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Category: First-Time Buyers

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Why Buying Now May Be Worth It in the Long Run

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Tips, Equity, First-Time Buyers, For Buyers, Home Prices, Key Largo Mortgage, Key Largo Mortgage Rates.

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision. As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices...

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The Down Payment Assistance You Didn’t Know About

Written by Key Largo Mortgage Syndicated User on . Posted in First-Time Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below): Here’s what you need to know to make the most of your down payment in today’s housing market. Amplify Your Down Payment Potential For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought possible....

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What Credit Score Do You Really Need To Buy a House?

Written by Key Largo Mortgage Syndicated User on . Posted in Agent Value, Buying Tips, First-Time Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

When you’re thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says: “Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage.” The trouble is most buyers overestimate the minimum credit score they need to buy a home. According...

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The Price of Perfection: Don’t Wait for the Perfect Home

Written by Key Largo Mortgage Syndicated User on . Posted in Agent Value, Buying Tips, First-Time Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn’t wise. That’s because the pursuit of perfection comes at a cost. And in this case, that cost may be delaying your dream of homeownership. As Bankrate explains: “One of the most common first-time homebuyer mistakes is looking for a home that checks each of your boxes. Looking for perfection can narrow your choices and lead you to pass over good, suitable options for starter homes in the hopes that something better will come along.” The Cost of Holding Out...

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What You Need To Know About Today’s Down Payment Programs

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Tips, First-Time Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

There’s no denying it’s gotten more challenging to buy a home, especially with today’s mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start.  A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list: 53% said they need help understanding homebuying...

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Savings Strategies Every First-Time Homebuyer Needs To Know

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Tips, First-Time Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

If homeownership is on your goal sheet for your future, you’re probably working on your savings. And a big priority is making sure you’ve got a plan in place for things like your closing costs, down payment, and more. Here are a few strategies that can help speed up that process. Budget and Track Your Expenses: To start, create a detailed budget that tracks the money you’ve got coming in and the money going out. This’ll give you a better look at your finances as a whole. Cut Down on Unnecessary Spending: Now that you have your budget sheet done and you know how you’re spending your money,...

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The Wealth-Building Power of Homeownership [INFOGRAPHIC]

Written by Key Largo Mortgage Syndicated User on . Posted in Equity, First-Time Buyers, For Buyers, Infographics, Key Largo Mortgage, Key Largo Mortgage Rates.

Some Highlights If you’re trying to decide if buying a home is worth it, consider the long-term benefits, like building equity as home values grow over time. According to the FHFA, home values have increased by 315.7% since 1991. Home equity is one reason owning your own place can really pay off in the long run. When you’re ready, talk with a local real estate professional.

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Why a Condo May Be a Great Option for Your First Home

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Tips, First-Time Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

Having a hard time finding a first home that’s right for you and your wallet? Well, here’s a tip – think about condominiums, or condos for short. They’re usually smaller than single-family homes, but that’s exactly why they can be easier on your budget. According to the latest data from the National Association of Realtors (NAR), condos are typically less expensive than single-family homes (see graph below): So, if you’re comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet. Besides...

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The Top 2 Reasons To Consider a Newly Built Home

Written by Key Largo Mortgage Syndicated User on . Posted in Buying Tips, First-Time Buyers, For Buyers, Inventory, Key Largo Mortgage, Key Largo Mortgage Rates, New Construction.

When you’re planning a move, it’s normal to wonder where you’ll end up and what your future home is going to look like. Maybe you’ve got a specific picture of that house in your mind. But unless you came into this process knowing you want to buy a newly built home, you may not have pictured new home construction. A trusted real estate agent can help walk you through these two reasons you may want to reconsider that. 1. Adding Newly Built Homes Could Give You More Options There are two types of homes on the market: new and existing. A newly built home refers to a house that was just built or...

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Tips for Younger Homebuyers: How To Make Your Dream a Reality

Written by Key Largo Mortgage Syndicated User on . Posted in First-Time Buyers, For Buyers, Key Largo Mortgage, Key Largo Mortgage Rates.

If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you. While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side. Here are some helpful tips you may get from a pro. 1. Explore Your Options for a Down Payment If a down payment is your #1 hurdle, you may have options...

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