Is a 20% Down Payment Really Necessary To Purchase a Home?

Written by Lower Keys Mortgage Syndicated User on September 22, 2021. Posted in Buying Myths, Demographics, Down Payments, First Time Home Buyers, For Buyers, Gen Z, Lower Keys Florida Mortgage, Lower Keys Mortgage, Millennials.

There’s a common misconception that, as a homebuyer, you need to come up with 20% of the total sale price for your down payment. In fact, a recent survey by Lending Tree asks what is keeping consumers from purchasing a home. For over half of those surveyed, the ability to afford a down payment is the biggest hurdle. That may be because those individuals assume a 20% down payment is necessary. While putting more money down if you’re able can benefit buyers, putting 20% down is not mandatory. As Freddie Mac puts it: “The most damaging down payment myth—since it stops the homebuying process before...

Is the Number of Homes for Sale Finally Growing?

Written by Lower Keys Mortgage Syndicated User on September 16, 2021. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Lower Keys Florida Mortgage, Lower Keys Mortgage, Move-Up Buyers.

An important metric in today’s residential real estate market is the number of homes available for sale. The shortage of available housing inventory is the major reason for the double-digit price appreciation we’ve seen in each of the last two years. It’s the reason many would-be purchasers are frustrated with the bidding wars over the homes that are available. However, signs of relief are finally appearing. According to data from realtor.com, active listings have increased over the last four months. They define active listings as: “The active listing count tracks the number of for sale properties...

5 Tips for Making Your Best Offer

Written by Lower Keys Mortgage Syndicated User on September 15, 2021. Posted in First Time Home Buyers, For Buyers, Lower Keys Florida Mortgage, Lower Keys Mortgage, Move-Up Buyers.

In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams. Below are five things to keep in mind when it’s time to make an offer. 1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it: “This...

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