5 practical ways to increase purchasing power when buying a home
Sonoma County Mortgages Blog
by Scott Sheldon
16h ago
Buying a house today can be an arduous task, especially when you consider the many challenges that families face. One of the most significant challenges is qualifying for a price that is affordable for the family. Heightened interest rates and high housing prices only add to the difficulty. However, there are a few factors that… The post 5 practical ways to increase purchasing power when buying a home appeared first on Sonoma County Mortgages ..read more
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How the housing industry may be affected by the upcoming real estate changes
Sonoma County Mortgages Blog
by Scott Sheldon
5d ago
The recent settlement involving the National Association of Realtors regarding real estate agent compensation has the potential to impact both buyers and sellers in the industry. As we move into uncharted territory in the summer of 2024, it’s important to evaluate the possible effects of this change. Historically, the industry has accepted a real estate… The post How the housing industry may be affected by the upcoming real estate changes appeared first on Sonoma County Mortgages ..read more
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How to avoid a contingent offer to buy a new home without selling your current home first
Sonoma County Mortgages Blog
by Scott Sheldon
1w ago
Buying a new home while still owning your current home can be a challenging process, especially in today’s market. When you want to purchase a new home without selling your current home first, you may be required to make a contingent offer. A contingent offer means that the purchase of your new home is dependent… The post How to avoid a contingent offer to buy a new home without selling your current home first appeared first on Sonoma County Mortgages ..read more
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How to qualify to buy a new home by renting out your current one
Sonoma County Mortgages Blog
by Scott Sheldon
3w ago
Are you considering purchasing a new home, but already own a property and are worried about not having enough income to support two house payments? You’re not alone. This is a common concern for many homeowners who are looking to upgrade their living spaces. However, there are options available to you that can help you… The post How to qualify to buy a new home by renting out your current one appeared first on Sonoma County Mortgages ..read more
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How to maximize purchasing power when buying a home
Sonoma County Mortgages Blog
by Scott Sheldon
1M ago
In this blog post, we’ll delve into the intricacies of examining whether it’s wiser to invest more in down payments or to retain cash and utilize debt to enhance purchasing power. Traditionally, a larger down payment is linked to lower monthly mortgage payments and reduced overall interest costs. However, in today’s financial landscape, where liquidity… The post How to maximize purchasing power when buying a home appeared first on Sonoma County Mortgages ..read more
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Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow
Sonoma County Mortgages Blog
by Scott Sheldon
1M ago
In the dynamic world of mortgage rates, the decision to refinance is often met with the lingering question of whether it’s worth waiting for even lower rates. The answer, especially if your interest rate is currently 7% or higher, is a resounding no. Here’s why taking advantage of today’s average 30-year fixed mortgage rates, ranging… The post Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow appeared first on Sonoma County Mortgages ..read more
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How to use your FHA mortgage to sell your home for more
Sonoma County Mortgages Blog
by Scott Sheldon
1M ago
If you have an FHA mortgage on your home and are planning to sell, you can take advantage of the fact that the loan is assumable. This means that the buyer of your property can take over your existing loan, which can help you get a higher price for your home… Here’s how it works:… The post How to use your FHA mortgage to sell your home for more appeared first on Sonoma County Mortgages ..read more
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Why you should wait for your credit to improve before applying for a mortgage
Sonoma County Mortgages Blog
by Scott Sheldon
1M ago
In the current consumer landscape, securing approval for a mortgage is a significant challenge. It’s widely acknowledged that applying for and obtaining a loan can be a bit tricky, considering factors like documentable income, credit history, and available cash. Your financial health, including payments and potential skeletons in the closet, all play crucial roles in… The post Why you should wait for your credit to improve before applying for a mortgage appeared first on Sonoma County Mortgages ..read more
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Do future Fed cuts mean lower mortgage rates?
Sonoma County Mortgages Blog
by Scott Sheldon
2M ago
When the Federal Reserve Bank increases or cuts the Fed funds rate, many people believe that it automatically makes mortgage rates go up or down. However, it’s not that simple. The relationship between the Fed’s actions on monetary policy and mortgage rates is a little more complex than that. When the Fed is increasing interest… The post Do future Fed cuts mean lower mortgage rates? appeared first on Sonoma County Mortgages ..read more
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Building or Buying a Home with Little or No Down Payment: What to Consider
Sonoma County Mortgages Blog
by Scott Sheldon
2M ago
Title: Building or Buying a Home with Little or No Down Payment: What to Consider Are you dreaming of owning a home, but have little or no cash for a down payment? If you’re in this situation, you might be wondering whether building or buying a home is the right option for you. Both scenarios… The post Building or Buying a Home with Little or No Down Payment: What to Consider appeared first on Sonoma County Mortgages ..read more
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