MOVE'n To Make A Difference

  Saving for a Down Payment? Here’s What You Should Know. As you set out to  buy a home , saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start. If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why. The 20% Down Payment Myth If you believe you have to put 20% down on a home, you may have based your goal on a common misconception.  Freddie Mac   explains : “. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home.  This myth remains one of the largest perceived barriers to achieving homeownership .” Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest  Profile of Home Buyers and Sellers  from the  National Association of Realtors  (NAR), the median down payment hasn’t been over 20% sin...

  Two Questions Every Homebuyer Should Ask Themselves Right Now Rising  interest rates  have begun to slow an overheated housing market as monthly mortgage payments have  risen dramatically  since the beginning of the year. This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. But this rise in borrowing cost shows no signs of letting up soon. Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at  realtor.com ,  says  this: “While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months.” So, is now the right time to buy a home? Anyone thinking about buying a home today should ask themselves two questions: 1. Where Do I Think Home Prices Are Heading? There are two p...

  The Long-Term Benefit of Homeownership Today’s cooling  housing market , the rise in mortgage rates, and mounting economic concerns 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 factor the long-term benefits of homeownership into your decision. Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how you gain  equity  and  wealth  as home values grow with time. The  National Association of Realtors  (NAR)  explains : “Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments. ” Here’s a look at how just the home price appreciation piece can really add up over the years. Home Price Growth Over Time Even though  home...

The Cost of Waiting for Mortgage Rates To Go Down Mortgage rates have  increased significantly  in recent weeks. And that may mean you have questions about what this means for you if you’re planning to buy a home. Here’s some information that can help you make an informed decision when you set your homebuying plans. The Impact of Rising Mortgage Rates As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here’s how it works. Let’s assume you want to buy a $400,000 home (the median-priced home according to the  National Association of Realtors  is  $389,500 ). If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates climb ( see chart below ). The red shows payments above that threshold and the green indicates a payment within your target range. As the chart shows, as...