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, most people opt for a much lower down payment.”

According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since…

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Some Highlights

  • If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month.
  • That’s because even a small change in mortgage rates can have a big impact on your purchasing power.
  • The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender.

Previously posted at Simplifying The Market.

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Are you tired of throwing money out the window on rent every month? Do you dream of owning your own slice of paradise in St. Charles, Illinois? Well, you're in luck because buying is definitely better than renting in this charming city! In this blog post, we'll dive into all the reasons why owning a home in St. Charles is the way to go. So sit back, relax, and get ready to find your way to homeownership!

Reason #1: Equity, Baby!

Let's start with the most obvious reason why buying is better than renting - equity, baby! When you rent, you're basically throwing your hard-earned cash into someone else's pocket. But when you buy a home, you're building equity every time you make a mortgage payment. That means you're investing in your future and creating…

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Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.

2024 Home Price Forecasts: Then and Now

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:

 a blue and white graph with text

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they've all updated their forecasts and now think prices will go…

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There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.

And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.

While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior…

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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 homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers that can help you get a loan…

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If you're thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it'll be important to make sure your house shines bright among the competition.

Here are some valuable tips you can use to get your house market-ready.

Declutter and Organize

First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it's about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. According to Moving.com:

“Decluttering and organizing your space will go a…

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804 Jefferson Ave, St Charles, IL

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Beautifully updated in-town ranch home on landscaped corner lot. Ideal location walking distance to downtown, elementary school, library, parks and trails. Paver front walk, 2-car garage, spacious yard and paver patio perfect for entertaining and relaxing. Inviting 3-season porch. Modern neutral decor, hardwood and luxury vinyl plank flooring, and plenty of natural light. Living room and formal dining room. Gourmet kitchen with granite countertops, stainless steel appliances, and…

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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, let’s connect.

Previously posted at Simplifying The Market.

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1 Longbow Ct, South Elgin, IL

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Welcome to your dream colonial home nestled in the charming Sugar Ridge neighborhood of South Elgin! With access to two neighborhood parks, a serene pond, and proximity to St. Charles schools, Randall shopping, and the picturesque Fox River, this home offers the perfect blend of convenience and tranquility. Enjoy the privacy of a fenced yard and shed, ideal for outdoor gatherings. This exquisite 3-bedroom residence boasts modern elegance and comfort at every turn. Don't miss the chance to…

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