What Homebuyers Need To Know About Credit Scores
Understanding your credit score is crucial when buying a home. Lenders consider it for loan qualification and determining mortgage rates. A higher score leads to lower rates and better terms. While 765 is the median score for mortgage applicants, aiming for the “Good” range (670-739) or even the “Very Good” range (740-799) improves your chances. Work with a trusted lender for personalized insights, as each has its own lending strategy. Focus on payment history, debt utilization, and avoiding new credit applications to boost your score. Prioritizing your credit score can enhance affordability and secure a better mortgage rate.
Your Needs Matter More Than Today’s Mortgage Rates
If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first […]
A Recession Doesn’t Equal a Housing Crisis
Experts are predicting a potential recession on the horizon, which may lead some to worry about buying or selling a house. However, historical data shows that a recession doesn’t always mean falling home prices. In fact, home prices have appreciated in four of the last six recessions dating back to 1980. The 2008 housing crisis was an outlier due to a surplus of homes for sale at the same time as distressed properties flooded the market. In contrast, today’s housing market has a low supply of homes for sale, so while there may be slight price declines in some areas, a crash is unlikely. A recession typically means falling mortgage rates, which creates more opportunity for homebuyers. Overall, experts predict any recession will be mild and short, and there’s no need to fear what it means for the housing market.