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Size Matters Most to First-Time Home Buyers
January 30, 2012 in Buying a Home, Massachusetts | Tags: Buying a Home, first-time homebuyers, home buyers | Leave a comment
Size Matters Most to First-Time Home Buyers
When first-time homebuyers begin looking for new digs, they often have one guideline firmly in mind: think small.
“First-time homebuyers, because they have not been through the homebuying process before, have less confidence that they are making the right decision even in spite of low interest rates and affordable prices,” says Stephen Melman, director of economic services for economics and housing policy for the National Association of Home Builders (NAHB).
Read more at Size Matters Most to First-Time Buyers.
Housing Still Great Investment, Americans Say
December 9, 2011 in Buying a Home, Cape Cod, Massachusetts, Mortgages | Tags: Buying a Home, first-time homebuyers, home buyers, housing affordability | Leave a comment
Housing Still Great Investment, Americans Say
Sixty-two percent of Americans say that purchasing a home is a good investment over the next 10 years, according to the Mortgage Index Study conducted on behalf of Bank of America.
Affordability ranks high among the 1,104 consumers surveyed nationwide. For those considering a home purchase within the next year, 62 percent reported contacting a lender or using online tools to determine affordable monthly mortgage payments, according to the survey. Seventy-four percent also said they plan to …
Read more at Housing Still Great Investment, Americans Say.
More Parents Helping Kids Buy Homes
December 9, 2011 in Buying a Home, Cape Cod, Massachusetts | Tags: Buying a Home, first-time homebuyers, home buyers | Leave a comment
More Parents Helping Kids Buy Homes
NEW YORK (CNNMoney) — Hey, baby boomers! Pondering what gift to get your kid who’s all grown up? For many of your peers, the answer is a house.
One in five baby boomer couples have already given at least one of their children the means to purchase a home — either buying it outright, furnishing the down payment or co-signing the loan, according to a survey from Better Homes and Gardens Real Estate.
Read more at More parents helping kids buy homes.
Are First-time Home Buyers Scared Off?
December 5, 2011 in Buying a Home, Cape Cod, Massachusetts, Real Estate Market, Selling a Home | Tags: Buying a Home, first-time homebuyers, home buyers, Real Estate Market | Leave a comment
Are First-time Home Buyers Scared Off?
WASHINGTON (AP) — This should be a great time to buy a first home. Prices have sunk to 2002 levels. Sellers are waiting anxiously as homes languish on the market. Mortgage rates are their lowest ever.
Yet the most likely first-time homeowners, especially young professionals and couples starting families, won’t buy these days. Or they can’t. Or they already did, during the housing boom. And their absence helps explain why the housing industry is still depressed.
The obstacles range from …
Read more at Home Market Being Held Back by Wary First-Timers.
Home Sweet Townhome
November 12, 2011 in Buying a Home, Massachusetts | Tags: Buying a Home, condominiums, condos, first-time homebuyers, home buyers, new home construction | Leave a comment
Home Sweet Townhome
A new townhouse development off Route 3 in Weymouth offers a good value at $259,900 each and is conveniently located in a wooded setting.
The 46-unit Tirrell Woods is built on five acres and surrounded by another 50 acres of conservation land the developer deeded back to the town. The attached townhouses are all market-rate 1,200-square-foot, two-bedroom duplexes that make great starter condos, with low monthly condo fees. Seven are already under agreement.
Read more at Home sweet townhome.
The Big Decision: Rent or Buy
September 9, 2011 in Buying a Home, Cape Cod, Massachusetts, Real Estate Market | Tags: Buying a Home, first-time homebuyers, Real Estate Market, rent vs. buy | Leave a comment
The Big Decision: Rent or Buy
With escalating rents and rock-bottom mortgage interest rates, the Hub real estate market boils down to one question: should I rent or should I buy?
“I’m seeing a lot of first-time home buyers with smaller down payments who are looking to buy now because …
Read more at The big decision: Rent or buy.
Patience can go a long way to getting short sale bargain
April 29, 2011 in Buying a Home, Cape Cod, Massachusetts, Real Estate Market | Tags: Buying a Home, first-time homebuyers, short sales | Leave a comment
Patience can go a long way to getting short sale bargain
The spring market is here and everyone — from first-time homebuyers to investors — is looking for a great deal.
If you can afford to wait, the best bargain may be a so-called “short sale.”
