Beginning in June, Fannie Mae, which is one of the biggest government-sponsored buyers of mortgages, will now favor borrowers making efforts to pay down their credit cards when it comes to buying home loans. This means those just paying the monthly minimums may simply not be enough. The company’s counterpart, Freddie Mac, is expected to follow suit.

Many homeowners use the terms “investment property” and “second home” interchangeably to describe a property that is not their primary residence, but there are several distinct differences to note between the two.

If you are planning to buy a home you may hear about the TRID or TILA-RESPA Integrated Disclosure.  TRID is an effort put in place by the Consumer Financial Protection Bureau (CFPB) to protect home buyers from hidden fees and other abuses on the part of real estate agents, lenders and title companies.

The summer vacation season brings excitement and joy to many people, as they count down the days until their annual summer getaways. For many others, however, the season instills a touch of sadness, while they dream of owning a second home for lazy vacations and weekend retreats. If you are one of these second home dreamers, then your first consideration should be deciding how you would finance this second home. There are many ways through which you can do this, and we will discuss the three best options.

Millennial home buyers have become the largest demographic in the home buying market, as people born between 1980 and 1995 now represent 30 percent of the nation’s total home buyers. With their busy work schedules and low-maintenance preferences, millennials have created a new set of requirements for their ideal homes.

Last week’s post, “U.S. Home Sellers Experience Greatest Price Gains Since 2007,” introduced how the housing market’s recent price gains may benefit home sellers and buyers throughout the nation in months to come. Home sales have ultimately rebounded from the housing market crash; however, these current price gains have lately had a completely different effect on the housing rental industry.

RealtyTrac recently reported that home sellers throughout the country experienced the greatest monthly price gains in March than any other month since 2007, just before the onset of the Great Recession. That month, homeowners sold their homes for an average of $30,500 more than what they paid for—a record price gain of 17 percent since December 2007. According to Daren Blomquist, Senior Vice President of RealtyTrac, these numbers should remain promising for homeowners throughout the U.S. 

Despite the increase in housing rates and mortgage fees, buying your own home can be a very financially savvy move this year. According to RealtyTrac’s 2016 Rental Affordability Analysis, buying remains more affordable than renting in 58 percent of the U.S. housing markets. In addition to rising rents, which are now overtaking weekly wage growth in more than half of the nation’s housing markets, various tax breaks make homeownership the more appealing option.  

Life is full of important financial decisions, but perhaps the most important decision that adults are faced with in their lifetime is whether to rent or buy a home. While the decision to move from renting to buying may seem daunting at first, the value of owning property can outweigh any initial costs. Before you make your decision, consider these important factors:

Buying a home is likely the largest purchase that you will ever make. Before you jump into the process, it is important that you are prepared and ready to pull the trigger to get a house under contract. Below is a quick list of things that a buyer should think about both before and during the home buying process to get you ready to go.