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Why Today’s Mortgage Debt Isn’t a Sign of a Housing Market Crash

Written by Pembroke Pines Mortgage Syndicated User on November 26, 2024. Posted in Equity, Foreclosures, Mortgage Rates, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates.

One major reason why we’re not heading toward a foreclosure crisis is the high level of equity homeowners have today. Unlike in the last housing bubble, where many homeowners owed more than their homes were worth, today’s homeowners have far more equity than debt.That’s a big part of the reason why even though mortgage debt is at an all-time high, this isn’t 2008 all over again. As Bill McBride, Housing Analyst for Calculated Risk, explains:“With the recent house price increases, some people are worried about a new housing bubble – but mortgage debt isn’t a concern . . .”Today’s homeowners are...

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The Big Difference Between Renter and Homeowner Net Worth

Written by Pembroke Pines Mortgage Syndicated User on November 16, 2024. Posted in Equity, Infographics, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates, Rent vs. Buy.

Some HighlightsIf you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership.Unlike renters, homeowners gain equity as they pay their mortgage and as home values rise. That’s why, on average, a homeowner’s net worth is nearly 40x higher than a renter’s. Connect with an agent if you want to learn more about the financial benefits of homeownership or the programs that can help make buying possible.

Why Buying Now Is Worth It

Written by Pembroke Pines Mortgage Syndicated User on October 19, 2024. Posted in Buying Tips, Equity, For Buyers, Forecasts, Infographics, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates.

Some HighlightsYou may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise.Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time.So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now.

The Benefits of Using Your Equity To Make a Bigger Down Payment

Written by Pembroke Pines Mortgage Syndicated User on October 17, 2024. Posted in Affordability, Equity, For Buyers, Home Prices, Mortgage Rates, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates.

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too.According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below):Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led...

Now’s the Time To Upgrade to Your Dream Home

Written by Pembroke Pines Mortgage Syndicated User on October 8, 2024. Posted in Equity, For Sellers, Mortgage Rates, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates.

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen....

Why Buying Now May Be Worth It in the Long Run

Written by Pembroke Pines Mortgage Syndicated User on September 26, 2024. Posted in Buying Tips, Equity, First-Time Buyers, For Buyers, Home Prices, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates.

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over...

What Every Homeowner Should Know About Their Equity

Written by Pembroke Pines Mortgage Syndicated User on August 6, 2024. Posted in Equity, For Sellers, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates, Selling Tips.

Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home.Home Equity: What Is It and How Much Do You Have?Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and...

Unlocking the Benefits of Your Home’s Equity

Written by Pembroke Pines Mortgage Syndicated User on July 27, 2024. Posted in Equity, For Buyers, For Sellers, Infographics, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates.

Some HighlightsEquity is the difference between what your house is worth and what you still owe on your mortgage.The typical homeowner gained $28,000 over the past year and has a grand total of $305,000 in equity. And there are a lot of great ways you can use that equity.To find out how much equity you have, connect with a real estate agent who can give you a Professional Equity Assessment Report (PEAR).

Why Moving to a Smaller Home After Retirement Makes Life Easier

Written by Pembroke Pines Mortgage Syndicated User on July 12, 2024. Posted in Downsize, Equity, For Sellers, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates, Selling Tips.

Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it’s important to think about whether your current home still fits your needs. If it’s too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions:Do the original reasons I bought my current house still stand, or have my needs changed since then?Do I really need and...

Homeownership: The Heart of the American Dream

Written by Pembroke Pines Mortgage Syndicated User on July 5, 2024. Posted in Buying Tips, Equity, For Buyers, Pembroke Pines Condo Mortgages, Pembroke Pines Mortgage, Pembroke Pines Mortgage Rates.

Everyone’s vision for the future is personal and unique. But for many, common goals include success, freedom, and prosperity — values closely tied to having your own home and the iconic feeling of achieving the American Dream.A recent survey by Bankrate reveals exactly that: homeownership is still a part of the American Dream. The results show, at 78%, that owning a home tops the list, surpassing other significant milestones such as retirement, having a successful career, and more (see below):So, why is buying a home important to so many today? One reason is the financial and physical security...

Category: Equity