Sunday, August 18, 2024 / by Steve Ticknor
As Business Insider reported earlier this month, it looks like we may see mortgage rates continue to come down. Unfortunately, that does not mean that they will magically return to the 2% to 3% range. However, experts predict somewhere in the low 6% area over the next few months. So if you want to take advantage of these lower rates to purchase a home, you need to find yourself a good real estate agent right now.
Real Estate Agent Search: Finding "The One"
In the past, we talked about some of the aspects of finding the right agent (determining your priorities, getting referrals, asking about their experience, and checking their license). Here are a few more things that should help you with your search to finding "the one".
Interview, Interview, Interview
For most people, buying a home is the largest monetary investment they will ever make in their lifetime. So, you want to find a person that you feel extremely comfortable with handling your transaction. Therefore, interviZ ...
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lake havasu real estate, home buying tips, home mortgage info
Sunday, February 25, 2024 / by Steve Ticknor
According to the US Court website, more than 430,000 people filed for bankruptcy last year. The decision to do so brings many emotions along with it: shame, embarrassment, depression, anger. It also affects your finances for several years afterward. If you want to buy a Lake Havasu home, how does it affect your chances? Will you ever be able to buy one again?
How Bankruptcy Affects a Home Buyer
Will I Ever Be Able to Buy a Home?
First, let's answer the big question. Will you ever be able to buy another home again? Short answer? Yes. It takes a little time and some discipline. But you can become a homeowner down the road.
How Long Do I Need to Wait?
Typically, it takes anywhere from seven to ten years for a bankruptcy to come off your credit report after a discharge. A discharge is when the court officially releases you from responsibility for the debt included in your filing. Fortunately, you don't usually have to wait that long before you are considered creditworthy eZ ...
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lake havasu real estate, home buying tips, home mortgage info
Sunday, August 6, 2023 / by Steve Ticknor
In this blog, we've discussed FHA loans and conventional loans. We've also talked about adjustable-rate loans. So it made sense for us to tell you about the pros and cons of a fixed-rate mortgage as well.
Fixed-Rate Mortgage Pros and Cons
What is a Fixed-Rate Mortgage?
The best place to start is probably to explain what exactly a fixed-rate mortgage entails. Well, as the name implies, the mortgage rate remains the same throughout the entire life of the loan. If you paid any kind of attention to the real estate market over the past few years, you saw mortgage rates go up and come down and then go back up again. In November 1981, mortgage rates for 30-year fixed-rate loans hit their apex at 18.39% over the last 50+ years. After the bubble burst in 2008, rates began to plummet. By the end of 2020, they hit their lowest point of 2.67%. Currently, we see them settling in at just under 7%, according to Freddie Mac. Someone who locked in their rate at 2.67 in December 2020 pays a lot less Z ...
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lake havasu real estate, home mortgage info
Sunday, June 18, 2023 / by Steve Ticknor
Unless you pay all cash for a Lake Havasu home purchase, you probably need to contend with a lender. They may offer you the option of a conventional loan, a government-backed loan, or a VA loan. While conventional loans are the most common, many buyers opt for a government-backed loan. However, unless you are a military veteran or active member, a VA loan is off the table. That leaves FHA and USDA loans. Most Havasu home buyers utilize an FHA loan. What exactly do you know about it and how it works?
FHA Loan Explained
What is an FHA Loan?
This type of loan is backed by the Federal Housing Administration (FHA). However, that does not mean that they actually issue any money or approve a mortgage loan. Instead, they insure the loan. This helps buyers with a lower credit score obtain approval for mortgages that they would not receive with a traditional private lender.
Who Qualifies?
In order to qualify for this type of loan, you must have at least a 500 credit score. But jZ ...
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lake havasu real estate, home buying tips, home mortgage info
Thursday, October 27, 2022 / by Steve Ticknor
For the past few years, interest rates hit historical lows. Unfortunately, that is no longer case. We keep seeing rates go up, up, and UP! With the lower rates, financial experts suggested that a fixed-rate mortgage was the better option for home buyers. However, that may no longer be the case. How do you know whether to choose a fixed-rate (FRM) or an adjustable-rate mortgage (ARM) when it comes to your home loan options?
Adjustable-Rate Mortgage for the Home Buyer
How Does an ARM Work?
Unlike fixed-rate mortgage loans, the interest rate on an adjustable-rate mortgage fluctuates over time. Initially, it starts out lower than a fixed-rate mortgage. For example, Freddie Mac shows the average 30-year FRM at 7.08% as of the writing of this post. However, they show the ARM at 5.96%. On a $400,000 mortgage, that means a difference of almost $300 a month ($3600 in the first year). But this will not always be the case. The rate may go up or down.
For a set period of time (usually the fi. ...
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lake havasu real estate, home buying tips, home mortgage info
