Home Real Estate - Mortgage

Real Estate - Mortgage

Down payment amounts are up—here’s what you need to know

New data show that most buyers actually put down only about one-third that amount. $20,000 is a 7.6 percent down payment. Complete guide to down payment assistance in the USA “First, the most qualified buyers with the largest down payments end up buying most of the homes for sale. Or, they’re forced to get creative to cobble together a bigger down payment,” says Blomquist.” Put in pigskin terms, “buying a house is a full-contact sport in today’s market,” he adds. “The report shows that 23.4 percent of all purchase loan originations on homes bought in the third quarter involved co-borrowers,” says Blomquist. These cities include San Jose (51.1 percent co-borrowers); Miami (42.7 percent); and Seattle (36.7 percent co-borrowers). “This indicates more buyers are getting creative to get to 20 percent down and avoid PMI,” he says. What you can do now Don’t have 20 percent saved? Check out low down payment mortgage options, like the FHA’s 3.5 percent home loan. It's a fact that those who put more money down get the best mortgage rates.

Lending gets easier for Millennial home buyers

According to the latest Millennial Tracker from Ellie Mae, the average FICO score for a Millennial buyer has dropped two full points over the last year. Increasing accessibility According to the tracker, the average Millennial FICO score on all mortgage loans decreased from 725 in November 2016 to 723 in November of this year. Millennials aren't just buying homes; They're refinancing, too Still, Millennials have higher average FICO scores than most buyers. “With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market,” Tyrell said. More than two-thirds of Millennial buyers used conventional products, while 30 percent used FHA loans. Just 2 percent took out VA loans. Men made up the largest majority of Millennial home buyers, accounting for 68 percent of all closed loans. The Millennial home buyer gender gap: male vs. female mortgage characteristics Female buyers, who accounted for just 32 percent of Millennial buyers, were much more likely to buy a home while single. In fact, 59 percent of female Millennial buyers in November were single, 40 percent were married, and 1 percent were separated. Get today’s mortgage rates Want to take advantage of today’s loosening credit standards?


5 Reasons to Start a Newsletter in 2018

It’s never too late to make a change that will bring in more business. One of the changes a lot of agents consider making is starting a newsletter; however, creating a newsletter takes time and commitment to consistently send out—time and commitment you may not be able to dedicate to a newsletter right now. Referral Leads There are a lot of good reasons to start a newsletter, but lead generation is one of the best. Newsletters help you do that. They are a great way to stay in touch with prospects, leads, and past clients so that when someone they know mentions needing a good agent, your contacts will think of you. Build Trust You can bolster your credibility and earn a position as the neighborhood expert when you consistently send out quality information that potential buyers and sellers find useful and interesting. For your contacts, tips, news or advice on buying or selling a home will be entertaining and informative, and help your contacts reach their goals. With so many great reasons to start a newsletter, it’s just a bonus that Homes.com is offering newsletter services for free. Just sign in or sign up to activate the newsletter in your Homes.com account today! For the latest real estate news and trends, bookmark RISMedia.com.