Read more at Patience can go a long way to getting short sale bargain.
Tighter credit stifles real estate marketplace
March 19, 2011 in Buying a Home, Cape Cod, Massachusetts | Tags: Buying a Home, first-time homebuyers, home buyers, mortgage approval, mortgage qualification | Leave a comment
Tighter credit stifles real estate marketplace
If you’re looking at today’s mortgage rates you know that loans never really come with one price. Instead, there are different prices depending on how you structure your loan and how you qualify.
Read more at Tighter credit stifles real estate marketplace.
Picky buyers missing out on deals
March 7, 2011 in Buying a Home, Cape Cod, FHA 203(k) Rehab Loans, HomeStyle Renovation Loans, Massachusetts, Mortgages, Selling a Home | Tags: first-time homebuyers, home buyers | 1 comment
Picky buyers missing out on deals
WASHINGTON — Picky, picky, picky! Are today’s first-time homebuyers passing up great deals because they insist on flawless “move-in ready” houses requiring little or no changes — even at the starter-home price levels where shoppers traditionally have been willing to factor future fix-ups and renovations into their offers?
Read more at Picky buyers missing out on deals.
Should You Give Your Kid a Down Payment?
December 3, 2010 in Buying a Home, Cape Cod, Massachusetts, Mortgages | Tags: Buying a Home, first-time homebuyers, home buyers, homebuyer incentives | Leave a comment
Should You Give Your Kid a Down Payment?
(MONEY Magazine) — Ken and Denise Holick had always intended to help their children buy homes. So when their daughter Katie, 26, told them she’d been apartment hunting for weeks in Columbus without turning up any good prospects, Ken threw out an idea: Why not buy?
Read more at Should you give your kid a down payment?.
Can You be Denied a Mortgage After it Was Approved?
April 13, 2010 in Buying a Home, Mortgages, USDA Mortgages | Tags: Buying a Home, first-time homebuyers, frequently asked questions about mortgages, Massachusetts mortgages, mortgage approval, USDA Rural Development Loan | 1 comment
Can You be Denied a Mortgage After it Was Approved?
Q: Before I went looking for a house to buy, I was pre-approved for a USDA Rural Development loan from my bank. In my contract to purchase the house, it said that the lender must issue a commitment letter by a certain date, which they did. My closing was scheduled for two weeks later.
What is a Repair Escrow on an FHA Mortgage?
April 12, 2010 in Buying a Home, Cape Cod, FHA Mortgages | Tags: Buying a Home, FHA mortgages, first-time homebuyers, frequently asked questions about mortgages, HUD homes, repair escrow | Leave a comment
What is a Repair Escrow on an FHA Mortgage?
Q: I am purchasing a HUD home, and the “as-is” appraisal is the same as the purchase price. But the house needs some repairs before I can go to settlement. It will cost up to $5,000 to fix the property to meet FHA requirements, and the lender says the costs of the repairs will be included in my mortgage.
To Own or To Rent: That is the Question
March 31, 2010 in Buying a Home, Cape Cod, Mortgages | Tags: Buying a Home, Cape Cod, first-time homebuyers, Massachusetts | Leave a comment
To Own or To Rent: That is the Question
A new workshop at Housing Assistance Corp. in Hyannis aims to help Cape Codders decide whether a mortgage bill or a monthly rent payment is better for them.
Read more at To own or to rent: That is the question | CapeCodOnline.com.
Am I Required to Have Homeowner’s Insurance in Order to Settle?
March 28, 2010 in Buying a Home, Cape Cod, Mortgages | Tags: Buying a Home, Cape Cod, first-time homebuyers, frequently asked questions about mortgages, homeowner’s insurance, Massachusetts, Massachusetts mortgages | 1 comment
Am I Required to Have Homeowner’s Insurance in Order to Settle?
Q: I am a first time homebuyer with an FHA loan. Am I required to have homeowner’s insurance in order to settle?
A: Yes, if you are financing a home, then you must have homeowner’s insurance before settlement. It has nothing to do with being a first-time homebuyer or financing with an FHA mortgage.
Does it Matter How Far the House You Want to Buy is From Work?
March 28, 2010 in Buying a Home, Cape Cod, Mortgages | Tags: Buying a Home, Cape Cod, first-time homebuyers, frequently asked questions about mortgages, Massachusetts, mortgage qualification | Leave a comment
Does it Matter How Far the House You Want to Buy is From Work?
