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Down Payment | The McLeod Group Network - KW Capital City Blog

Monday, June 10, 2019   /   by Amy McLeod

2 Myths Holding Back Home Buyers

Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that,


“For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment…


…Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.”


Myth #1: “I Need a 20% Down Payment”


Buyers often overestimate the funds needed to qualify for a home loan. According to the same report:


22% of renters and 31% of homeowners believe lenders require 20% or more of a home’s sale price as a down payment for a typical mortgage today. And,


“If a 20% down payment was required, 70% o ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, homeownership, down payment, credit score

Monday, March 25, 2019   /   by Amy McLeod

Your Tax Refund Is The Key To Homeownership!

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This is down slightly from the average refund of $3,436 last year.
Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment!
The map below shows the average tax refund Americans received last year by state.


Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.
If you started your down payment savings with your tax refund check this year, how close would you be to a 3% ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, homeownership, down payment, move up buyers

Wednesday, March 6, 2019   /   by Amy McLeod

Top 10 Questions to Ask a Mortgage Lender: Do You Know Them All?

What are the best questions to ask a mortgage lender before you lock in a home loan? If you want to find the very best mortgage for your needs, it pays to not automatically go with the very first lender you see.
“You need to shop around to make sure you’re getting the best interest rate and loan terms,” says Peggy Yee, supervising broker at Frankly Realtors, in Vienna, VA, who recommends that home buyers meet with at least three lenders before they pick.
So how do you compare and contrast your options effectively? Ask these 10 questions below to get a sense of who's right for you.
1. What types of home loans do you offer?
Some lenders offer a wide range of mortgage products, while others specialize in only one or two types of home loans. Finding a lender that offers the type of mortgage you need is a must. These are the most common types of home mortgages:

Fixed-rate loan: True to its name, a fixed-rate mortgage means that t ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, down payment, mortgages, mortgage interest rates, pre-approval, home loans

Monday, January 14, 2019   /   by Amy McLeod

Buying a House This Year? This Should Be Your 1st Step!

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, down payment, mortgages, credit score

Monday, November 5, 2018   /   by Amy McLeod

2 Myths Holding Back Home Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that,
“Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low–down payment programs.”
Myth #1: “I Need a 20% Down Payment”
Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:
“Most potential homebuyers are largely unaware that there are low-down payment and no-down payment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.”  
These numbers ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, down payment, credit score

The McLeod Group Network - KW Capital City
Amy McLeod
1900 Hines St SE, Suite 220
Salem, OR 97302
971-208-5093
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Salem, OR 97304
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Fax: (855) 639-2956

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Elizabeth Smith
Caliber Home Loans
elizabeth.smith@caliberhomeloans.com
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Cell: 503-910-0415
eFAX: 844-538-4687

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