Category: For Buyers

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Avoid the Rental Trap in 2022

Written by Fort Lauderdale Condo Financing on January 5, 2022. Posted in First Time Home Buyers, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Rent vs. Buy.

Are you one of the many renters thinking about where you’ll live the next time your lease is up? Before you decide whether to look for a new house or another apartment, it’s important to understand the true costs of renting in 2022. As a renter, you should know rents have been rising since 1988 (see graph below): In 2021, rents grew dramatically. According to ApartmentList.com, since January 2021: “. . . the national median rent has increased by a staggering 17.8 percent. To put that in context, rent growth from January to November averaged just 2.6 percent in the pre-pandemic years from...

How Much Do You Need for Your Down Payment?

Written by Fort Lauderdale Condo Financing on January 4, 2022. Posted in Buying Myths, Down Payments, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates.

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says: “The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.” Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the...

Expert Insights on the 2022 Housing Market

Written by Fort Lauderdale Condo Financing on December 29, 2021. Posted in For Buyers, For Sellers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Housing Market Updates, Interest Rates, Pricing.

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022. Odeta Kushi, Deputy Chief Economist, First American: “Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.” Danielle Hale, Chief Economist, realtor.com: “Affordability will increasingly be a challenge...

5 Tips for Making Your Best Offer on a Home

Written by Fort Lauderdale Condo Financing on December 28, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Move-Up Buyers.

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition. 1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it: “This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious...

Key Things To Avoid After Applying for a Mortgage

Written by Fort Lauderdale Condo Financing on December 27, 2021. Posted in Buying Myths, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates.

Once you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan. Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process. 1. Don’t Deposit Cash...

The Perks of Putting 20% Down on a Home

Written by Fort Lauderdale Condo Financing on December 23, 2021. Posted in Down Payments, First Time Home Buyers, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Move-Up Buyers.

If you’re thinking of buying a home, you’re probably wondering what you need to save for your down payment. Is it 20% of the purchase price, or could you put down less? While there are lower down payment programs available that allow qualified buyers to put down as little as 3.5%, it’s important to understand the many perks that come with a 20% down payment. Here are four reasons why putting 20% down may be a great option if it works within your budget. 1. Your Interest Rate May Be Lower A 20% down payment vs. a 3-5% down payment shows your lender you’re more financially stable and not a...

When a House Becomes a Home

Written by Fort Lauderdale Condo Financing on December 23, 2021. Posted in First Time Home Buyers, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Move-Up Buyers.

It’s clear that owning a home makes financial sense. But lately, the emotional side of what drives homeownership is becoming increasingly important. No matter the living space, the feeling of a home means different things to different people. Whether it’s a familiar scent or a favorite chair, the feel-good connections to our own homes can be more important to us than the financial ones. Here are some of the reasons why. 1. Owning your home is an accomplishment worth celebrating You’ve put in a lot of work to achieve the dream of homeownership, and whether it’s your first home or your...

Advice for First-Generation Homebuyers

Written by Fort Lauderdale Condo Financing on December 23, 2021. Posted in Demographics, First Time Home Buyers, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Gen Z, Millennials.

The sense of pride you’ll feel when you purchase a home can’t be overstated. For first-generation homebuyers, that feeling of accomplishment is even greater. That’s because the pride of homeownership for first-generation buyers extends far beyond the homebuyer. AJ Barkley, Head of Neighborhood and Community Lending for Bank of America, says: “Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.” In other words, your dream of homeownership has far-reaching impacts....

What Everyone Wants To Know: Will Home Prices Decline in 2022?

Written by Fort Lauderdale Condo Financing on December 23, 2021. Posted in First Time Home Buyers, For Buyers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Housing Market Updates, Move-Up Buyers, Pricing.

If you’re thinking of buying a home in today’s housing market, you may be wondering how strong your investment will be. You might be asking yourself: if I buy a home now, will it lose value? Or will it continue to appreciate going forward? The good news is, according to the experts, home prices are not projected to decline. Here’s why. With buyers still outweighing sellers, home prices are forecast to continue climbing in 2022, just at a slower or more moderate pace. Why the continued increase? It’s the simple law of supply and demand. When there are fewer items on the market than there...

Homebuyers Are Going on a Shopping Spree This Winter

Written by Fort Lauderdale Condo Financing on December 23, 2021. Posted in For Buyers, For Sellers, Fort Lauderdale Condo Financing, Fort Lauderdale Condo Mortgage Rates, Housing Market Updates, Move-Up Buyers.

Black Friday and Cyber Monday are over, which means some shoppers have wrapped up their holiday buying. But there’s still a group of buyers that are very active this holiday season – homebuyers. Experts anticipate the real estate market will see a flurry of activity this winter, and that’s great news for today’s sellers. If you’re planning on listing your home, there’s no need to wait until the spring for better conditions – today’s real estate market is already heating up. Buyers Have Warmed Up to the Idea of Purchasing This Winter The past 18 months brought about significant lifestyle...