You’ve found the house of your dreams and you’re ready to make an offer; but how do you compete with a handful of other prospective buyers who’ve also deemed the home “the one”? This is a dilemma buyers are facing all over the country in today’s fast-paced, low-inventory housing market. And the reality is, you aren’t always going to be able to submit the highest real estate offer for your dream home.Read More
Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.Read More
Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.Read More
Buyers are often pressed for time as the transaction closing date draws near, which means a buyer might be tempted to pass on the final walk-through. Many issues can come up though, and it’s never a good idea to skip a final walk-through.Read More
Today’s real estate market is highly competitive. Having a professional who’s been there before to guide you through the process is a simple step that will give you a huge advantage! As a home buyer, this is FREE to you! #homebuyingRead More
Yes, this is one of the beginning steps of the home buying process, but before you jump straight into the pre-approval process, let's understand what that means. It’s important to make sure that before starting the pre-approval process, you consider these 6 things.Read More
Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today.Read More
Following last year’s real estate market was like riding a rollercoaster. The market started off strong in 2018 and then softened before finishing with a mild flurry. However, one thing that did not waiver was America’s belief that owning a home makes sense from a financial standpoint.Read More
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.Read More
Are you ready to buy a home but not sure where to start? Check out our step by step guide to help you through the process of buying a home. Filled with free resources and tips, this will be the perfect guide for you!Read More
Watching your home come to life is a wonderful experience that can sometimes come with hassles. To avoid some of these headaches, keep these tips in mind!
If you are ready to put your current home on the market and find out what new construction is available in your area, let’s get together to discuss your options!Read More
The bottom line is, housing is STILL affordable in the United States. We are here to help you find the perfect home for you that's in your price range! Home Buying shouldn't be something you're scared about. Let us help you.Read More
Buying a home doesn’t have to be overwhelming. Seiler Home Group is here to be in your corner to cheer you along the way and help you reach your goals. We’ve broken it down to a checklist to make your home buying process a bit easier.Read More
In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time home buyer if you aren’t prepared. Make sure you know these five steps to make your home buying process the best!Read More
Check out our FREE eGuide to Home Buying
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.
This brings us to two major misconceptions that we want to address today.
1. Down Payment
A recent survey by Laurel Road, the National Online Lender and FDIC-Insured Bank, revealed that consumers overestimate the down payment funds needed to qualify for a home loan.
According to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alternative down payment options, and 46% of millennials do not feel confident that they could currently afford a 20% down payment.
What these people don’t realize, however, is that there are many loans written with down payments of 3% or less.
Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.
An Ipsos survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores for approved conventional and FHA mortgages are much lower.
The average conventional loan closed in May had a credit score of 753, while FHA mortgages closed with an average score of 676. The average across all loans closed in May was 724. The chart below shows the distribution of FICO® Scores for all loans approved in May.
If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but you are not sure if you are ‘able’ to, let’s sit down to help you understand your true options today.
Every house on the market must be sold twice; once to a prospective buyer and then again to the bank (through the bank’s appraisal). With escalating prices, the second sale may be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this and any other obstacles that may arise.Read More
Whether buying your first home or your fifth, having a local real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality!Read More