For many potential home buyers, saving up for a down payment is the biggest mental hurdle to actually owning a home. However, when you look at the various mortgage options available and the size of a down payment you would need, it is more achievable than you think. The team at Peoples Choice Mortgage is here to discuss the truth about down payments and the timeframe you need to save up for one.

ven though the pandemic is not quite stamped out, it is clear that America is getting back to business. This is great news for an already hot real estate market.

Thinking about buying a home purely in terms of a short-term investment strategy and obsessing over timing will cause you to miss the forest through the trees. Buying a house is about far more than merely buying at the perfect time. The truth is that buying a home is a long term investment and makes sense no matter where you are in the market cycle.

In the lead up to 2008, many people were buying homes hand over fist because lenders were willing to provide mortgages to almost anyone. That is not happening today. Lenders are being much more selective. If you look at today’s successful mortgage applicants it is clear that high credit scores have value when applying for a mortgage.

We take great pride in helping individuals who never thought it would be possible to buy a home to get the mortgage they need. Watching our clients sign their final paperwork to close on their property gives us all the satisfaction we need and the motivation to keep doing it everyday. However, it is always wonderful when others take notice of our efforts and the exceptional organization that we have put together. We are honored that The Vision took the time to write up a spotlight about Peoples Choice Mortgage for their latest issue.

This red hot real estate market has benefited millions of homeowners. However, mixed messages regarding possible foreclosures means it’s time to see what the data says about what’s over the horizon.

… Intense competition between buyers is causing an astronomical amount of bidding wars over houses for sale on the market. In turn, these bidding wars are driving up home prices to record levels. While it might be tempting to make a bid that far exceeds the appraised value of the home, it can actually complicate your ability to get a mortgage.

Mortgage refinances in 2020 were up over 100% from previous year’s levels. Beyond the fact that many decided to refinance their mortgages while rates were low, many decided to refinance for more than their previous mortgage. These types of cash-out refinances can have implications on the overall market. What do last year’s cash-out refinance numbers say about the health of the housing market?

New home sales in February dropped well below their January levels. Does this mean the red hot housing market is cooling down? Does this mean that homebuyers have finally had enough? The team at Peoples Choice Mortgage wants to take you behind some of this data to give you the full picture. When you look at all the numbers, the housing market is strong as ever and nothing is stopping motivated homebuyers.

If you are someone who purchased a home before last year or early in the market’s rise, you are doing great. Chances are, the value of your home has risen dramatically. In that case, it is also likely that your equity has risen, too. That is great news for homeowners and the team at Peoples Choice Mortgage is here to breakdown why homeowners are rejoicing.

One of the best signs that the housing market will only continue to increase is the number of mortgages in forbearance. The team at Peoples Choice Mortgage is here to give you the latest mortgage forbearance numbers and what they mean for the housing market.

There are many financial and non-financial benefits of homeownership, and the greatest financial one is wealth creation. And by simply stating the word “wealth creation,” many Americans will automatically disqualify themselves from a candidate. However, as a lender that has a strong foundation in believing in building a future for yourself and your family, we pride ourselves in helping everyone we can create their path to homeownership. Homeownership has always been the first rung on the ladder that leads to forming household wealth

There is a lot to the American Rescue Plan and many of its provisions will have an impact on the real estate market. Whether you own a house, are looking to buy a home, or are thinking about refinancing your mortgage, the details of this legislation is relevant to you. The team at Peoples Choice Mortgage is here to highlight some of the provisions of the American Rescue Plan and what they mean for the housing market.

For the first time since July of 2020, mortgage rates climbed about 3%. Chances are very slim that rates will drop any lower and might actually increase. The team at Peoples Choice Mortgage is here to discuss what rising mortgage rates mean for homeowners and home buyers.

Many are under the assumption that you have to have 20% for a down payment in order to qualify for a mortgage. This is not true. There are a lot of mortgage programs where you do not need a 20% down payment. However, while you don’t need a 20% down payment, it is helpful.

… It is important to sometimes take a step back and take a broad assessment of important economic trends and data. This broad picture can go a long way toward helping us understand what is happening with the real estate market and what is on the horizon. With that being said, here is an economic snapshot of data and trends that plays a role in the future of the mortgage and housing market.

Rock bottom mortgage rates have been the fuel for the real estate market’s revved up engine. Since that is the case, what does the future hold for mortgage rates and what does it mean for the market? The team at Peoples Choice Mortgage is here to walk you through some of the important things to be aware of when it comes to mortgage rates.

…The truth is that buying a home is not a financial burden, even if you need a mortgage to do so. Instead, buying a home is a way for you to build financial wealth. Why is that? The team at Peoples Choice Mortgage is here to go deeper into the decision to buy a house and break down the financial power of home ownership.

Current homeowners and new homebuyers have taken advantage of low mortgage rates and are benefiting from rising home values. Real estate naysayers were expecting the housing market to crash because of a tsunami of potential foreclosures that would flood the market with a bunch of cheap houses. This foreclosure wave never materialized and recent good news about foreclosures means it won’t anytime soon

…you should not let the sticker shock of today’s home prices make you think that you cannot afford to buy a home. There is more to home affordability than its cost and the team at Peoples Choice Mortgage is here to tell you why.