October 23, 2019 rummy

Money bag with the word down payment. Payment used in the context of the purchase of expensive items such as a car and a house, whereby the payment is the initial upfront portion of the total amount It could be you, someone you know or close to you who is held back because of misconception about down payment. Read more about it now, what you’ll learn may pleasantly surprise you. 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…

September 19, 2019 rummy

Unlike any other expenses and overheads, your monthly housing cost can be utilized to increase your family’s net worth. It’s the only investment option out there with a dual purpose; you can live in it and increase your wealth through it. Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016. The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5%…

August 22, 2019 rummy

We’ve been reading a lot of comments and questions about housing affordability lately that we decided to address what most people find confusing about this particular topic. If you’re one of the many people in the gray zone as to whether or not to believe the thing you see and hear about housing affordability crisis, then you better read this. 1. National Association of Realtors’ (NAR) Housing Affordability Index: Here is a graph showing the index going all the way back to 1990. The higher the column, the more affordable homes are: We can see that homes are less affordable…

July 12, 2019 rummy

  On this 12th episode of eXpand to the Cloud podcast, join Rummy Dhanoa and David Upchurch as they welcome Marc Giles to eXp Realty. Marc has been in the industry for 26 years. He’s a single agent who did $10,000,000 last year as a part time realtor. Let’s find out what made him join eXp Realty. We’ll be discussing how powerful technology eXp Realty offers and what makes 20,000 agents switched to eXp Realty. Get in touch with Marc Giles. Give him a call at 917.721.5415 or email him at homes@marcgiles.com. Ready to learn more? Rummy Dhanoa 914.438.8840 rummy@nyreex.com…

July 2, 2019 rummy

By now you should have already heard of private mortgage insurance. If you’re planning to buy a house, it is important that you know all the facts about mortgage programs available in your area. Here’s what you need to know about PMI and why is it significant to buying a home. What is PMI? Freddie Mac defines PMI as: “An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%. Once you’ve…

May 28, 2019 rummy

As we have shared countless times before, down payments need not be 20% all the time. Depending on your situation and geographical location, the percentage required could drop significantly. But a lot of buyers still believe that they need to save 20% as a down payment and here’s why. 1. Your interest rate will be lower. Putting down a 20% down payment vs. a 3-5% down payment shows your lender/bank that you are more financially stable, thus a good credit risk. The more confident your bank is in your credit score and your ability to pay your loan, the lower…

May 22, 2019 rummy

Majority of home buyers remain undeterred of news and rumors about a possible recession creeping in. Although a lot can be said about the fact that inconsistencies abound in almost all facets of news, we are more inclined to talk about the good things we have observed from the buyers market recently. “Nearly 70 percent of home shoppers this spring think the U.S. will enter a recession in the next three years, but that hasn’t stopped them from trying to close on a home…Despite the fact that they foresee an economic downturn, they generally expressed confidence that a future recession…

March 21, 2019 rummy

There’s undoubtedly an effervescent urge in everyone to decorate and make tiny changes here and there after buying a house. We all have it, and to some, giving in to these urges may cause future problems with mortgages. So here’s a list of things to avoid after getting your mortgage application approved. 1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well….

April 22, 2016 rummy

  Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank. The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market. And the challenge is…

October 22, 2015 rummy

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history. The…