Q: If the house you’re buying is going to be your primary place of residence, does it matter how far you drive to work?
I own a piece of loan, and intended to build a modular home. My credit score is okay, and my debt-to-income ratios are under the limits. I have applied for a mortgage, and was initially approved. However, the mortgage application has since been denied because underwriter said the commute from the new home to my job was too far. I don’t understand why this anything to do with my closing and paying a monthly payment. Can anyone elaborate on this?
Can I Buy a Home with No Money Down Today?
March 24, 2010 in Buying a Home, Cape Cod, FHA Mortgages, Mortgages, USDA Mortgages, VA Mortgages | Tags: Buying a Home, Cape Cod, FHA mortgages, first-time homebuyers, Massachusetts, Massachusetts mortgages, USDA Rural Development Loan, VA Mortgages | Leave a comment
Can I Buy a Home with No Money Down Today?
Q: I want a home that cost $100,000, and I want put just a $1000 down. Can I buy a house?
A: There aren’t too many ways to purchase a home with little or no money down today.
What’s the Best Way to Get Qualified for a Mortgage?
March 22, 2010 in Buying a Home, Cape Cod | Tags: Buying a Home, Cape Cod, first-time homebuyers, frequently asked questions about mortgages, home buyers, Massachusetts, mortgage pre-approval, mortgage qualification | Leave a comment
What’s the Best Way to Get Qualified for a Mortgage?
I’m looking into the future and trying to get my “credit right” so I can buy a home. What’s the best way to get qualified for a mortgage?
Here are the details: My credit score ranges between 650 and 690. There are no delinquents on my credit – just high credit card balances. I have two credit cards – both with a $15,000 line of credit, and both have a balance around $13,000. I also have 3 cars, 1 that I only owe $5,000 on. I actually only pay for one car, but all 3 are on my credit. So obviously I have some work to do, but want some advice about the best way to get qualified for a mortgage.
Can a Home Buyer Negotiate Directly With a Listing Agent?
March 21, 2010 in Buying a Home, Cape Cod | Tags: Buying a Home, Cape Cod, first-time homebuyers, frequently asked questions about real estate, Massachusetts, real estate agents | Leave a comment
Can a Home Buyer Negotiate Directly With a Listing Agent?
A: Yes, home buyers can negotiate directly with a listing agent. But why would you? You can hire a buyer’s agent. A buyer’s agent will represent you and not the seller(s). Often, the buyer’s agent will be paid by the home seller.
You really should not negotiate the purchase of a home with a listing agent. The listing agent was hired by the home seller to sell their home. It’s the listing agent’s responsibility to sell the house for as much as possible. Thus, they will negotiate a deal that’s in the best interest of the seller and not yours.
If I Have Perfect Credit, Can I Get a Lower Mortgage Rate?
March 20, 2010 in Buying a Home, Cape Cod, Mortgage Interest Rates, Mortgages | Tags: Buying a Home, Cape Cod, closing costs, first-time homebuyers, frequently asked questions about mortgages, Massachusetts, Mortgage Rates, Mortgages | Leave a comment
If I Have Perfect Credit, Can I Get a Lower Mortgage Rate?
A: The mortgage rate and the amount in closing costs you will pay will depend on a number of factors including:
- the size, type and term of the loan,
- the type of property (i.e., single family residence, condo, etc.),
- how the property will be used (i.e., primary home, vacation home, rental property),
- how much you will put down on the purchase of a home, and
- your credit and credit scores
What Are Seller Concessions and How Do They Work?
March 20, 2010 in Buying a Home, Cape Cod, Mortgages, Selling a Home | Tags: Buying a Home, Cape Cod, first-time homebuyers, frequently asked questions about mortgages, Massachusetts, Mortgages, seller concessions | Leave a comment
What Are Seller Concessions, and How Do They Work?
A: Seller concessions are a seller’s agreement to pay all or part of the buyer’s closing costs. Depending on the type of mortgage the buyer intends to apply for, seller’s concessions can be as much as 6% of the purchase price of the home.
Seller concessions rarely, if at all, contribute to inflated home prices. Rather, it’s a matter of negotiation. When buying a home, most people try and negotiate a purchase price that is less than the seller’s asking price. In these cases, sellers will rarely, if at all, contribute to the buyer’s closing costs.
