The Cost of Waiting to Buy a Home: Interest Rates Edition

Some Highlights:

Interest rates are projected to increase steadily heading into 2019.
The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be.
Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Bottom Line

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS. Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress! Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!

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M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 Years

f you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed.

Last week, Trulia posted a blog, Not Your Father’s Housing Market, which examined home affordability over the last 40+ years (1975-2016). Their research revealed that:

“Nationally, homes are just about the most affordable they’ve been in the last 40 years… the median household could afford a home 1.5 times more expensive than the median home price. In 1980, the median household could only afford about 3/4 of the median home price.

Despite relatively stagnant incomes, affordability has grown due to the sharp drop in mortgage rates over the last 30 years – from a high of over 16% in the 1980s to under 4% by 2016.

Of the nation’s 100 largest metros, only Miami became unaffordable between 1990 and 2016. Meanwhile, 22 metros have flipped from being unaffordable to becoming affordable in that same time frame.”

Here is a graph showing the Affordability Index compared to the 40-year average:

The graph shows that housing affordability is better now than at any other time in the last forty years, except during the housing crash last decade.

(Remember that during the crash you could purchase distressed properties – foreclosures and short sales – at 20-50% discounts.)

There is no doubt that with home prices and mortgage rates on the rise, the affordability index will continue to fall. That is why if you are thinking of moving up, you probably shouldn’t wait.

Bottom Line

If you have held off on moving up to your family’s dream home because you were hoping to time the market, that time has come.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610 Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Is Now a Good Time to Rent?

People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their 2017 fourth quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, meet with a local real estate professional who can help determine if you are able to today!
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Bottom Line

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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8105 Rasor Blvd #140 Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate

Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates over the last 45 years.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
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M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations â€“ J.D. Power

Singles Are Falling for Their Dream Home First

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

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Branch Manager

6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Be Careful Not to Get Caught in The Rental Trap!

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped

A recent article by ConsumerAffairs addressed the continuous rise in rents, stating:

“The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.”

Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it was revealed that,

“Despite a slight improvement from 2014, fully one-third of US households paid more than 30 percent of their incomes for housing in 2015. Renters continue to be more likely to face cost burdens…the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia shows that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 24,000 renters found that 80% of millennial renters plan to eventually buy a house, but 72% cite affordability as their primary obstacle. Aside from affordability, one in three millennial renters have concerns about their credit scores, and another 53% said that a down payment is an obstacle.

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible for a mortgage.
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Homeowner’s Net Worth Is Still Greater Than a Renter’s

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!

Put Your Housing Cost to Work for You

As we’ve said before , simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments :

“Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home. ”

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, meet with a real estate professional in your area who can guide you through the process.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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Branch Manager

6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

More Than Half of All Buyers Are Surprised by Closing Costs

According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

No… You Do Not Need 20% Down to Buy NOW!

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 results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO^®Scores

An Ipson survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO^® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724. The chart below shows the distribution of FICO^® Scores for all loans approved in August.

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options.
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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Branch Manager

6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Buying Remains Cheaper Than Renting in 39 States!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).

One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.

Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, meet with a local real estate professional who can help you find your dream home.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Category Archives: Home Buyer News

The Cost of Waiting to Buy a Home: Interest Rates Edition

Some Highlights:

Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 Years

The graph shows that housing affordability is better now than at any other time in the last forty years, except during the housing crash last decade.

Bottom Line

Is Now a Good Time to Rent?

Bottom Line

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate

Singles Are Falling for Their Dream Home First

Be Careful Not to Get Caught in The Rental Trap!

Don’t Become Trapped

It’s Cheaper to Buy Than Rent

Know Your Options

Bottom Line

Homeowner’s Net Worth Is Still Greater Than a Renter’s

Put Your Housing Cost to Work for You

Bottom Line

More Than Half of All Buyers Are Surprised by Closing Costs

Bottom Line

No… You Do Not Need 20% Down to Buy NOW!

1. Down Payment

2. FICO^®Scores

Bottom Line

Buying Remains Cheaper Than Renting in 39 States!

Bottom Line

Some Highlights:

The graph shows that housing affordability is better now than at any other time in the last forty years, except during the housing crash last decade.

Bottom Line

Bottom Line

Don’t Become Trapped

It’s Cheaper to Buy Than Rent

Know Your Options

Bottom Line

Put Your Housing Cost to Work for You

Bottom Line

Bottom Line

1. Down Payment

2. FICO® Scores

Bottom Line

Bottom Line

2. FICO^®Scores