The Truth About Credit Scores and Buying a Home

Written by Bonita Springs Mortgage Syndicated User on January 14, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, Buying Tips, For Buyers, Mortgage Bonita Springs.

Your credit score plays a big role in the homebuying process. It’s one of the key factors lenders look at to determine which loan options you qualify for and what your terms might be. But there’s a myth about credit scores that may be holding some buyers back.The Myth: You Need To Have Perfect CreditAccording to Fannie Mae, only 32% of potential homebuyers have a good idea of what credit score lenders actually require. That means two-thirds of buyers don’t actually know what lenders are looking for – and most overestimate the minimum credit score needed.The Reality: Perfect Isn’t NecessaryBut...

How Much Home Equity Have You Gained? The Answer Might Surprise You

Written by Bonita Springs Mortgage Syndicated User on January 13, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, Equity, Home Prices, Mortgage Bonita Springs.

Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize.What Is Home Equity?Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership....

How Mortgage Rates Affect Your Monthly Payment

Written by Bonita Springs Mortgage Syndicated User on January 10, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, Infographics, Mortgage Bonita Springs, Mortgage Rates.

Some HighlightsExperts say rates will come down slightly in the year ahead – but some volatility is expected. So, you shouldn’t try to time the market.Instead, it’s better to focus on how even a small change impacts your future mortgage payment. As rates come down, even a little bit, your monthly payment on your next home will too.Want to see what this looks like at a different price point? Connect with an agent or lender.

What To Save for When Buying a Home

Written by Bonita Springs Mortgage Syndicated User on January 9, 2025. Posted in Agent Value, Bonita Springs Condo Financing, Bonita Springs Mortgage, Buying Tips, For Buyers, Mortgage Bonita Springs.

Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take control of the process.Here are just a few things experts say you should be thinking about as you plan ahead.1. Down PaymentSaving for your down payment is likely top of mind. But how much do you really need? A common misconception is that you have to put down 20% of the purchase price. But that’s not necessarily the case. Unless it’s specified by your loan type or lender, you don’t have to. There are some home loan options that require...

Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges

Written by Bonita Springs Mortgage Syndicated User on January 8, 2025. Posted in Agent Value, Bonita Springs Condo Financing, Bonita Springs Mortgage, For Sellers, Foreclosures, Mortgage Bonita Springs, Selling Tips.

Let’s face it – life can throw some curveballs. Whether it’s a job loss, unexpected bills, or a natural disaster, financial struggles can happen to anyone. But here’s the good news. If you’re a homeowner feeling the squeeze, there’s a lifeline that many people don’t realize is still available: mortgage forbearance.What Is Mortgage Forbearance?As Bankrate explains:“Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback . . . When you can’t afford to pay your...

Expert Forecasts for the 2025 Housing Market

Written by Bonita Springs Mortgage Syndicated User on January 7, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, For Buyers, For Sellers, Forecasts, Home Prices, Mortgage Bonita Springs, Mortgage Rates.

Wondering what’s in store for the housing market this year? And more specifically, what it all means for you if you plan to buy or sell a home? The best way to get that information is to lean on the pros.Experts are constantly updating and revising their forecasts, so here’s the latest on two of the biggest factors expected to shape the year ahead: mortgage rates and home prices.Will Mortgage Rates Come Down?Everyone’s keeping an eye on mortgage rates and waiting for them to come down. So, the question is really: how far and how fast? The good news is they’re projected to ease a bit in 2025....

Time in the Market Beats Timing the Market

Written by Bonita Springs Mortgage Syndicated User on January 6, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, Equity, For Buyers, Mortgage Bonita Springs.

Trying to decide whether it makes more sense to buy a home now or wait? There’s a lot to consider, from what’s happening in the market to your changing needs. But generally speaking, aiming to time the market isn’t a good strategy – there are too many factors at play for that to even be possible.That’s why experts usually say time in the market is better than timing the market. In other words, if you want to buy a home and you’re able to make the numbers work, doing it sooner rather than later is usually worth it. Bankrate explains why: “No matter which way the real estate market is leaning,...

Get Ready To Buy a Home in 2025

Written by Bonita Springs Mortgage Syndicated User on January 3, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, Buying Tips, For Buyers, Infographics, Mortgage Bonita Springs.

Some HighlightsIf buying a home is on your goal sheet this year, here’s how to make it happen.Focus on improving your credit, planning for your down payment, getting pre-approved, and prioritizing your wish list.But first, connect with a trusted agent and lender so you have expert advice every step of the way.

Home Staging FAQ: What You Need To Know

Written by Bonita Springs Mortgage Syndicated User on January 2, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, For Sellers, Mortgage Bonita Springs, Selling Tips.

You may have heard that staging your home properly can make a big difference when you sell your house, but what exactly is home staging, and is it really worth your time and effort?Here are a few quick FAQs that can help you decide how much you should prioritize staging as you prep for your move.What Is Home Staging?Staging is the process of arranging and decorating your house to highlight its best features and make it as appealing as possible to potential buyers. It can range from simple touch-ups to more extensive setups, depending on your needs and budget.How Does It Help Me Sell My House?Studies...

New Year, New Home: How To Make It Happen in 2025

Written by Bonita Springs Mortgage Syndicated User on January 1, 2025. Posted in Bonita Springs Condo Financing, Bonita Springs Mortgage, Buying Tips, For Buyers, Mortgage Bonita Springs.

This is the time when a lot of people take a moment to reflect and set their goals for this year. And as you picture what you want your 2025 to look like, one thing that may pop into your mind is the vision of you in a new home. But how do you get there? And where do you start?Here’s some advice that can help you get the ball rolling. Focus on Your WhyTo lay the foundation, you need to focus on your why. While the dollars and cents are important, so is the driving force behind your desire to move. Maybe you need more space for a growing family, want to sell so you can downsize, or are finally...

Author: Bonita Springs Mortgage Syndicated User