Buying Myths Archives - Page 6 of 6 - Joe Fernald

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are

The Cost of NOT Owning Your Home

November 27, 2017

Buying Myths, First Time Home Buyers, For Buyers, Move-Up Buyers, Rent vs. Buy

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Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed. Zillow recently reported that: “In reality, buying or renting a home is an intensely personal decision,

Bubble Alert! Is it Getting Too Easy to Get a Mortgage?

November 23, 2017

Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers

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There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year: More buyers

Your Friends Are Crazy Wrong If They’re Telling You Not to Buy

November 17, 2017

Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers

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The current narrative is that home prices have risen so much so that it is no longer a smart idea to purchase a home. Your family and friends might suggest that buying a home right now (whether a first-time home or a move-up home) makes absolutely no sense from an affordability standpoint. They are wrong!

Buying a Home Can Be Scary… Unless You Know the Facts [INFOGRAPHIC]

October 27, 2017

Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Millennials

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Some Highlights: Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts: 40% of millennials who purchased homes this year have put down less than 10%. 76.4% of loan applications were

Millennials Flock Towards Low Down Payment Programs

October 24, 2017

Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers

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A report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less. The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%. An article by Chase points to a new wave of millennial homebuyers: “We teamed up with Google to

The Cost of Renting vs. Buying a Home [INFOGRAPHIC]

October 20, 2017

Buying Myths, For Buyers, Infographics, Rent vs. Buy

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Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Before you renew your lease again, find

The Mortgage Process: What You Need to Know [INFOGRAPHIC]

October 6, 2017

Buying Myths, First Time Home Buyers, For Buyers, Infographics, Move-Up Buyers

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Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.