Thursday, April 18, 2019 / by Jody Lee
Is buying a home a dream you want to accomplish this year? Do you know where to start? Buying a home can be a complex process, but there really are just a few steps to get you prepared. Here are a few things to get yourself ready and excited to make your dream come true.
Check your credit report
When was the last time you checked your credit report, I hope you look at it once a year and are checking for any errors on it? If you do find any you will have time to have them corrected and removed. Do you know your credit score? Another reason to check once a year! If you need to improve your credit score, now is the time to take steps to improve it. Not sure what needs to be done to improve it? Ask your Mortgage lender that you plan to use, they have so much knowledge and information to help you prepare for taking out a mortgage. Mortgage lenders rely on your credit report so don’t skip this step!
Pay down your debt
Taking on a mortgage is a big financial responsibility. As much ...
Monday, April 15, 2019 / by Keri McCombs
Buying your first home is an exciting and rewarding experience! It also comes with an emotional roller coaster ride, and lots of unknowns and uncertainty. It's easy to get caught up in the process and make some mistakes that can be detrimental to your home-buying experience (and to your wallet also). So here are five common mistakes that first-time homebuyers make, and the ways in which to avoid those mistakes.
Being Closed-Minded About Inventory Of Homes
In a highly competitive real estate market, like the one that's happening in the Spokane area, there is a definitely lack of available inventory. This can make it tough when looking for your first home, because there is so little to choose from, and you're competing with so many other buyers. It's easy to want to buy a home in one of the area's most desirable areas, and refuse to go outside of your preferred search area. This mistake can cost you, especially if your search area is very narrow and an area that's heavily searche ...
Monday, April 1, 2019 / by Connie Tracy
Are you thinking about buying a home and just don't know where to start? Before you even begin looking at homes, consider how much you may need to save to make the process as smooth as possible for you, especially in the long run. While there are situations where you don't need a large down payment for a home, having one can save you money down the road.
Saving for a down payment is slightly different than other large savings, like retirement. With those savings, you can set aside smaller amounts of invest the money. Because you will need your down payment sooner rather than later, those saving methods won't be beneficial to you. Here are some steps to to take to save up for you dream home!
1. Determine How Much You Need
There is a general rule of thumb in real estate, the rule of 28, that says your maximum mortgage payment should not exceed 28% of your gross monthly income. Sitting down with a mortgage lender will help you find out how much of a mortgage you qualify for b ...
Monday, April 1, 2019 / by Dixie Simon
ARE YOU HOUSE POOR?
WHAT CAN YOU DO ABOUT IT?
The definition of House Poor (via Investopedia) is: “A situation that describes a person who spends a large proportion of his or her total income on home ownership, including mortgage payments, property taxes, maintenance, and utilities. House poor individuals are short of cash for discretionary items and tend to have trouble meeting other financial obligations like vehicle payments.”
Investopedia goes on to explain that: “People typically become house poor because they buy more house than they can afford, but there are other ways that people can become house poor as well. For example, some people will become house poor after the birth of a child, when one spouse decides to stay at home with the new addition, rather than going back to work.”
After the recent post called "In The Market For The American Dream – Home Ownership," a reader wrote in with a question.
She aske ...
Sunday, March 31, 2019 / by Dennis Isip
Are you moving to another state, or relocating to Washington State? More specifically, are you considering a move to or from the Spokane area? There are a lot dynamic factors changing in different directions simultaneously at this time. Let’s look at the big (national) picture first.
National Real Estate Market
If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.
The map below shows the results of the latest index by state.
Real estate is local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly.
This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% a ...