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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!

5 Reasons to Buy Now, Rather Than Wait

With the lull that comes after the busy holiday season, potential homebuyers assume that it’s not a great time to shop, and they should instead wait until spring. But in a blog post, the real estate team at Keeping Current Matters explains why now is the right time to buy, rather than during the spring and summer rush. Supply is shrinking Inventory is declining in many regions, and the best homes in the best locations are selling fast. Looking now, during the market’s slow time, increases the chances you’ll beat out competing shoppers to find the home of your dream. Price are likely to i...

February 20th, 2014 5 Reasons to Buy Now, Rather Than Wait

Why you should use a mortgage broker!

According to the President of the National Association of Mortgage Brokers, Don Frommeyer, mortgage brokers are contributing millions of dollars a year to consumers in the form of closing costs credits. Listen to him below! x      

October 17th, 2013 Why you should use a mortgage broker!

Frequently Asked Questions About Mortgages/Buying a Home

Can I apply for a mortgage before I find a house? Yes, which most real estate and mortgage professionals will tell you is the best thing to do. Applying for a mortgage ahead of time is called getting pre-qualified. When you’re pre-qualified, you are given a letter assuring you that you will most likely be approved (unless any major changes to your credit or income occur) for a certain amount of money. Getting pre-qualified allows potential buyers to look at homes in the right price range, and it assures real estate brokers and sellers that someone is a serious, qualified buyer. What determin...

October 6th, 2013 Frequently Asked Questions About Mortgages/Buying a Home

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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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