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Articles Tagged "Mortgage"

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May Livingston County

Planning to buy or sell a home in Livingston County this summer? Understanding the latest real estate trends is one of the key ingredients in the recipe for accomplishing your goals, and our team always has an eye on the data to help you stay informed. That data can give you an edge over the competition, whether you're making an offer or positioning your home for a sale. Our real estate agents have all of the latest details in our Livingston County Market Activity report for May 2022.

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Closing Process

So you made an offer on the home of your dreams, and the seller accepted. The last thing you want to do is prolong the closing. Your mortgage is contingent on you maintaining the same financial profile throughout the closing period, and any abrupt changes may lead to problems or delays. Our real estate agents made a list of the five things you shouldn't do during the closing process.

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Pay Mortgage Early
Many buyers seeking out Brighton homes for sale dream of spending the rest of their lives in the home they choose. This dream often includes paying off the mortgage as soon as possible and living a debt-free life. While it's a noble goal, you might be surprised to learn that paying off your home early isn't always the best financial move. 

Our REALTORS® offer a few important things to consider as you weigh the pros and cons of paying off your mortgage ahead of schedule.

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First-time Buyer Tips - Mortgage Application
So you've committed to buying a home, congratulations! Deciding to own a home is a big step, but there's still a lot more to work through before you move into your new digs. How you pay for that home is what we're talking about, and getting a mortgage is how to get there. As a first-time homebuyer, you likely have a lot of questions about getting a mortgage, so our real estate agents put together this list of tips for applying for a one.

First-Time Buyer Mortgage Tips

  • What Can You Afford?
    This is a great place to start your mortgage journey, and it begins with affordability. Generally speaking, lenders will look at your finances and use approximately 25% of your gross income to project what you can or should afford in a mortgage. Using that formula, you can play around with the numbers. In other words, if you make $100,000 per year, then you should be able to spend around $25,000 on housing annually or about $2,000 per month.

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Save for a Down Payment
5 Ways to Save for a Down Payment

Saving for a down payment isn't an easy task. Many first-time home buyers feel overwhelmed paying such a large sum of money in addition to the various closing costs involved in buying a home. However, you can save enough money for a down payment by following these simple tips and taking advantage of special financing programs. Our REALTORS® have compiled this list of helpful hints so you can save your money for a down payment and purchase your dream home. 

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Buying a House - First Step Pre-Approval
Th real estate market is a fickle thing. While news programs often make us feel the same thing is happening across all real estate markets in the US, that's just not the case.  In fact, our country is filled with thousands of real estate markets sitting shoulder to shoulder across the US.  Each offering unique opportunities and pitfalls that can be radically different at any given time. 

In addition, conditions often change quickly. An entire market can shift overnight thanks to changes in mortgage interest rates, the amount lenders charge borrowers over time. Those adjustments, in turn, can be caused by anything from bank fluctuations to Washington politics.

In the long run, buyers hoping to get the best deal need one thing on their side: Speed.

The faster you get through your transaction, the easier it is to "seize the day" and get the best bargain in any market. This is especially true because a mortgage loan agreement only lasts for a short period of time--if you don't act on it within that window, your rates can go up. 

What's the key to moving faster in the market? Getting pre-approval.

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