This week, USA TODAY reported many millennials don’t enter the housing market because they’re intimidated by all the confusing terminology. From the article: “After putting away enough savings, the biggest hurdle for Millennial buyers may be the learning curve that comes with understanding the process…” That’s why every week I provide you with mortgage definitions Read more about How to Cancel Mortgage Insurance[…]
First-time homebuyers in Virginia Beach, Norfolk, and Chesapeake, often ask me: What’s the maximum amount a seller can contribute to the closing costs? The answer depends on the loan program. The chart below shows the seller contributions for conventional loans based on the down payment. Note: The chart only applies for primary and second homes. More seller Read more about How Much Can a Seller Contribute to Closing Costs[…]
When you negotiate a contract and decide on a lender, you should always take into account closing costs and pre-paids. Here’s the difference between the two. Below I have pasted a chart for a closing cost estimator. I hope you find the chart useful when you negotiate for your first-time home buyers in Virginia Beach, Norfolk, and Chesapeake. Download the chart Read more about How Much are Closing Costs[…]
Over the past couple of years, the MIP (mortgage insurance premium) rates on FHA loans have increased, which raised monthly mortgage payments. The increase kept some homebuyers out of the market. On January 26, FHA will reduce its MIP rate and allow borrowers to save on average $900 a year. The highlights: Annual premium reduced from Read more about FHA Reduces Mortgage Insurance Rates[…]
“Roughly 42 percent of millennials say they want to buy a home in the next one to five years…As this generation matures, they will become a home-buying force to be reckoned with.” – Dr. Stan Humphries, Zillow chief economist Welcome to 2015, the year many home-buying experts like Humphries expect millennials to enter the housing market Read more about Why 2015 Will be a Huge Year for Real Estate[…]