Buying a Home and Selling a House
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There's an old saying that you shouldn't try to catch a falling knife. Same goes for trying to follow a falling real estate market.
The higher interest rates go, the fewer qualified buyers will be in the market. Chances are that interest rates will not be lower than they are now.
With so many homes either in or headed for foreclosure, the real estate market may not recover for some time to come.This leads to a unique place in the real estate market - it's both a great time to buy a Home and to sell a House.
Consider selling a house if it's not right for you. It may be harder to sell in the future at the same price it would sell for today. If your current "Home" is not right for you, this may be the best time for you to get into the right one.
This is where I come in. No, I can't advise you on where to price your home or what color to paint the hallways, although I know experts who can do so. Rather, I can help you strategize what to do with the proceeds of your sale in various scenarios and what type of mortgage for your next home will best help you meet your financial goals.
Armed with this information, you can make the best decision FOR YOU about selling your house, or buying a new home NOW.
With the Start with the House strategies, you can safely buy a new home today - start with this free white paper to learn more.
Down Payments, Plain & Simple
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When you are buying a house, your down payment is the most critical financial decision you will make. Here's the skinny on what's available now.
0% Down: VA Loans are available for qualified Veterans through Guaranteed VA Loans. In Charlotte, you can borrow up to $417,000 with no money down. We offer another 0% down program, guaranteed by the USDA for outlying areas, and some buyers may qualify for “House Charlotte” which is a100% program for some first time home buyers.
3.5% Down: FHA Insured Mortgages are available for loans up to $303,750 in the Charlotte area, and in the outlying areas, they may be capped at $271,050.
5% Down: With Private Mortgage Insurance (PMI), you can put as little as 5% down with a mortgage amount up to $417,000. With only 5% down, you will have some type of Mortgage Insurance.
10% Down: For loans up to $417,000, you can put down 10% and have Mortgage Insurance available. Some highly qualified borrowers, buying highly a qualified house, may be able to get a second mortgage or home equity line of credit and avoid PMI.
Looking for a Jumbo mortgage? Check these articles or contact me.
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