Texas is good for first-time home buyers, according to a new study by WalletHub, a personal finance resource. The Lone Star State boasts four of the top 10 locations for first-time home buyers in 2017; McKinney, Texas, ranked first on WalletHub’s list.“Cities in north Texas have very healthy housing markets and a high percentage of homes sold in the past year,” WalletHub analyst Jill Gonzalez told realtor.com®. “Construction is flouris
The Motley Fool recently featured a range of mortgage tips to help educate first-time buyers, including:Know their credit score. The credit score can be a big key to knowing how much buyers can afford and how much interest they’ll be paying. Home shoppers should be encouraged to check their credit report and FICO score before even starting the homebuying process.Estimate how much can be borrowed. Lenders generally don’t like to see a mont
College towns have earned a reputation as being a great real estate investment. “In the same way that department stores serve as anchors in shopping malls, colleges and universities operate as anchors within a city,” Michael Harris, director of the Center for Teaching Excellence at Southern Methodist University in Dallas, told realtor.com®. “Cities with colleges receive tremendous benefits, from a better-educated workforce to improved arts
Many mortgage lenders are phasing out physical paperwork in favor of electronic documents. While that may make organization easier for consumers, they still find an element of peace of mind in physical documents, according to a new survey.Digital Risk, a mortgage outsourcing solutions firm, surveyed about 1,000 homeowners and 509 renters and found that while borrowers say they seek a more streamlined process to buy or refinance a home, they are l
Furniture, appliances, and remodeling projects are among the biggest expenses for new homeowners, who spend an average of $10,600 in the first year of homeownership, according to a recent analysis by the National Association of Home Builders. New owners spend an average of $3,778 on furnishings alone, according to NAHB’s analysis. Here are a few common expenditures recent home buyers made: Living room chairs and tables: $687 Dining room and kit
Average mortgage rates are moving up, posting increases for the second consecutive week.“After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May,” says Sean Becketti, Freddie Mac’s chief economist.Freddie Mac reports the following national averages with mortgage rates for the week ending July 13
Homeowners are bracing for the July heat as they prepare for some of their steepest utility bills.Energy costs in the U.S. consume from 5 to 22 percent of families’ total after-tax income, according to a new analysis by WalletHub, a financial resource.“And lower energy prices don’t necessarily equate to savings,” WalletHub notes in its study. “Where we live and how much energy we use are a big part of the equation.”For example, elec
Your clients may be under a false assumption on the necessary down payment they need to buy a home. Four in 10 recently surveyed Americans believe that a down payment of 15 percent or more is needed to purchase a home, according to the National Association of REALTORS®’ 2017 National Housing Pulse Survey, a survey of 1,500 adults nationwide.The reality is that the median down payment for first-time buyers is about 6 percent, and repeat b
What homeowners, renters, millennials and boomers are regretting (or not) about their most recent home decisionKey Takeaways Homeowners regret not choosing a larger home, while renters wish they'd taken the leap to buy. Parents and high-income respondents were more likely to report regrets.Do you know if that buyer you helped find a house last year is really happy with her choice … or do you think she feels like she settled for less?According
What seems like a convenient and easy solution masks some serious drawbacksKey Takeaways Instant home purchase offers aren't designed to benefit the homeseller; they are designed to benefit the investor or company. Sellers are positioned to get low offers and still pay fees at or above an agent's fees.Sue stood in her parents’ San Diego garage, overwhelmed by the years of stuff they’d accumulated and the volume of repairs needed. Add to that
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