You may have heard how owning real estate is a key part of building generational wealth. Even if you are single or without children, there’s no denying the long-term financial benefits of owning a home. But if today’s housing market has you wondering if now’s still the time to buy, consider the non-financial and emotional reasons too.
Home means something different to all of us. Whether it’s sharing memories with loved ones at the kitchen table or settling in to read a book in a favorite chair, the emotional connections to our homes can be just as important as the financial ones. Here are some of the things that make a house a home.
With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s. One of the reasons this isn’t like the last time is the number of foreclosures in the market is much lower now. Here’s a look at why there won’t be a wave of foreclosures flooding the market.
For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. If you or a loved one have served, it’s important to understand this program and its benefits. Here are some things you should know about VA loans before you start the homebuying process.
While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession.
You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know
Knowing which financial weaknesses raise red flags for lenders, and avoiding them, can strengthen your chances of loan approval. Lenders are trained to spot financial mismanagement so they are careful to review your finances before they take you on as a mortgage client. A bad risk isn’t good for their business.
When looking for a new home, be sure to tally all the costs of buying and the ongoing costs associated with home ownership. This will help you make a realistic budget for the purchase and related costs to make the place your own. And, it’s best to have an idea of the costs before you even start looking for a new home.
Record prices in the housing market are easing up, but bidding wars continue in competitive areas. Silly misunderstandings or misinterpretations of real estate language can cost you the house of your dreams and you could find yourself back at square one in your search. Take time to learn key terminology and you may be well on your way to moving into your new home.
There is a distinction between the terms “highest and best” and “best and final,” used to describe the kinds of offers a buyer should know when purchasing a home. Knowing the differences and some tips to help you get the best deal will help you navigate the home buying process. Read on for the definitions — and for insight on the subtleties of each so you won’t lose out on your new home.
Your house has sold, and you have a new home to move into. Check that off your list. But that’s only part of the moving process. You can save money on the move and have extra cash for new accessories to make this home your own. Plan ahead and take advantages of freebies offered when moving to a new home.