Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too.
Category Archives: Making an offer on a home
What To Know About Credit Scores Before Buying a Home _ Todd Mowry Your Local Orlando Area Realtor
f you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:
What Lower Mortgage Rates Mean for Your Purchasing Power – Todd Mowry Your Local Orlando Area Realtor
If you want to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac
Why Homeownership Wins in the Long Run-Todd Mowry Your Local Orlando Realtor
Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to think about the long-term benefits of homeownership when making your decision
Orlando and Surrounding Area Housing Market Update for January 2023- Todd Mowry Your Local Orlando Realtor
Here we are in a new month and a new year. The housing market is still moving along…it just has slowed down a bit compared to the few torrid paced years we had before. We are also coming into a new year and out of the holidays which is a slower time of year for home sales in general every year. The FED has raised rates again, but they are still staying in the same ballpark of rates that has been the average over the past 30 or so years. The past 30 years the average after the peaks and valleys has been around 6 to 7% and thats where we are. I don’t see 4% or less coming back anytime soon. It would be great, but for all of you holding out for that again..good luck. Right now if you plan on buying a home in the near future… soon… if not now is a good time if you want to have more choices and be able to take your time. The buying cycle has slowed down to more of a normal pace and buyers and sellers can breathe and real contract negotiations and home inspections can go back on again. Buyers have more to choose from and sellers actually have to paint and fix problems that were being overlooked in the past months and couple years. Springtime historically is going to be busier so start looking now if you are ready. Prices might drop more later, but then people are going to start jumping back into the maket and the deals will be there, but have more competition again less time to make a decision.
How to Bridge the Appraisal Gap in Today’s Real Estate Market- Todd Mowry Your Local Orlando Area Realtor
Many sellers in today’s market favor buyers who are willing to guarantee their full offer price—even if the property appraises for less. For the buyer, that could require a financial leap of faith that the home is a solid investment. It also means they may need to come up with additional cash at closing to cover the gap.
8 Strategies You Must Know to Secure a Lower Mortgage Rate- Todd Mowry Your Local Orlando Area Realtor
How does a lower mortgage rate save you money? According to Trading Economics, the average new mortgage size in the United States is currently around $410,000.2 Let’s compare a 5.0% versus a 6.0% fixed-interest rate on that amount over a 30-year term.
10 Important Things Everyone Must Know to Pass a Home Inspection- Todd Mowry Your Local Orlando Area Realtor
Hungry homebuyers will want to know the ins and outs of your home before buying it. As a seller you should be looking for these things before you even put your home on the market. “Industry experts argue that when it comes to home inspections, many owners go through a minimum amount of 33 physicalContinue reading “10 Important Things Everyone Must Know to Pass a Home Inspection- Todd Mowry Your Local Orlando Area Realtor”
5 Ways to Write a Winning Offer in Today’s Real Estate Market – Todd Mowry Your Local Orlando Realtor
Our nation is in the midst of a serious housing crunch. Last year, a lack of inventory and soaring prices left many would-be homebuyers feeling pinched. But now, with interest rates climbing, many of them are also feeling desperate to lock in a mortgage—which has only added fuel to the fire.
Fortunately, if you’re a buyer struggling to find a home, we have some good news. While it’s true that higher mortgage rates can decrease your purchasing budget, there are additional ways to compete in a hot market.