Move-Up Buyers

How a Change in Mortgage Rate Impacts Your Homebuying Budget

How a Change in Mortgage Rate Impacts Your Homebuying Budget | Simplifying The MarketMortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Mac, shares: “Since January, mortgage rates have increased […]

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Why You Should Think About Listing Prices Like an Auction’s Reserve Price

Why You Should Think About Listing Prices Like an Auction’s Reserve Price | Simplifying The MarketFor generations, the homebuying process never really changed. The seller would try to estimate the market value of the home and tack on a little extra to give themselves some negotiating room. That figure would become the listing price of the house. Buyers would then try to determine how much less than the full price […]

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What Credit Score Do You Need for a Mortgage?

What Credit Score Do You Need for a Mortgage? | Simplifying The MarketAccording to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for […]

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How Upset Should You Be about 3% Mortgage Rates?

How Upset Should You Be about 3% Mortgage Rates? | Simplifying The MarketLast Thursday, Freddie Mac announced that their 30-year fixed mortgage rate was over 3% (3.02%) for the first time since last July. That news dominated real estate headlines that day and the next. Articles talked about the “negative impact” it may have on the housing market. However, we should realize two things: 1. The bump-up […]

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