Tammie VanDeusen

In many parts of the country, potential homebuyers are noticing the low number of homes for sale. According to many real estate analysts, the situation looks like it’s not going to change any time soon, as more Millennials decide they are ready to make their move into homeownership. That’s why it’s more important than ever to know the best way to purchase your next home in a seller’s market. Is it Bad to Buy a House in a Seller’s Market? With mortgage rates continuing to be low, you may be thinking of buying your first home or upgrading to a new one. However, news of a shortage in building materials and the number of houses available, may have given you a pause to consider if this is still the best time to buy a home. The following information could help you make an informed choice and help you get the home you want at the right price. How Do You Get the House You Want in a Seller’s Market? With demand for housing increasing faster than supply, home buying in some areas of the...

  It’s a fact: The housing market is hot and competition for homes is becoming increasingly intense. While entering the market is nerve-racking for most buyers, it can be especially stressful for  first-time homebuyers  who are trying to come up with the necessary funds to make a down payment. This has led some first time home buyers to look toward non-traditional sources – such as their  401(k)  – to come up with the money they need. Here, we’ll examine how to, and if you should, make a 401(k) withdrawal to use as a source for a down payment as a first-time homebuyer. Can a 401(k) help you make a down payment? The short answer is  yes . The longer answer is  yes,  but… First things first – your 401(k) is  your  money to use at  your  discretion. While it doesn’t function the same way as a standard deposit account, you still have the right to access it if you choose to do so. If you’re like many, your 401(k) is your largest fin...

Thanks to a number of factors, the housing market has arguably never been more competitive than it is right now. Those looking to buy a home are dealing with historically low inventory and facing increasing competition from Wall Street, other corporate interests, and cash buyers, all of which are more likely to win the bidding wars that have now become commonplace. In fact, recent studies have shown that cash buyers are four times more likely to win bidding wars [ 1 ] . A Trusted Mortgage Lender As one of the nation’s largest  mortgage lenders , New American Funding is fully aware of how this is impacting traditional homebuyers. Our team of mortgage professionals constantly hears the same sentiment from our customers and our real estate agent partners: how can traditional homebuyers compete in today’s market and secure their dream home? The answer is by becoming cash buyers themselves. But how do they do that? New American Funding has the solution. We are partnering with  Buye...

  Well, it’s time once again to discuss one of those crazy acronyms of the mortgage world. There are quite a few abbreviations that come up when you’re getting a mortgage. One of those is PMI, which we’ll discuss here in detail. What is PMI? PMI stands for private mortgage insurance. Private mortgage insurance is exactly what it sounds like: insurance for your mortgage. But, despite the fact that the borrower pays for PMI, it doesn’t protect the borrower. Rather, PMI protects the lender in the unfortunate event that a borrower is unable to pay their mortgage. But there are upsides for both the borrower and the lender when it comes to PMI. How does PMI work? Many borrowers believe that you must have a down payment of 20% if you want to buy a home but that is actually not the case. And that’s where PMI comes into play. If a borrower is getting a  conventional loan  and doesn’t have a down payment of 20% of the home’s value, lenders will require a borrower to pay for PMI. PM...

Considering what’s been going on in the world for the last several months, there are probably quite a few people who are considering selling their home and finding one that better suits their needs. Maybe that’s a house that’s bigger than what you have now to give everyone space to spread out, or maybe it’s one that has a home office, or maybe it’s one that has a big backyard and space for kids to play, or maybe it’s one that away from a city center that just gives you more room to grow. If that’s the case, you’re probably looking for the highest sales price possible on your current house, right? Ideally, you’d maximize your return on investment on your current house and put that money toward buying a house that checks every box on your list. And while extensive renovations may significantly boost your home’s value, making over an entire house is expensive. Luckily, there are plenty of ways to maximize your home’s value without breaking the bank. Here, we’ll explore some do-it-yourself...