To-Do List for First-Time Home Buyers
*By Paul Emrath on August 20, 2019 on eyeonhousing.org
A recent study by NAHB reveals that millennials have a much stronger desire for certain bathroom features relative to older generations.
The report compiled survey data between 2007 and 2018 and found that the share of home buyers who want whirlpool tubs declines as the older generations age but stays relatively constant for millennials. As of 2018, 70% of millennials expressed a strong preference for whirlpool tubs, compared to 62% for Generation X, 47% for baby boomers and 44% for seniors.
Meanwhile, the share who want a dressing area increases for millennials while falling or staying constant for other generations.
Those who prefer his and her baths increases dramatically over the years for millennials and shows no real trend among the other generations.
All four generations show an elevated preference for built-in kitchen seating. Of note is the increasing upward trend for millennials who desire trash compactors and built-in kitchen seating.
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*Posted on August 7, 2019 - 9:29am by Housecall
By Meghan Belnap
If you're ready to start a family, you're likely concerned over how you'll be able to afford the right family home. You can save money on your first family home by going through the right channels to secure the best deal.
Here are four affordable ways to get a first home to start your family:
Certain loans and grants are available to first-time homebuyers to ease the purchasing costs. Programs sponsored by the U.S. Department of Housing and Urban Development (HUD) can save you money on a home and even help you with public housing residence, if necessary. A Veteran's Administration (VA) loan might be available to you if you've served in the armed forces. You might also be eligible to apply for a USDA loan or an FHA loan.
Most families want to live in a house, but there are condos for sale that make great family homes. Some condominium complexes also have security guards on staff and take other measures to keep residents safer. Buying a condo that's large enough to support you and your growing family can be done with...
Asking the right questions when shopping for a mortgage is crucial, and failing to do so could cost you thousands.
The first question you need to ask yourself is, "How many mortgage loan applications am I going to fill?"
You can save a significant amount of money long-term by investing in mortgage comparison shopping. For instance, the spread in 2018 for the highest and lowest mortgage rates was approximately 1 percent (3.95 percent vs. 4.94 percent). That's a pretty narrow range, historically speaking. In 1981, the mortgage rate spread was nearly 3 percent (14.8 percent vs. 18.63 percent). Even a 0.5 percent difference on a $300,000, 30-year mortgage can save you enough money to buy a 2019 Subaru Legacy in cash and still have enough left over to keep the gas tank full for a year ($31,600).
Incidentally, interest rates can vary by more than half a percent, even for people with good credit, depending on which lender you choose. Here are some questions you should ask your lender:
Is there anything I can do to apply for a better rate?
You may be surprised by the options available. Some lenders may offer a lower rate if you increase your down payment or reduce your debt-to-income ratio. Adding a well-qualified cosigner can also improve your rates considerably, although that can come with its own issues.
For the fifth straight month, information shows that mortgage rates continued to fall. Information from Freddie Mac shows that as of April 2019, the 30-year FRM – Commitment rate, fell by thirteen basis points to 4.14% from 4.27% in March…. Click here to read the entire article....