Madeline Sells Long Island Homes

How a Change in Mortgage Rate Impacts Your Homebuying Budget Mortgage 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 mortgage rate, it affects what you can afford to borrow when you’re buying a home. When buying a home, it’s important to determine a monthly budget so you can plan for and understand what you can afford. However, when you need to stick to your budget, even a small increase... in mortgage rate can make a big difference. Every time the mortgage rate increases, your loan amount has to decrease to keep your monthly cost in range. This means you may have to look for lower-priced homes as mortgage rates go up if you want to be able to maintain your budget. In essence, it’s ideal to close on a home loan when mortgage rates are low, so you can afford to borrow more money. This gives you more purchasing power... #expertanswers #purchasingpower #buyingpower

Is Homeownership Still Considered Part of the American Dream? Since the birth of our nation, homeownership has always been considered a major piece of the American Dream. Has the past year changed the American view on homeownership? Definitely not. A survey of prospective homebuyers released by realtor.com last week reveals that becoming a homeowner is still the main reason this year's first-time homebuyers want to purchase a home. When asked why they want to buy, three of th...e top four responses center on the financial benefits of owning a home. The survey also reports that 62% of millennials say a desire to be a homeowner is the main reason they’re buying a home. This contradicts the thinking of some experts who had believed millennials were going to be the first renter generation in our nation’s history. While reporting on the survey, George Ratiu, Senior Economist at realtor.com, said... #realestate #homeownership #homebuying #realestategoals

Will home values appreciate or depreciate in 2020?

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