23 Aug 2024
By noelkelman

How to Transition from Renting to Homeownership

Home Buyer Tips, ,
Transitioning from renting to homeownership is an exciting and significant milestone in anyone's life. This journey, while thrilling, can also be filled with questions and uncertainties.  I am here to guide you through this process, ensuring a smooth and successful transition working with your real estate agent. We will discuss the steps you need to take to move from being a renter to a proud homeowner. Assess Your Financial Readiness First and foremost, evaluate your financial situation. Owning a home involves more than just a monthly mortgage payment. You'll need to consider property taxes, homeowners insurance, maintenance costs, and potential homeowners…
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22 Aug 2024
By noelkelman

Strategies to Make Homeownership Accessible for All

Homebuyer Tips, ,
The dream of owning a home can seem out of reach for many. However, various affordable housing initiatives are making homeownership more accessible. I want to share some strategies and programs designed to help you achieve your dream of owning a home. Understanding Affordable Housing Firstly, it's important to understand what affordable housing means. Affordable housing refers to housing units that are affordable to individuals or families with low to moderate incomes. This is often determined by the percentage of income spent on housing costs. Ideally, housing costs should not exceed 30% of a household's income. Government Programs and Assistance…
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28 Jun 2024
By noelkelman

Understanding the Role of HUD in Regulating Mortgage Lending Practices

Mortgage Application, ,
With various regulations and guidelines to follow, it's crucial to understand the role of the U.S. Department of Housing and Urban Development (HUD) in this landscape. HUD plays a vital role in regulating mortgage lending practices to ensure fair and equitable access to housing. In this blog post, we'll delve into the functions of HUD and how they impact mortgage lending practices. What is HUD? The U.S. Department of Housing and Urban Development, commonly known as HUD, was established in 1965 to develop and execute policies on housing and urban development. HUD's mission is to create strong, sustainable, inclusive communities…
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12 Jun 2024
By noelkelman

Understanding Mortgage Recasting

Mortgage, ,
When it comes to managing your mortgage, you might have heard of refinancing as a popular option to reduce monthly payments or pay off your loan faster. However, there's another lesser-known strategy called mortgage recasting. Let's dive into what mortgage recasting is, how it works when it makes sense to consider it, and when you might want to avoid it. What is Mortgage Recasting? Mortgage recasting is a form of prepaying your mortgage, it is a process where you make a lump-sum payment towards your mortgage principal, and your lender then recalculates your monthly payments based on the new, lower…
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30 Jan 2024
By noelkelman

Millennials and the Pursuit of Homeownership

Mortgage Tips, ,
With rapid technological advancements and shifting societal norms, millennials find themselves facing a unique set of challenges and opportunities when it comes to securing a mortgage. The journey toward homeownership for this generation is a multifaceted one, influenced by factors ranging from soaring student loan debt to evolving housing preferences. The Student Loan Conundrum: One of the primary obstacles that millennials face when considering homeownership is the burden of student loan debt. With the rising cost of education, many find themselves struggling with substantial loan balances, which can impact their ability to qualify for a mortgage. Lenders typically assess debt-to-income…
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21 Jan 2022
By noelkelman

How Can Parents Help Their Children Buy A Home?

Home Building Tips, ,
One of the most common dreams is homeownership; however, the cost of buying a house is rising quickly, and many children cannot afford to buy a house even after they finish school. They might be encumbered with student loans, and they could have a difficult time finding a job. Fortunately, there are ways parents can help their adult children buy a home. Help Children Build A Healthy Credit History As Early As Possible One of the biggest factors involved in an application for a home loan is the credit score. One reason why children have a difficult time qualifying for…
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27 Jul 2021
By noelkelman

Homeownership And The American Dream: Is It Changing?

Mortgage, ,
There are a few parts of American culture that people believe define this country. One element is the dream of homeownership. There is a strong belief that people need a place to call home. Therefore, since the dawn of this country, the government has tried to incentivize people to purchase a home. At the same time, there are some people who are looking at the younger generation, wondering if this American Dream is starting to change. Is homeownership still a part of the American Dream? Americans Still Believe In The Idea Of Homeownership Hard work and owning a home appear…
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23 Jul 2021
By noelkelman

Taking A Closer Look At Affordability: Renting And Buying

Mortgage, ,
There are many people who are looking at the housing market wondering if now is the time to make the jump from renting to owning. At the same time, is it more affordable to rent a home? Or, is it a smarter move to buy a home? Even though many people like the comfort of renting because it is someone else’s problem if something goes wrong, waiting too long to purchase a home could be costly. Here are a few of the most important points you need to keep in mind when it comes to renting versus buying a home.…
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