Monthly Archives: March 2018

Industry News…

Home buying trends: Millennials are more conventional than you might think

Conventional loans among Millennials hit two-year high

Millennial home buyers seem to have pretty good credit. According to new data, not only are their credit scores rising, but they’re also qualifying for more conventional loans – products that are traditionally more difficult to get without great credit.

Getting more conventional

According to the most recent Millennial Tracker from Ellie Mae, Millennials are increasingly choosing conventional loans over FHA, VA or other loan options. In fact, conventional loans made up 67 percent of all Millennial closed loans in January – the highest share in two years.

FHA loans only accounted for 32 percent of all Millennial loans for the month. Joe Tyrell, Ellie Mae executive vice president of corporate strategy, said this trend has been gaining speed.

“Historically we have seen Millennials look to FHA programs to help address their home buying needs, but in the past two months, FHA loans have represented less than 30 percent of the total loans for Millennials,” Tyrell said. “We view this as an indication that more Millennials are qualifying for conventional mortgages.”

Other Millennial home buying trends

Refinance loans were also up among Millennials in January. Refis accounted for 18 percent of all loans for the month – up from the 15 percent share seen since October. Millennial FICO scores rose too, increasing from 722 to 723 for the month.

The top three spots for female Millennial buyers were all in Wisconsin: La Crosse-Onalaska, St. Cloud and Green Bay. For male Millennials, it was Fairmont, West Virginia; Owensboro, Kentucky; and Macon, Georgia.

Women were more likely to use FHA loans. Thirty-two percent of women chose FHA financing compared to 27 percent of men.

Get today’s mortgage rates

Are you a Millennial ready to embark on the home buying journey? Shop around and see what mortgage rates you’d qualify for today.

Show Me Today’s Rates (Mar 21st, 2018)

Original Source: https://themortgagereports.com/36628/home-buying-trends-millennials-are-more-conventional-than-you-might-think

Posted 03/09/2018

5 Ways A Realtor Makes Buying A New Home Easier

A DYI house hunting project may seem like a good idea at first. You have a few ideas of what your dream home should be, so you decide to enlist a friend who knows your personality, your style, likes and dislikes, etc. You have a camera and measuring tape in hand, comfortable shoes on, but it dawns on you that you don’t really know where to start.

Buying a new home can get very emotional and challenging to say the least. It helps to have a realtor working on your behalf to simplify the process and to answer some tough questions that often surface. Consider the following ways a realtor can make buying a new home easier for you:

Neighborhood Knowledge

No one knows a local area better than a realtor, whom among other things, has reliable pricing information, they know why a neighborhood has a high distressed rate including neighborhoods that can suit your price range. Only a realtor can narrow the focus to the top two or three homes for you to consider within minutes.

Code of Ethics

If your realtor is a member of the National Association of Realtors (NAR), he or she will make a full disclosure of any problems with a property and be truthful when advertising it. They know that giving you false or misleading information when you are trying to buy a new home may lead to a hefty fine and a year’s suspension or a three-year expulsion from the association.

Finding Available Homes

Some homeowners want to sell their property privately due to financial difficulty, health issues, or from a divorce matter that needs privacy. Such homes are rarely advertised on websites, and sometimes they sold for a lot less. Working with a great realtor can give you access to homes you might otherwise miss on websites.

Pricing Expertise

Realtors have the experience to know whether a specific home is overpriced or underpriced. They can provide you every relevant information on all the houses on sales that you want to see and will advise you on how well a neighborhood holds its value through their years of carrying out various transactions in different neighborhoods.

Assessing Repairs and Handling Paperwork

Once you have your eyes set on a home, a realtor can recognize a few things that you may not see that need upgrading or repair and they can recommend a reliable home inspector who will provide a detailed report on problems with the house before you make an offer. They are also able to help you determine which of the repairs are worth spending money on and which you can comfortably live with.

A realtor will save you a lot of time and headache of finalizing all the necessary documentation. Thanks to their years of experience, they know the paperwork inside and out, and they remain levelheaded in tough negotiations.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.