February 2024

Most loan programs typically require a FICO score for loan approval to be 620 or higher, but it can vary by program. Borrowers with a higher FICO score are considered less risky to lenders, which can lead to several advantages, such as a lower down payment requirement and better interest rates. According to myFICO, a good FICO score generally falls within the 670–739 range, while a score below 620...

A buyer’s market occurs when home prices are declining, and there is less demand for homes. This market shift creates opportunities for buyers, as they can often negotiate better deals or secure properties at lower prices. But what causes a buyer’s market to develop? Several long-term and short-term factors can impact buyer demand and influence the real estate market dynamics. Let’s take a closer...

In a seller’s market, high demand for homes drives prices upward, creating a competitive environment for buyers. Understanding the factors that fuel this demand can help you make informed decisions whether you’re buying or selling. Here are some of the primary drivers: 1. Economic Factors and Local Job Growth When a local labor market heats up, it attracts new residents looking for housing,...

Buying a home typically takes between 10 to 12 weeks, from the initial search online to the final step of closing escrow. Once you’ve selected your home and had your offer accepted, the escrow period usually lasts between 30 to 45 days under normal market conditions. However, cash buyers who are well-prepared will often complete the process more quickly. Factors That Affect How Long It Takes to Buy a...

The home buying process begins with an important first step: getting pre-approved for a mortgage. Securing a pre-approval letter from a lender is crucial in setting the stage for a smooth and successful home buying experience. Here’s why it matters: 1. Know Your Budget for the Home Buying Process One of the most important aspects of the home loan process is knowing how much you can afford to...