First time buyers at 17-year high, 56% of home loans

first-time buyers

An analysis of 21 million first-time homebuyers over a 24-year period shows that demand in the third quarter of 2017 was the highest since the millennium. Genworth Mortgage Insurance says that 601,000 homes were bought by first-timers in the three months to the end of September 2017, up from 567,000 a year earlier, a 6% rise. This was contrary to the wider housing market with repeat buyers in the quarter down 5% year-over-year (888,000) as affordability issues for movers is exacerbated by low supply. First-time buyers accounted for 40% of…

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How Home Buyers Who Aren’t Citizens Can Get a Mortgage

home mortgage for non-citizens

Home buyers don’t have to be citizens or residents to get a mortgage in the U.S. In fact, the credit and financial requirements are essentially the same for any buyer. But there is a difference: Home buyers who don’t live in the U.S. or who aren’t citizens can find it challenging to produce the required documentation for a mortgage. Because most U.S. lenders work with standard forms and reports, they aren’t set up to easily help a borrower who can’t produce a FICO score or a U.S. tax return .…

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How Much House Can I Afford

Home Loan Guide For First-Time Home Buyers Shopping for your dream home can oftentimes be a pressure-filled task. More so, if you have no idea how much home you can afford. If you are a first-time home buyer, there are a few things on a loan for home buyers that you should heed. These things will help ensure that you will not weigh down yourself with a mortgage or repayment and that you can get an acceptable return. Also, by knowing your price range in advance, you can avoid looking at homes you…

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Experts Say Rising Inflation Could Impact Housing and Mortgage Markets

inflation

Mortgage giant Freddie Mac released its month to month Outlook for February 2017 which looked at the potential effect that rising inflation could have on housing and home loan markets. The outlook explains that rising inflation would significantly affect housing markets by driving home loan financing costs higher. Also, a huge tax reduction or major infrastructure bill could shock markets and cause a further increment to expansion. But what should real estate agents be on the lookout for during the spring home buying season? With higher inflation and increasing interest rate, there comes a negative effect on the…

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