Posts in category 'Buying A Home'
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18
Homeownership Changes Lives - Long Term Benefits Of Homeownership
According to Selma Hepp, Economist at CoreLogic, "For many households, home equity is the only source of wealth creation. As a result, recent record gains in equity and record declines in loan-to-value ratios will provide many owners with a financial buffer in case economic conditions worsen. In addition, record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas." Note: the Quad Cities have recently ranked the 4th most affordable market in the country. The net worth of a homeowner is 40 times greater than that of a renter. So when you compare homeownership to renting, it's a huge differentiator for peoples' long-term wealth gain.
Additional benefits of homeownership:
- Security and stability
- Priv...
30
What is Loan-to-Value (LTV) and Why is it Important?
By Chris Schneider, Vice President of Ruhl Mortgage The loan-to-value (LTV) ratio is a metric lenders use to measure the amount of debt used to buy a home compared to the value of the home being purchased. LTV is important because lenders use it when considering whether to approve a loan and/or what terms to offer. The higher the LTV, the higher the risk for the lender - if the borrower defaults, the lender is less likely to be able to recoup their money by selling the house.
What is LTV?
The loan-to-value ratio is a simple formula. (LOAN AMOUNT / HOME VALUE) * 100 = LTV% EXAMPLE: ($80,000 LOAN / $100,000 HOME VALUE) * 100 = 80% LTV Hint: This could also be considered in the reverse. For example, a borrower with 20% down payment has an LTV of 80%
6
Is the Market Changing for Buyers?
Buyers today have had to deal with incredibly low housing inventory in an incredibly competitive market. For those leary of moving fast, the uncomfortable pressure of feeling rushed is heavy and ever-present. Even for those who powered though, a restful night of sleep was probably not had until closing papers were signed. It's been rough for buyers, locally and throughout the country, but it appears there is light at the end of the tunnel. In fact, according to experts across the country, the housing market may just be turning a corner.
Inventory Rebound
Housing inventory is rebounding! According to housing experts, nationally we have seen the number of active listings rise by 8.0% in May. However, it's important to note that although there may statistically be more listings than earlier in the year, inventory is still on the low side, especially when compared to pre-pandemic years. Yes, more homes are available, but inventory is still 59.6% lo...
16
5 Costs to Consider When Buying a Home
Home prices are on the rise nationally. Record low inventory coupled with high demand is pushing prices up. If you're looking to buy a home remember that there are additional costs beyond the selling price and it's important to weigh all the "little extras" when determining your budget. Here are some top costs to consider while you are in the home buying process. But you can rest assured that your Realtor will help you every step of the way.
Hiring a home inspector
Home inspections, are a great resource for you when buying your home. Once you're under contract, you want to make sure your dream home is as perfect as, well, you dreamed it would be. Hiring a home inspector gives you the opportunity to find out if there are any little problems you can't see with your own eyes. A thorough home inspection can identify current and potential problems, or, better yet, give the home a clean bill of health. But it is not free. The average home inspection
17
5 Things to Look for in Your First Home
If you decide the time is right, here are some key things to look for in your first home.
Price Tag
It is essential to know how much your first home will cost. If you're unsure about how to get this right, contact a reputable real estate agent.
Property Issues
A thorough inspection is a must if you want a realistic view of the good, bad and worst side of the house. After all, it's hard-earned money you're investing here.
Proper Lawn and Garden
Trees provide more than just shade and cool air for your home; they also filter water and air to reduce soil erosion and greenhouse gases. Plus, your energy bills all year round will be significantly reduced if you let Mother Nature help you out a bit.
