Wednesday, April 13, 2022 / by Cindy Bunch
Last month, 30-year fixed-rate mortgage rates exceeded 4% for the first time since before the pandemic, and this month, the national average crossed above 5%. While the Federal Reserve doesn’t directly set mortgage rates, its policies influence mortgage rate movement. The Fed’s announcement of multiple rate increases in 2022 will put upward pressure on mortgage rates throughout the rest of the year.
What does this mean for you? How do interest rates on home loans and their ups and downs affect your purchasing power?
3 Different Interest Rates and Their Impact on Your Monthly Mortgage Payment
I’ve set up an example based on this house:
For our example, this house hits the market, listed at $365,000. You love it and want to put an offer in.
When you go to get pre-approved for a loan to buy a house, lenders look at how much income you have coming in each month compared to the debts you pay monthly. From this calculation, they can tell you how muc; ...
Wednesday, April 6, 2022 / by Cindy Bunch
Are you thinking about buying a house in the near future? If you’ve been looking into where to get started, you may have seen the phrase debt to income ratio or DTI.
Why DTI is Important
When you go to get pre-approved for a loan to buy a house, one of the main factors your lender is going to look at is your debt to income ratio, so I’m going to tell you more about it today and show you how you can calculate it yourself! Knowing your debt to income ratio will help you understand how much house you can actually afford.
Your debt to income ratio is an equation: your monthly debt payments divided by your monthly gross income. Keep in mind that these totals are pulled for each person applying for the loan. So if you and your spouse will both have your name on the loan, your debts and incomes will be totaled together.
When getting pre-approved for a home loan, different lenders may have varying preferences of what they are looking for when analyzing your debt to inco ...
Wednesday, March 30, 2022 / by Cindy Bunch
Zillow is a household name for finding houses for sale online. There’s no ignoring it, they dominate the internet and it’s a fun place to browse. But how much can you trust the information you see on Zillow? I’ve got some comparisons to show you and some insight into the Zillow algorithm.
Active Listings on Zillow
According to Zillow at the time of this article, there are 163 active listings in Buford in zipcodes 30518 and 30519. When we hop over to the multiple listing service, or MLS, which has up-to-date statuses and realtors have simple access to, the number of homes for sale in Buford, same zipcodes, is actually 101. That’s a 38% difference! What’s happening here is that Zillow is pretty slow to update the live status of a property.
Picture it: you find the perfect home on Zillow with the square footage you need, ideal location, in your budget, and it shows it’s been on the market for a month, so maybe you can get a deal! ...
Wednesday, March 23, 2022 / by Cindy Bunch
Of the many great reasons to move to Buford GA, the excellent schools attract high-performing and ambitious students as some of the highest-rated schools in all of Georgia.
Buford High School
GreatSchools.org Rating: 8/10
Buford High School is the anchor school for the Buford City School District and has over 1,700 students enrolled. The high school building is located off of Buford Hwy NE across the street from Buford City Hall and a few blocks away from Buford's historic main street. The school scores highly in college readiness with 60% of graduates that take and pass an AP Exam. In addition to academics, Buford High School features 29 varsity athletic programs, under their Wolves mascot, with championship records and a robust arts program. Buford High School’s documented vision is Triple “A” Excellence: Excellence in Academics, Excellence in Athletics, and Excellence in the Arts.
Homes for Sale in Buford High School District
Mill Creek High School
Wednesday, March 16, 2022 / by Cindy Bunch
House hunting can feel like a full-time job. You’ve done all the hard work scouring the internet to find the perfect house that fits your needs and wishlist, so you’ve set up an appointment for a showing with your agent. How exciting!
With the current market, it’s easy to get swept up in that fear-of-missing-out feeling, but before falling in love with a home, there are some critical red flags to look out for in your walkthrough:
Visible cracks in the foundation or exterior walls: This could be nothing or it could mean serious problems with the structural integrity of the home.
Damp or musty smell?: Trust your nose! Where there’s a musty smell, there could be an ongoing issue with a leak or other water intrusion. Stagnant water inside the home can cause mold or attract pests.
Water stains on ceilings?: Or there could be an obviously recent patch job on the ceiling. This is an indicator of a previous or possibly ongoing leak. Depending on what ...