Which Down Payment Is Right For You?
You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.
But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.
The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes...
Market Is Prime For Sellers And Great For Buyers
It's always hard to know when and if it is right for you to sell your home. To give you a good idea, here is what it looks like to sell your home during this pandemic. Right now the market is a seller's market. A sellers market is a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller. A seller's market...
Is Now The Right Time To Buy?
Have any of you ever seen such low mortgage rates? I know I haven't! I remember growing up my parents always used to tell me how they bought their first home at an 18% interest rate. Wow! This week I put a nineteen year old first time home buyer in a new home at 2.375% and he moved in with only $500 out of pocket.
Now, no one can tell you when the right time to buy or sell is but here at The Morcom Group we want to make sure you have all the current real time information to make sure you make an educated decision. As stated from the world property journal “Mortgage rates fell below 3 percent for the first time in 50 years. The drop has led to increased homebuyer demand and, these low rates have been capitalized into asset prices in support of the financial markets.”Home buyers have rushed back into the market eager to take advantage of these low rates. In case you were wondering, here is what the current...
CHECK OUT this new program, HOPE BRINGS YOU HOME. This program grants up to $20,000 in closing costs and down payment assistance. This is a limited funds program, SO WE NEED TO ACT FAST! Nevada offered a similar program in 2018 that distributed $7.7 million dollars to families, but funds ran out FAST.
The details of the program are below. It is limited to certain zip codes and has some restrictions. Contact The Morcom Group NOW if you are interested or have any questions
FOR A LINK TO THE NEWS 3 ARTICLE ON THE PROGRAM CLICK HERE
THE FRIDAY BUZZ! A Local's Guide To What's Happening In Vegas This Weekend
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THE FRIDAY BUZZ! You're Guide To What's Happening In Las Vegas This Weekend!
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THE FRIDAY BUZZ! Your Guide To What's Happening In Vegas This Chilly Winter Weekend!
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THE FRIDAY BUZZ! The Local's Guide To What's Happening In Vegas This Weekend!
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THE FRIDAY BUZZ - A Local's Guide To What's Happening In Vegas This Weekend!
Click Here for a downloadable PDF with active links
As expected, the Fed cut policy rates by 0.25% at their most recent meeting. You might recall that the Federal Reserve committee voted unanimously to decrease rates by a ¼ percentage point at their July meeting, effective on August 1st.
Who is the Fed?
The Federal Reserve Board (the Fed), controls the Fed Funds Rate and the Discount Rate. These are charges for overnight loans from bank to bank or from the Fed to member banks.
What does a cut mean?
• It could cause banks to reduce their “prime rates,” which are often used to calculate interest on consumer products like credit cards, private student loans, and home equity lines of credit (HELOCs). Adjustable Rate Mortgages (ARMs) may be directly impacted as well.
• Fixed mortgages are typically based on...