First Time Home Buyers Archives - J.P. Cook

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical

Buying Is Now 33.1% Cheaper Than Renting in the US

August 8, 2017

First Time Home Buyers, For Buyers, Housing Market Updates

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The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actually show that the range is an average of 3.5% less expensive in San Jose (CA), all

More Americans Chose to Own a Home Than Rent in First Qtr 2017

July 17, 2017

First Time Home Buyers, For Buyers

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According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households. Of the 1.22 million new households

Is Now a Good Time to Rent?

July 14, 2017

First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers

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People often ask if now is a good time to buy a home, but nobody ever asks when a good time to rent is. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their 2017 first quarter median rent numbers. Here is a graph

Your Opportunity to Achieve the American Dream Keeps Getting Better!

July 4, 2017

First Time Home Buyers, For Buyers, Move-Up Buyers

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Forbes.com recently released the latest results of their American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.” The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs. The national

Get All the Facts about PMI

May 22, 2017

First Time Home Buyers, For Buyers, Move-Up Buyers

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When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a home with a down payment below 20%, you can never have too much information about Private Mortgage Insurance

Real Estate Mogul: Here’s Why You Should Buy

May 8, 2017

First Time Home Buyers, For Buyers, Investment Properties

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Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house? Conlon responded: “I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this

US Housing Market Continues the Move into ‘Buy Territory’!

May 2, 2017

First Time Home Buyers, For Buyers, Move-Up Buyers

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According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment. The BH&J Index is a quarterly report that attempts to answer the question: In today’s housing market, is it better to

Buy a Home NOW with a 3% Down Payment or LESS!

April 28, 2017

Down Payments, First Time Home Buyers, For Buyers, Move-Up Buyers

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A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today. 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a

How Fast Can You Save for a Down Payment?

April 26, 2017

Down Payments, First Time Home Buyers, For Buyers

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Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state? Using data from the United