Thursday, October 12, 2017 / by Alex Clark
Student loan debt has been a huge topic of conversation the past couple years. And it's no wonder. The average 2016 graduated has $37,172 in student loan debt. That's about $9,000 less than you'd need for a down payment on the average existing home in the U.S. at the end of 2016 and the thought of saving all that money while paying off between $219 and $389 on student loans a month can be pretty intimidating. But buying your first home can be about more than having a place to call your own--it's also a great way to build wealth. And there are steps you can take to make your dreams a reality.
Set a goal
Chances are you don't have a huge nest egg right out of college, so the first step in buying a home is setting a goal and then making a plan to achieve it. Search homes on our website to see how much homes in your area cost. Calculate how much you would need for a 20% down payment, then use our mortgage calculator to see what your mm ...
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Thursday, October 5, 2017 / by Melissa Nielsen
5 Real Estate Terms You Need to Know
Real estate can be confusing at first, largely due to the many different terms and phrases you have to know and understand. To make it a little easier to grasp, here’s a simple explanation of five common real estate terms.
Pre-Approval Letter
A pre-approval letter is a statement from the bank that basically estimates how much money they’re willing to loan to a particular buyer. This is extremely helpful to the buyer because it gives them a much clearer idea of what kind of home they can realistically afford.
Appraisal
An appraisal attempts to determine an accurate market value for a property by examining both the actual property and comparable homes that have recently been sold in the area. This process is done by an licensed appraiser and is done for the sake of the bank, who wants to ensure that it is not investing in a property that is overpriced within its market.
Closing Costs
Closing costs are a gr ...
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Thursday, September 28, 2017 / by Peter Clark
THE GREAT ROLL-OFF BEGINS
Federal Reserve officials wrapped up their latest meeting (which occurs every six weeks) and announced what most market watchers expected them to announce: The Fed will shrink its massive balance sheet. The balance sheet holds mostly Treasury securities and mortgage-backed securities (MBS) -- roughly $4.5 trillion of them.
The Fed’s new policy has widespread ramifications. The Fed’s balance sheet correlates positively with base money supply. The larger the balance sheet, the more money the Fed has injected into the economy.
Here’s how it works: Primary dealers (mostly investment banks) buy Treasury securities and MBS and then turn around and sell them to the Fed. The Fed pays with newly minted money. Fed demand for the securities and the influx of new money work to keep interest rates low.
Now the Fed is ready to reverse course.
After massively expanding its balance sheet (and the base money supply ...
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Thursday, September 21, 2017 / by Lacey Parker
Have you been thinking of trading in your previously adequate apartment for a bigger living space? Here are five signs it might be time to move into a single-family residence.
1. You’re ready to expand your family
This is one of the most popular reasons to upgrade. If you’re thinking of having kids, it’s hard to say no to a backyard and the opportunity for a treehouse!
2. You’re feeling cramped in your current space
While apartments can be cozy, a house offers a lot more open space, multiple seating areas when hosting guests (we’ll get to that in a moment), and a clear separation between the bedrooms and the rest of the house.
3. You want to host people more often
Your current apartment can probably only comfortably fit so many people. If you want to have more parties and gatherings at your place, moving into a house is definitely your best bet.
4. You crave more privacy
Hate that your neighbors are always askin ...
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