Don’t Let Your Student Loans Delay Your Homeownership Plans

Written by Marathon Florida Keys Mortgage on April 8, 2024. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. Do you have to wait until you’ve paid off those loans before you can buy your first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need. A Bankrate article explains: “Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.” This...

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Single Women Are Embracing Homeownership

Written by Marathon Florida Keys Mortgage on March 27, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

In today’s housing market, more and more single women are becoming homeowners. According to data from the National Association of Realtors (NAR), 19% of all homebuyers are single women, while only 10% are single men. If you’re a single woman trying to buy your first home, this should be encouraging. It means other people are making their dreams a reality – so you can too. Why Homeownership Matters to So Many Women For many single women, buying a home isn’t just about having a place to live—it’s also a smart way to invest for the future. Homes usually increase in value...

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3 Helpful Tips for First-Time Homebuyers [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on March 22, 2024. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights Trying to buy your first home? If you’re worried about affordability today or the limited number of homes for sale, these tips can help. Look into homebuyer programs, expand your search area, and consider a multi-generational home. Connect with a local real estate agent so you have an expert on your side to help you make your dream a reality.

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Does It Make Sense To Buy a Home Right Now?

Written by Marathon Florida Keys Mortgage on March 20, 2024. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Thinking about buying a home? If so, you’re probably wondering: should I buy now or wait? Nobody can make that decision for you, but here’s some information that can help you decide. What’s Next for Home Prices? Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices. In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph...

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4 Tips To Make Your Strongest Offer on a Home

Written by Marathon Florida Keys Mortgage on March 18, 2024. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more. Remember these four tips to make your best offer. 1. Partner with a Real Estate Agent Rely on a real estate agent who can support your goals. As PODS notes: “Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring...

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Your Home Is a Powerful Investment

Written by Marathon Florida Keys Mortgage on March 13, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about buying a home. But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.” To put last year’s growth into context, the graph below uses data from...

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Finding Your Perfect Home in a Fixer Upper

Written by Marathon Florida Keys Mortgage on March 11, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

If you’re trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. That’s a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if you’re looking to break into the housing market or want to stretch your budget further. According to NerdWallet: “Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days,...

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The First Step: Getting Pre-Approved for a Mortgage [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on March 1, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow. As more buyers re-enter the market, it’ll help you make a strong offer that stands out from the crowd. Talk to a trusted professional to learn more and begin your homebuying process today.

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The Truth About Down Payments

Written by Marathon Florida Keys Mortgage on February 26, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case. Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize. As The Mortgage Reports says: “Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact,...

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Strategic Tips for Buying Your First Home

Written by Marathon Florida Keys Mortgage on February 20, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it’s a dream you can make come true, but there are some hurdles you’ll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges. So, if you’re ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality. Save Money with First-Time Homebuyer Programs Paying the initial costs of...

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Achieve Your Dream of Homeownership with Condos and Townhomes [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on February 16, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights If you’re trying to buy a home but are having a hard time finding something in your budget, here’s something that can help: consider condos and townhomes. They may better fit your budget, can help you start building equity, and tend to require minimal upkeep and less maintenance. Looking at condos and townhomes can make it easier to find and buy a home. When you’re ready, connect with a local real estate agent.

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Why So Many People Fall in Love with Homeownership

Written by Marathon Florida Keys Mortgage on February 14, 2024. Posted in First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a homeowner is emotional. So, if you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership. Customizing to Your Heart’s Desire Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve...

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Bridging the Gaps on the Road to Homeownership

Written by Marathon Florida Keys Mortgage on February 13, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers. It’s clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the...

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Winning Plays for Buying a Home in Today’s Market [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on February 9, 2024. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights In today’s housing market, you can still come out on top if you have the right team and plan. To win when buying a home, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd. Connect with a local real estate agent today to make your winning move.

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Why Pre-Approval Is Even More Important This Year

Written by Marathon Florida Keys Mortgage on February 7, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024. What Pre-Approval Is As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more. From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this: “A...

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Why Having Your Own Agent Matters When Buying a New Construction Home

Written by Marathon Florida Keys Mortgage on February 5, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, New Construction.

Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you. But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation...

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Why It’s More Affordable To Buy a Home This Year [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on January 26, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers, Pricing.

Some Highlights Home affordability depends on three factors: mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual. That’s good news if you want to buy a home because it means affordability is getting better.

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The Top Benefits of Buying a Multi-Generational Home

Written by Marathon Florida Keys Mortgage on January 25, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too. Why Buyers Are Opting for Multi-Generational Living According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below): First-time buyers are focused most on cost...

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Experts Project Home Prices Will Increase in 2024

Written by Marathon Florida Keys Mortgage on January 23, 2024. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Pricing.

Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too. To help ease that concern, here’s what experts forecast will happen with prices this year. Experts Project a Modest Increase Check out the latest home price forecasts from eight different sources (see graph below): The blue bar on the left means, on average,...

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Key Terms Every Homebuyer Should Learn [INFOGRAPHIC]

Written by Marathon Florida Keys Mortgage on January 19, 2024. Posted in First Time Home Buyers, For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Some Highlights Buying a home is a big deal and can feel especially complicated if you don’t know the terms used during the process. If you want to become a homeowner this year, it’s a good idea to learn these key housing terms and understand how they relate to the current housing market. That will help you feel confident when you buy a home. Connect with a local real estate agent so you can get expert help with any questions you have.

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Homeownership Is Still at the Heart of the American Dream

Written by Marathon Florida Keys Mortgage on January 15, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Move-Up Buyers.

Buying a home is a powerful decision, and it remains at the heart of the American Dream. Unlike renting, owning a home means more than just having a place to live – it offers a sense of belonging, stability, and freedom. According to Nicole Bachaud, Senior Economist at Zillow: “The American Dream is still owning a home. There’s a lot of pent-up demand for ownership; that isn’t going to go away.” Let’s explore just a few of the reasons why so many Americans continue to value homeownership. The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is because...

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The Dramatic Impact of Homeownership on Net Worth

Written by Marathon Florida Keys Mortgage on January 11, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

If you’re trying to decide whether to rent or buy a home this year, here’s a powerful insight that could give you the clarity and confidence you need to make your decision. Every three years, the Federal Reserve releases the Survey of Consumer Finances (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s (see graph below): One reason a wealth gap exists between renters and homeowners is because when you’re a homeowner, your equity grows as your home appreciates in value and you...

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Category: First Time Home Buyers