Once upon a time it was actually cheaper to rent an apartment or condo than it was to buy a home, but that is not always the case anymore. It all depends on your location, but there are some areas where the monthly mortgage payment for an average-priced home is less money than the average monthly rent on a three-bedroom property.
If you have been watching the real estate market and think that the price of homes is steadily increasing, you are correct. The median price of an existing home in the U.S. rose to a record $252,800 in May.
This means that sellers can expect more return on their investment and buyers should get moving now, because continued increases are expected over the next few months, and even years.
Typically homeowners think about mortgage payments in terms of a monthly bill. But, there is a different payment plan that can save you a bundle of money over time. Known as the bi-weekly mortgage payment plan, homeowners pay a mortgage installment every two weeks instead of monthly.
Nervous about the appraisal for that FHA loan? An FHA appraisal requires some very specific things to go smoothly. A wise homeowner knows what to expect and prepares to meet all of the requirements.
First, you should know that there are two chief concerns on the bank’s checklist when looking to approve an FHA loan:
If you are a renter, you probably worry that your landlord will eventually hike up the monthly rent payment to more than your budget will allow. Fact is, rental prices have been going nowhere but up for the last few years.
This trend may actually push some renters into becoming homebuyers, since mortgage payments with a fixed rate loan stay stable, and buying is often more affordable than renting in some areas.
The holidays have a way of expanding our waistlines and shrinking our bank accounts and available credit. If you are guilty of overindulging, particularly when it comes to spending on gifts, there are ways to get back on track.
Research has found that in August of this year, more than 50 % of home buyers said they were first-time purchasers. This compares to 2015’s figures of about 35% of home buyers identified themselves as first-time buyers. They are shopping for their dream homes, but not without challenges.
You may not know it, but you can actually purchase a home with less than 20% down payment. Many first-time buyers find saving for a big down payment is extremely daunting, but an FHA loan could be the perfect solution.
Investing your money can be a nerve wracking decision. You face many options, and so much stress about what the future holds.
Perhaps you have been considering an investment property, but are uncertain what to look for. What matters most to your bottom line?
If you are looking to secure a steady income from your investment, here are a few considerations before you buy:
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