Things to Consider When Buying a Second Home
As more and more people begin buying second homes in eventual retirement destinations, there are a few things you should consider to make this decision as easy as possible. Find the best location: Does the location of your eventual retirement residence coincide with your lifestyle? Do you enjoy activities the area provides? Know what is most important to you: Is it close to family? Is it near airports/trains for easy travel? What factors matter the most to you? Consider medical care facilities: Is it near hospitals, doctors, and specialists? Does the home meet current and future needs: Will you want stairs when you’re retired? Is the house too large to keep clean by yourself? Think about rental income the property can bring: Can you rent in this neighborhood? Do the seasons change drastically: Make sure you want to live in this area year round. Weather that becomes drastic during specific seasons may be a deterring...Sense of Community and Building Equity Top Factors for Young Buyers
A recent homebuyer report from Bank of America showed that over half of homebuyers between 18 to 43 highly valued friendly neighbors and a sense of community when deciding where to buy a home. When polling that same question with the homebuyers aged 57-75, only 33% of buyers said community was an important factor to them. Having a sense of belonging and being connected is a major factor in today’s age. In addition, 46% of prospective homebuyers 18 to 43 said that building equity through your home is more important now than ever before. Long term stability is in sight for these buyers by trading in their monthly rent, which could rise at any time, for steady mortgage payments. Knowing these important factors may aid in working with young, first time...Huge Rebound in Mortgage Application Volume Last Week
After six weeks in a row of mortgage application decreases, last week there was a 8.6% rise in volume. Mortgage rates reached their lowest level in almost two months and this caused the uptick in refinance volume we experienced last week. Refinance applications accounted for 60% of total mortgage applications during this past week. The FHA’s share of mortgage applications increased to 11.3% from 10.8% the previous week. The VA’s share of mortgage applications decreased to 11.5% from 12.1% the previous...Mortgage Application Volume Continues to Drop
Last week home mortgage application volume continued to fall due to low inventory and slightly higher mortgage interest rates. Overall application volume dropped 3.7% last week marking the third straight week of declining purchase activity. Purchase activity was not the only sector of mortgage application volume decrease as refinance application numbers fell also. The FHA share of total mortgage application volume increased from 10.2% to 10.8% last week. The VA share of mortgage application volume decreased from 13.38% to 12.1% last...Connect With Us
