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How Much Do You Need for Your Down Payment?
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As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says : “The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.” Unless specified by your loan type or lender, it’s typically not required to put 20% down . According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today, that number is only 13%. And it’s even lower for first-time homebuyers, whose median down payment is only 7% (see graph below) : What Does This Mean for You? While a down payment of 20% or more does have benefits , the typical buyer is putting far less down
Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates
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With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon. But as a homebuyer, what do rates above 3% really mean? Today’s Average Mortgage Rate Still Presents Buyers with a Great Opportunity Buyers don’t want mortgage rates to rise, as any upward movement increases your monthly mortgage payment. But it’s important to put today’s average mortgage rate into perspective. The graph below shows today’s rate in comparison to average rates over the last five years: As the graph shows, even though today’s rate is above 3%, it’s still incredibly competitive. But today’s rate isn’t just low when compared to the most recent years. To truly put today into perspective, let’s look at the last 50 years (see graph below): When we look back even further,
Renters Missed Out on $51,500 This Past Year
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Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic: “Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.” Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years (see graph below) : If you’re thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true cost of renting. The Money Renters Stand To Lose This Year A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of equity as a homeowner makes their mortgage payment each month t
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MARKET FOCUS: STIMULUS, SERVICE SECTOR, AND BLOCKBUSTER HOME SALES Stocks opened lower this morning after generally unchanged yesterday. Investors are pausing to get more specifics from the Biden administration. Equity markets will love the increased spending, but how much love is where markets are today. Biden wants a $1.9 trillion stimulus package to shorten the economic decline. Most world leaders are taking a more conservative outlook. Hopes that activity can return to normal in the hardest-hit economies are becoming increasingly distant despite the progress being made on vaccinations. U.K. Prime Minister Boris Johnson signaled that the country's current lockdown could last until the summer while officials there have suggested paying people who test positive for the virus to stay at home. German Chancellor Angela Merkel said it would be late September before everyone who wants to get vaccinated can get a shot. Anger is rising across Europe as the supply of Pfizer vaccines s
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About Dan Freshley Home Loans and who we are- Welcome to our virtual loan office! From this site you can inquire about available loan products, current interest rates, terms, fees and even make loan application. Dan Freshley is an over 20 year mortgage industry veteran and has assisted thousands of families become homeowners and accomplish their financial goals through home ownership. We are a Federally Charted Bank lending in all 50 states. Offering home loans and programs for virtually every possible loan scenario, no matter what the circumstances, no matter what the credit history. With our National presence, we can offer products and services many one dimensional lenders or mortgage brokers can not. Among the many products we have available are the following; 100% mortgage packages, with no Primary Mortgage Insurance, saving most buyers hundreds of dollars monthly. First Time Home Buyers Programs including Down Payment Assistance that can allow Seller Credits fo