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Should I Rent or Buy?

While homeownership has long been the American dream, buying a home is not necessarily the best choice for every person or every situation. There are many factors to consider in determining if a home purchase is the right decision for you right now. Can you Afford It? If the cost to own a home – mortgage, homeowners insurance and property taxes included – if less than roughly 28% of your gross income and you have few other debt obligations, you can probably afford to buy. Do not underestimate the additional costs of maintenance though. Replacing appliances or paying for a plu...

June 14th, 2018 | Purchasing a Home, Should I Rent or Buy?

Millennials spend almost $100k on rent by age 30

Millennials on average pay $92,600 in total rent by the time they turn 30, according to a report by the real estate website RentCafe. While this generation’s total median income is higher than previous generations – $206,600 in eight years – they spend about 45% of their pay on rent. Financial expects typically recommend spending just 30% on rent. Millennials are generally defined as people born between the early 1980s and the mid-1990s. Baby Boomers, on the other hand, earned $195,700 and spent $71,000 on rent – a rent burden of about 36%. Gen Xers brought hom...

April 4th, 2018 Millennials spend almost $100k on rent by age 30

Don't have 20% down? No problem!

When talking to renters who are considering making the leap to homeownership, there is usually one thing in particular that they say is holding them back: the down payment. According to the National Association of Realtors, 87% of first-time buyers think they need at least 10% to put down to buy a home. That means they would have to save up $20,000 to buy a $200,000 home. That simply isn’t the case. In fact, 61 percent of first-time buyers made an average down payment of zero percent to 6 percent, according to the November 2017 REALTORS® Confidence Index Survey.  ...

March 14th, 2018 Don't have 20% down? No problem!

In a seller's market, avoid these first-time buyer pitfalls

The housing market is booming, and hit several records in 2017. The typical home on the market went under contract in just 37 days from the listing, setting a new record for home-selling speed, according real estate company Redfin. More than a quarter of homes sold for more than their list price, which is the highest percentage ever recorded by Redfin. And the median sale-to-list price hit 95.4 percent, meaning almost all homes sold for at least what the seller listed them for. But first-time homebuyers out there shouldn’t get discouraged. Avoiding some big pitfalls will ensure ...

February 9th, 2018 In a seller's market, avoid these first-time buyer pitfalls

Millennials - May want to make the jump to owning sooner rather than later.

A recent report by independent mortgage insurer Arch MI predicts housing prices will rise 2 to 6 percent nationally in the next two years, particularly for starter homes. So those waiting for a cool off in the housing market will likely find just the opposite, making right now the best time to buy. Plus, experts think the Federal Reserve could start to raise interest rates more steeply due to low unemployment and the economic growth expected from the new tax bill. “Both interest rates and home prices are set to increase, hurting affordability. This will affect potential first-ti...

January 25th, 2018 Millennials - May want to make the jump to owning sooner rather than later.

Don’t have 20% to put down? No problem!

There is a common misconception that homebuyers must have 20 percent to put down on a home in order to qualify for a mortgage. In reality, there are many tenant guarantor loans programs that don’t require the full 20 percent, which Craig Berry explains in a blog post on The Mortgage Reports. What is a Down Payment? A down payment is a percentage of the home sale price that a lender requires the homebuyer to pay from reserves, rather than finance. Down payments can come from a bank account, a stock fund, an inheritance or a retirement portfolio. In some cases, down payments can also come from...

March 10th, 2014 Don’t have 20% to put down? No problem!

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Acadia Lending Group LLC

190 Riverside Street Unit 4B
Portland , Maine 04103

Phone: 207-899-4500

Fax: 207-899-4503

NMLS: 370636

 

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