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Taking Fear Out Of The Mortgage Process

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A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification. For many, the mortgage process can be scary, but it doesn’t have to be! In order to qualify in today’s market, you’ll need a down payment  (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less) , a stable income, and good credit history. Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you. Once you’re ready to apply, here are 5 easy steps that  Freddie Mac   suggests  to follow: Find out your current credit history & score  – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to  Ellie Ma
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Why This Housing Market Is Not a Bubble Ready To Pop

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Homeownership has become a major element in achieving the American Dream. A recent report from the  National Association of Realtors  (NAR) finds that over  86%  of buyers agree homeownership is still the American Dream. Prior to the 1950s, less than  half of the country  owned their own home. However, after World War II, many returning veterans used the benefits afforded by the  GI Bill  to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of  65.5% . That strong desire for homeownership has kept home values appreciating ever since. The graph below tracks  home price appreciation  since the end of World War II: The graph shows the only time home values dropped significantly was during the housing boom and bust of 2006-2008. If you look at how prices spiked prior to 2006, it looks a bit like the current spike in prices over the past two years. That may lead some people to be concerned we’re about to see a similar fall in
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