Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over. According to National Mortgage News,  “Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.” If you’re a Millennial, you’re already well aware that you’re among…

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62% of Buyers Are Wrong About Down Payment Needs According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market: “More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”…

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Monthly Loan Payments

Calculating your monthly payments One of the most important factors to consider when buying a new home is affordability.  As a general rule, mortgage payments should not exceed 30-40 percent of your monthly take-home pay.  When calculating affordability for FHA loans you can use 45% of your monthly income for service debit that would show…

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Mortgage rates

Mortgage Rates; How & why do they change. Mortgage rates are mostly defined by the secondary market, where they are bought and sold. The two government agencies whose job is to keep the secondary market stable are Fannie Mae and Freddie Mac.   These two government agencies not only help to establish the current mortgage rates…

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