value: The professional opinion of an appraiser on
The process of buying a home can feel a bit intimidating, even under normal circumstances. But today’s market is still anything but normal. There continues to be a very limited number of homes for sale, and that’s creating bidding wars and driving home prices back up as buyers compete over the available homes.
Navigating all of this can be daunting if you’re trying to do it alone. That’s why having a skilled expert to guide you through the homebuying process is essential, especially today. Bankrate shares this perspective:
“Advice and guidance from a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing
Why You Should be Timing Your Life & Not the Housing Marketing
When it comes to buying or selling a home, it's easy to get caught up in the fluctuations of the housing market. But it's important to remember that the most valuable commodity in life is time. Time spent with loved ones, pursuing passions, and making memories is priceless.
When making decisions about buying or selling a home, it's important to consider how the transaction will impact your time and overall quality of life. For example, if you're selling a home, consider whether the process will be stressful and time-consuming, taking away from other important aspects of your life. On the other hand, if you're buying a home, think about whether the location and size of
Why Downsizing is Not Just for Those Looking to Retire
Article from Keep Current Matters
Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:
“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”
And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re
The Power of Being Pre-Approved as a Buyer in Today's Market
Article from Keeping Current Matters
If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now it is essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.
To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how
Preparing for Homeownership - 6 Things You Should Consider
If your goal is to become a homeowner this year the process to finding "the" home can be overwhelming. In today's blog post we are sharing six helpful tips when it comes to buying a home. Before you begin your home search, we recommend crossing these tasks off your to-do list:
Contact an Oakridge REALTOR®.A Realtor will do more than show you a home. As a buyer in today's market a Realtor is essential to writing a strong offer, and getting connected with local lender. You Realtor will also assist in walking you through negotiations, inspection, getting connected with local vendors and walking you through the home buying process!
The biggest myth we see with homebuyers: You need 20% down payment to purchase a home. A recent survey by the NAR (National Association of Realtors) showed that 44% of people who purchased a home in 2022 put less than 20% down.
For years, the idea of having to save up 20% of a home's purchase price for a down payment has been ingrained in many people's minds. However, this is no longer the case. While a 20% down payment may have been the norm in the past, there are now many options available for homebuyers to purchase a home with a much smaller down payment.
In fact, some programs allow for as little as 3% down payment for a conventional loan, and there are also