How Will A Short Sale Affect Your Ability To Buy Another House In The Future?

A short sale is a real estate transaction in which a homeowner sells their property for less than the outstanding mortgage balance. While this option can provide relief to homeowners facing financial hardships, it also comes with consequences that may affect their ability to buy another house in the future. We will explore the impact of a short sale on your credit, eligibility for a new mortgage, and the steps you can take to mitigate these effects. The Short Sale and Your Credit One of the most immediate consequences of a short sale is its impact on your credit score.…
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Does Your Homeowner’s Insurance Policy Cover Storm Damage?

If you own a home, you must make sure it is properly protected. Hazards can change throughout the year, and one of the biggest threats during the spring is the arrival of frequent thunderstorms. If your home is damaged by a severe storm, it might be covered by your homeowner's insurance policy. You need to take a closer look at your policy to see if you have the right coverage. An Overview Of Home Insurance An insurance policy is supposed to protect you against potentially severe financial consequences. For example, if your home is damaged, the repair bills could be…
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You Closed On A House: Do You Or Your Lender Own It?

You were able to find a house and successfully close on it, so congratulations on becoming a homeowner! Then, you pause for a second and think: does your lender own your house? Some people believe that if they only put 20 percent down on a house, the lender actually owns the other 80 percent. Does this mean that your lender still owns a large portion of your house? This is not the case, but there are some caveats that you need to keep in mind. Your Name Is On The Title First, you are the one who owns the house.…
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The Majority Of Millennials Plan On Buying A House In The Next Few Years

During the past year, the housing market has been on fire. There are not a lot of houses for sale, many people are interested in moving, and there is a rising demand from the people who put off moving during the coronavirus pandemic. Furthermore, Millennial demand is picking up, which will only make the housing market even hotter. Recently, a survey found that approximately two-thirds of people who qualify for Generation Y are thinking about buying a home in the near future. Many of them have improving financial circumstances, and they are looking for a way to build wealth and settle…
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The Average Length Of Homeownership For Most Families

It is critical for everyone to find a home that is right for them. Given the current lack of inventory, this can be a significant challenge. Fortunately, the National Association of Realtors (NAR) keeps track of numerous market aspects, including how long the average family stays in a home. For the past few decades, the average family has stayed in their home for approximately six years; however, during the past few years, that average has gone up to nine years. This means that the average homeowner is keeping his or her house longer than he or she did in the…
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