Come January, you may very well begin the rent vs. own debate. Take comfort in knowing that you’re not alone. At some point, every homeowner and prospective homeowner has sat down and calculated the merits of renting against the merits of buying.

 Buying a home is a big decision that takes thought and often requires help.

So how to you determine at what point paying rent doesn’t make as much sense as buying a home and building up equity?

Well unfortunately, it’s not as simple as how much rent is vs. how much a mortgage payment would be. Things like taxes, closing costs, how long you plan to own your home, insurance, unexpected expenses, etc. all play a role in making a wise decision.

The good news is that help exists.

The New York Times Rent vs. Own calculator takes all the important factors into account and allows you to come up with a figure above which it makes more sense to buy a home.

Plan for the future, save for a down payment, and think about your dream home, but do it strategically.

The home buying process begins long before shopping for a home. It can start years before, when you and your family decide that buying a home is going to be a long-term goal. And that means saving for a down payment.

Putting money away for a down payment requires discipline and a plan. But don’t worry; it’s not an impossible undertaking. Here are some tips to make it easier:

1. Set a goal. Use a mortgage calculator to figure out what kind of budget you can set for your purchase.
2. Make saving part of your monthly budget. You set money aside for rent, bills, student loan payments, etc. Get into the habit of setting aside money every month for the down payment.
3. Create a timeline. When do you want to actually begin looking for a home? Set a goal and stick to it.
4. Remember that unexpected expenses come up. No one can stick to a saving plan 100%. Who knows what the future holds? Don’t beat yourself up; just add some flexibility to your plan so that a month or two of not saving doesn’t derail you.
5. Save the extra money. Put your tax refund, holiday bonuses, and any money that you find on the ground or between the couch cushions into your down payment account. Every little bit helps.

Saving for a down payment and buying a home is a big deal, but you don’t have to go it alone. If you have any questions about saving money, types of mortgages, or general questions about financing a home, give me a call or shoot me an email.

Source: CNN Money

Knowledge is power, especially when you’re buying your first home. The more you know, the easier and faster the process will be. Here are 10 things that every first-time homebuyer should know:

1. Inventory is low right now, so it might take you a while to find your dream home. But don’t get discouraged! Keep searching and you’ll find a home that you love.
2. Get your paperwork ready ahead of time. It will make the financing process go much smoother.
3. Get pre-approved. This makes you a more competitive buyer and, in a competitive market, it can make all the difference.
4. Narrow down your desired location before you start looking at houses. Remember, they say, “location, location, location” for a reason.
5. Start saving long before you start looking. It’s always better to have too much money than not enough.
6. Do your research. Find out about crime rates, schools, parks, grocery stores, etc. before you buy. These things don’t just affect home value, they also affect quality of life.
7. Don’t spend all of your savings on your down payment. Unexpected expenses can come up with no notice, so make sure that you’re prepared.
8. Talk to a loan officer before you start looking. Choosing a home can be fun, but financing a home can be complicated if you don’t have some guidance.
9. Tell your loan officer that you’re a first-time homebuyer. There may be special financing programs available to you because of your status.

10. Make sure your credit report looks good. Check for mistakes and spend some time building up your score well before you begin hunting.

If you need help going through the home financing process or have questions about where to start, give me a call or shoot me an email. I’d be happy to help!

Sources: HGTV.com and USNews.com

Skyline Financial Corp. and its loan officers are not credit experts. Always consult a credit specialist for more details.

Home trends come and go. What’s in demand now could be considered outdated in just a couple of years. Just look at shag carpeting!

But that doesn’t mean that you can’t capitalize on current trends, especially if selling your home is on the horizon. And if you actually like what’s currently popular, then it’s a win-win!

So here is what current buyers actually want in a home:

1. Quartz countertops

2. Gas stoves

3. Nice appliances

4. Hardwood floors

5. Soaking tubs

6. Beautiful tilework

7. Sleek kitchens

8. Plenty of natural light

Read the source article at Apartment Therapy

In a recent report released by National Mortgage News, only 14% of Americans claim homeownership is of primary importance.

According to Reportlinker, the goal of homeownership ranked fourth among American priorities in 2017, one step down from reaching career goals and just above having or adopting children.

National Mortgage News also reported that:

• Even though homeownership ranking dropped 5 percentage points from last year, the goal of homeownership more than doubled any other priority as a long-term goal. 54% said it was their primary long-term financial objective.
• About 81% of consumers say homeownership is the best long-term investment a person can make, with the investment advantage being one of the forces driving millennial interest in home buying.
• In this year’s first quarter, the volume of new-owner households doubled the number of new-renter households, signifying that the younger generation is making its way into the buyers’ market.

Recent news reports state that more buyers are now considering the outdoor space of a home and its usability when looking for new homes. It’s not just what’s inside that counts for homeowners anymore.

Are you trying to sell your home? Try sprucing up or adding one of these four top features buyers want:

• An outdoor kitchen
• Pool/Spa
• Open space
• Outdoor fireplace

Read all the details and exactly what buyers are asking for in the original article here.  

According to National Mortgage News, nearly 54,000 homes were flipped in the second quarter of this year. Investors profited an average of $67,516 per property and had nearly a 50% return on investment, according to Attom Data Solutions.

While the return on investment has declined nationwide for three quarters in a row, some cities still have a strong flip market. Others should likely be avoided.

Here’s a list of the five best and the five worst cities for house flipping in the second quarter:

5 Best:

 #5: Cleveland, OH

#4: Harrisburg, PA

#3: Philadelphia, PA

#2: Baton Rouge, LA

And the best city for flipping homes…

#1: Pittsburg, PA, with a return on investment of 146.6%.

5 Worst:

#5: San Francisco, CA

#4: San Jose, CA

#3: Austin, TX

#2: Boise, ID

And the worst city for a flip…

#1: Honolulu, HI, with only a 17.8% return.