Down Payments Archives - Oly Pen Real Estate

The Truths Young Homebuyers Need To Hear

July 7, 2021July 22, 2021Buying Myths, Down Payments, First Time Buyers, Home Buyers, Interest Rates, Pricing, Rent vs Buy

For many young or first-time homebuyers, purchasing a home can feel intimidating. A recent survey shows some homebuyers ages 25 to 40 may be unsure about the homebuying process and what they can afford. It found: “1 in 4 underestimated their buying potential by $150k or more” “1 in 4 underestimated the increase in value...

What To Expect as Appraisal Gaps Grow

June 29, 2021August 3, 2021Buying Myths, Down Payments, Home Buyers, Home Sellers, Move-Up Buyers, Pricing, selling myths

In today’s real estate market, low inventory and high demand are driving up home prices. As many as 54% of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates: “The frequency of buyers being willing to pay more than the market data supports...

Don’t Forget to Budget for Closing Costs

May 17, 2021June 10, 2021Buying Myths, Down Payments, First Time Buyers, Home Buyers, Pricing

When buying a home, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a down payment is the main cost that comes to mind for many, but budgeting for the closing costs required to get a mortgage is just as important. What Are Closing Costs? According to Trulia: “When you...

Why Waiting to Buy a Home Could Cost You a Small Fortune

May 6, 2021June 16, 2021Down Payments, First Time Buyers, Home Buyers, Interest Rates, Pricing

Many people are sitting on the fence trying to decide if now’s the time to buy a home. Some are renters who have a strong desire to become homeowners but are unsure if buying right now makes sense. Others may be homeowners who are realizing that their current home no longer fits their changing...

How Much Time Do You Need To Save for a Down Payment?

April 19, 2021August 20, 2021Buying Myths, Down Payments, First Time Buyers, Home Buyers

One of the biggest hurdles homebuyers face is saving for a down payment. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think. Using data from the U.S....

Let’s Talk About the Down Payment

March 1, 2021March 15, 2021Buying Myths, Down Payments, First Time Buyers, Home Buyers

If this is the year you want, at long last, to become a home owner, you may be considering how much capital you need to come up with for your down payment. Many people may think it’s 20% of the loan to secure a mortgage. While there are plenty of lower down payment options...

Some Myths About the 20% Down Payment

February 3, 2021February 6, 2021Buying Myths, Down Payments, First Time Buyers, Home Buyers

Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there’s still a common myth that you have...

Making the Dream of Homeownership a Reality

January 18, 2021January 19, 2021Down Payments, First Time Buyers, Home Buyers, Rent vs Buy

How to Make the Dream of Homeownership a Reality This Year In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think...