Written by Chase Majerus

The Two Biggest Obstacles Homeowners Are Facing

Good morrow to you! As you sip on your first (or let’s be honest, second cup of coffee) we’re here to gently usher you into the day with the latest buzz from the housing and mortgage market. To ease you in, let’s watch this short house cleaning video.

Isn’t that so satisfying to watch? Hopefully this doesn’t give you anxiety about your own messy abode.

Trivia: Which chain of department stores founded in 1892 used to sell mail order houses? Read to the end to find out!

Today's Agenda:

A quick link to the article of your choice

Keychain: The Two Major Obstacles For Aspiring Homeowners

Major Manor: Beverly Hills Estate

Social Space

Financial Fitness: FAQ's We Get All The Time

Keychain: $14.5M Pledged for Veteran Housing

Vlog: Let's Get Real About Inflation & Home Prices

Today's Agenda:

A Quick Link to the article of your choice

Keychain: The Two Major Obstacles For Aspiring Homeowners

Major Manor: Beverly Hills Estate

Social Space

Financial Fitness: FAQ's We Get All The Time

Keychain: $14.5M Pledged for Veteran Housing

Vlog: Let's Get Real About Inflation & Home Prices

S1L Home Equity Loan

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Keychain

The Two Major Obstacles for Aspiring Homeowners

In the brutal game of Monopoly that is the U.S. housing market, a fresh Bankrate report lays it bare: about half of the wannabe homeowners are getting KO’d by the one-two punch of sky-high living costs and anemic paychecks. A whopping 20% of these dreamers reckon they might as well be chasing unicorns, doubting they’ll ever scrape together enough cash for a down payment.

Meanwhile, mortgage rates are playing hopscotch over the 7% mark. Not ideal for would be buyers who are waiting for rates to drop. So, as the goal of homeownership dances away, tauntingly, out of reach, the general consensus would make it seem it’s not just the down payments and mortgages kicking would-be buyers in the teeth—it’s the whole shebang of owning a home, from the dreaded repairs to the unforeseen upgrades.

“It’s not only a question of being house poor, but it’s question of taking on more debt because of the lack of flexibility in household finances.” – Mark Hamrick, senior economic analyst and Washington bureau chief of Bankrate.

Read the whole article here: www.cnbc.com

Major Manor

Beverly Hills Estate

I could spend time explaining the absurdity of the home.

I could tell you that its tucked away in Beverly Hills and is a spectacle of extravagance that almost defies belief. Maybe talk about the 1.2 acres estate that features 12 bedrooms and 18 bathrooms within its main residence, accessory building, and pool house, encompassing a staggering 24,325 square feet of living space.

Or I could even mention that the centerpiece, a 25,000-square-foot main house, offers a glimpse into the pinnacle of luxury with its lavish chef’s kitchen and a home theater that could easily rival any cinematic venue, and that beyond its opulent interiors lies an outdoor haven featuring a pool, spa, and a pool house, all set against the backdrop of one of Southern California’s most prestigious neighborhoods—leaving anyone who lays eyes on it in a state of awe at its sheer magnificence.

Any guesses how much this magnificent estate is listed for?: Check here!

Financial Fitness

FAQ's We Get All The Time

1. What is home equity and how can I use it?

Home equity is the difference between your home’s value and the amount you owe on your mortgage. You can build equity over time as you pay down your mortgage AND you also build equity over time as your home’s value increases. There are many ways to use the equity in your home, here are a few:

Sell your current home and use the equity in it towards the down payment of your next home.
Take out a 2nd mortgage or Home Equity Line of Credit (HELOC) to pay off other debt. This is called debt consolidation.
Take out a 2nd mortgage or Home Equity Line of Credit to use toward the purchase of an investment home or to fund a retirement account.
Or maybe you want to take some equity out to upgrade your current home – a pool? New kitchen? Yes, you can use the equity from your home for this!

Equity is a beautiful thing! Apply here to discover your options.

2. What’s the difference between being prequalified and preapproved?

I like to say a Pre-Qualification is the “quick and dirty” talk – you give me some figures – I give you an estimate of what you afford. No real validation of numbers and information.

With a Pre-Approval, a lender looks at your documents and validates the information. They also will do a credit check. This is a critical crucial step in securing your ideal home. Taking this step not only gives you a clear understanding of your budget but also demonstrates your seriousness to sellers when making an offer.

Whether you’re ready for a pre-approval or just a quick pre-qual chat – get started here !

3. How much should you save for down payment?

I’m sure you have heard the myth that you need 20% of home’s price as a down payment. Well, that isn’t necessarily the case. According to a study by National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005! In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just 8%.

There are many Down Payment Assistance Programs that can assist with the down payment as well as closing costs. Plus, there are loan options that can help too. For example, FHA allows 3.5% down payment, while VA and USDA have no down payment requirements for qualified borrowers. There are also conventional programs that offer 3% to 5% down payment options.

So don’t let the “20% down payment” myth hold you back, reach out today and connect with a Loan Officer who can present the resources available to you.

S1 FinFit App

Digital financial assistant at your fingertips

S1 FinFit is a FREE app that provides a roadmap to help you reach your financial and lifestyle goals, no matter how big or small! Free credit monitoring with alerts, set financial goals, create budgets, and keep track of your spending to see where your money is going.

Download the app on the appropriate app store with the links below!

Keychain

$14.5M Pledged for Veteran Housing

Last week, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) unveiled a heartening step forward in the battle against veteran homelessness, announcing over $14.5 million in funds to be distributed for housing veterans across the country. Through more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers, public housing agencies will work to provide homes in areas including Tucson, Arizona; Philadelphia; and Spokane, Washington, among others.

The initiative is a beacon of hope, underpinned by a steadfast commitment from both HUD Secretary Marcia Fudge and VA Secretary Denis McDonough to eradicate veteran homelessness. With the HUD-VASH program combining rental assistance with vital support services, and the significant decrease in veterans experiencing homelessness since 2010, this effort shines as a promising stride towards securing a brighter, more stable future for veterans in need.

Vlog

Let's Get Real About Inflation & Home Prices

Pandemic chaos has thrown a wrench in how we figure out home prices in the inflation mix, making things tricky for the Federal Reserve when they think about messing with interest rates. Even though the overall price hikes are starting to chill, housing costs have blasted up by 6% since last January, which is a big deal since most of us spend a chunk of our cash on where we live. This stubborn hike in housing prices, including both rents and owning a home, isn’t what everyone expected, especially since sites like Zillow were saying rents are kind of cooling off.

Now, we’ve got this awkward gap between what the government and private sectors are saying about rent prices, stirring up a whole lot of guesswork about what’s going to happen with inflation. As the Fed and economists try to solve this puzzle, the rollercoaster of housing costs is a major player in what comes next for our wallets and the economy

Watch the full video here!:

Trivia
Answer

Sears. From 1908 to 1940, Sears Modern Homes sold as many as 75,000 home kits in hundreds of different styles, some of which are still in existence.

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The Two Biggest Obstacles Homeowners Are Facing

Today's Agenda:

A quick link to the article of your choice

Today's Agenda:

A Quick Link to the article of your choice