Thursday, January 9, 2025 / by Vic Markarian
Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take control of the process.
Here are just a few things experts say you should be thinking about as you plan ahead.
1. Down Payment
Saving for your down payment is likely top of mind. But how much do you really need? A common misconception is that you have to put down 20% of the purchase price. But that’s not necessarily the case. Unless it’s specified by your loan type or lender, you don’t have to. There are some home loan options that require as little as 3.5% or even 0% down. An article from The Mortgage Reports explains:
"The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals. If you don’t have a large down payment saved up, don’t worry—there are plenty of options available . . ."
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Thursday, January 9, 2025 / by Vic Markarian
Let’s face it – life can throw some curveballs. Whether it’s a job loss, unexpected bills, or a natural disaster, financial struggles can happen to anyone. But here’s the good news. If you’re a homeowner feeling the squeeze, there’s a lifeline that many people don’t realize is still available: mortgage forbearance.
What Is Mortgage Forbearance?
As Bankrate explains:
“Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback . . . When you can’t afford to pay your mortgage, forbearance gives you a chance to sort out your finances and get back on track.”
A common misconception is that forbearance was only accessible during the COVID-19 pandemic. While it did play a significant role in helping homeowners through that crisis, what many people don’t know is that ...
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Tuesday, January 7, 2025 / by Vic Markarian
Granada Hills, CA – Vic Markarian, recognized as a top real estate agent in the area, has spent over 34 years helping clients navigate the complexities of homeownership. His goal is to empower buyers to build equity and secure their financial future through informed property investments.
Many renters may not realize the importance of transitioning to homeownership. Vic explains, “When you own a property, you are investing in your future. Each monthly payment builds equity, which can be leveraged for future investments.” This long-term financial strategy is crucial for buyers looking to expand their real estate portfolio. As a leading Realtor in Granada Hills, CA, Vic is dedicated to educating clients on the benefits of homeownership.
In today’s competitive market, the right guidance is essential. “Working with a knowledgeable Realtor agent in Granada Hills, CA, can make all the difference in securing your dream home,” Vic advises. k ...
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Thursday, January 2, 2025 / by Vic Markarian
This is the time when a lot of people take a moment to reflect and set their goals for this year. And as you picture what you want your 2025 to look like, one thing that may pop into your mind is the vision of you in a new home. But how do you get there? And where do you start?
Here’s some advice that can help you get the ball rolling.
Focus on Your Why
To lay the foundation, you need to focus on your why. While the dollars and cents are important, so is the driving force behind your desire to move. Maybe you need more space for a growing family, want to sell so you can downsize, or are finally ready to buy your first home. Whatever your reason, it’s important to keep it front and center.
Your why is what helps you stay focused. Share your motivation with your agent and they’ll use their expertise to help support that goal, no matter what the market looks like. With a great agent by your side, you’ll have someone to guide you, problem-solve, and ...
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Thursday, December 26, 2024 / by Vic Markarian
Planning to buy a home soon? Why not go for something brand-new? Because data shows a lot more buyers are seeing the appeal of new home construction these days – and you may find out it’s what you want too.
The National Association of Realtors (NAR), explains that newly built homes accounted for 15% of all homes sold last year. That’s a significant increase, and is actually the highest percentage in 17 years (see graph below):
To get a closer look at why so many people are opting for a brand-new home, NAR surveyed recent buyers. And here are the top reasons why new builds gained so much popularity (see graph below):
Avoiding Renovations or Problems with Plumbing or Electricity (42%)
According to buyers, the number one benefit is the peace of mind that comes with getting brand-new everything. Because let’s face it, buying a home right now is pricey. And with inflation also putting a pinch on your wallet, you want to k ...
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