Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

Written by Miami Beach Mortgage Syndicated User on September 11, 2024. Posted in Affordability, Buying Tips, For Buyers, Miami Beach Mortgage, Mortgage Miami Beach, Mortgage Rates.

Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market.Pre-Approval Helps You Know Your NumbersWhile home affordability is...

The Latest on the Luxury Home Market

Written by Miami Beach Mortgage Syndicated User on September 6, 2024. Posted in Buying Tips, For Buyers, Luxury / Vacation, Miami Beach Mortgage, Mortgage Miami Beach.

Luxury living is about more than just stunning views and cutting-edge smart home technology—it’s about elevating your lifestyle. And if you’re in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here’s why.The Number of Luxury Homes Is GrowingThe top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars:“The...

Could a 55+ Community Be Right for You?

Written by Miami Beach Mortgage Syndicated User on September 3, 2024. Posted in Buying Tips, For Buyers, Miami Beach Mortgage, Mortgage Miami Beach.

If you’re thinking about downsizing, you may be hearing about 55+ communities and wondering if they’d be a good fit for you. Here’s some information that could help you make your decision.What Is a 55+ Community?It’s important to note that these communities aren’t just for people who need extra support – they can be pretty vibrant, too. Many people who are downsizing opt for this type of home because they’re looking to be surrounded by people in a similar season of life. U.S. News explains:“The terms ‘55-plus community,’ ‘active adult community,’ ‘lifestyle communities’ and ‘planned communities’...

Today’s Biggest Housing Market Myths

Written by Miami Beach Mortgage Syndicated User on August 23, 2024. Posted in Buying Tips, Economy, For Buyers, Miami Beach Mortgage, Mortgage Miami Beach, Mortgage Rates.

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.1. I’ll Get a Better Deal Once Prices CrashIf you’ve heard home prices are...

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

Written by Miami Beach Mortgage Syndicated User on August 16, 2024. Posted in Agent Value, Buying Tips, First-Time Buyers, For Buyers, Miami Beach Mortgage, Mortgage Miami Beach.

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...

Why the Sandwich Generation Is Buying Multi-Generational Homes

Written by Miami Beach Mortgage Syndicated User on August 2, 2024. Posted in Buying Tips, For Buyers, Miami Beach Mortgage, Mortgage Miami Beach.

Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.How Can It Help You Buy a Home?Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time...

Why a Vacation Home Is the Ultimate Summer Upgrade

Written by Miami Beach Mortgage Syndicated User on June 21, 2024. Posted in Buying Tips, For Buyers, Luxury / Vacation, Miami Beach Mortgage, Mortgage Miami Beach.

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines...

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

Written by Miami Beach Mortgage Syndicated User on June 20, 2024. Posted in Buying Tips, First-Time Buyers, For Buyers, Miami Beach Mortgage, Mortgage Miami Beach.

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 grant...

Worried About Mortgage Rates? Control the Controllables

Written by Miami Beach Mortgage Syndicated User on June 19, 2024. Posted in Buying Tips, Economy, Miami Beach Mortgage, Mortgage Miami Beach, Mortgage Rates.

Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.That’s why it’s generally not worth it to try to time the market. There’s too much at play...

Savings Strategies Every First-Time Homebuyer Needs To Know

Written by Miami Beach Mortgage Syndicated User on June 12, 2024. Posted in Buying Tips, First-Time Buyers, For Buyers, Miami Beach Mortgage, Mortgage Miami Beach.

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, look...

Category: Buying Tips