As spring homebuying season approached this year, Mike and Tammy York of Lompoc, California, listed their house for sale and started looking for a home to buy in Bakersfield, California, where they want to retire. But then the coronavirus outbreak called everything into question. When the governor of California issued a statewide stay-at-home order March 19, the…
With a limited supply of entry-level housing for sale, getting your foot in the door you want could be a challenge if you’re looking to buy your first home soon. Nearly a third of Americans who’ve never previously bought a home say they plan to in the next five years, according to a survey commissioned by…
Many Americans may be unnecessarily talking themselves out of homeownership. Thirty-seven percent of non-homeowners say not having enough saved for a down payment is holding them back from homeownership, but 62% of Americans incorrectly believe you have to have at least 20% of a home’s purchase price to buy, according to NerdWallet’s 2020 Home Buyer Report….
If you’ve served in the military, this year ushers in some big home loan changes to put on your radar. Veterans and active-duty service members will have more borrowing power but will pay higher fees for new VA home loans in 2020. The changes are part of the Blue Water Navy Vietnam Veterans Act of…
Mortgage rates will remain low in 2020, affordable homes for sale will remain scarce, and boomers will remain in their homes and build equity that they won’t borrow from. But not everything in 2020 will be a continuation of 2019: People shopping for FHA loans might find more lenders competing for their business, and change…
A mortgage rate is like the time displayed on a digital wristwatch: You see a number, but you don’t see the complex calculations concealed beneath. Since August, mortgage rates have lingered near the lowest levels in three years — right around 4% APR, according to NerdWallet’s daily mortgage rate survey. The factors that determine the…
What is a cash-out refinance? A cash-out refinance replaces your existing mortgage with a new home loan for more than you owe on your house. The difference goes to you in cash and you can spend it on home improvements, debt consolidation or other financial needs. You must have equity built up in your house…
On the highway to homeownership, coming up with a sufficient down payment continues to be one of the biggest roadblocks. In fact, many prospective home buyers, particularly first-timers, find it hard to overcome this challenge without the kindness of loved ones. Among recent home buyers age 28 and younger (who are more likely to be…
Even if you love your home, there’s a chance it isn’t in your ideal place to live. But the space between fantasizing about your dream location and actually moving there is potentially miles and thousands of dollars apart. Just over a quarter (26%) of Americans aren’t living in their ideal location type — whether that’s…
Constructed from aspirational Instagram feeds and reality TV, the dream home floats in the imagination like a castle in the sky but dissolves in the rain of hard numbers. Chasing the dream can lure buyers to overextend themselves financially. Or the high prices can lead first-time home buyers to delay a home purchase — and the opportunity…
