Student debts have seemed to affect homeownership rates, according to the Federal Reserve Bank of New York.
About 32% of those in their 20s owned a home in 2007, but that’s fallen drastically to 21% in 2016.
While the poor labor market and memories of the housing bubble certainly played a role, student debt can explain up to 35% of the decline, according to a report from the Federal Reserve Bank of New York released Thursday.
The results suggest that the rise in college costs will result in “weaker spending and wealth accumulation among young consumers in the years to come.”
It’s consistent with surveys that have asked those with student debt if it affected their decision to buy a home. Half of those under the age of 35 surveyed by the National Association of Realtors in 2016 said it had delayed their purchase. And 25% told Pew Research Center that student loans had made it harder to buy a home in 2011.
Your FICO score is the yardstick by which most lenders measure your credit worthiness.
The major credit bureaus keep track of loans that you have taken out in the past and how well you managed this debt. A high FICO score indicates that you have been responsible with the credit extended to you and will reflect positively on applications that you submit, while a lower score indicates that you have had credit issues in the past. Continue reading →
You should hire a qualified professional home inspector when buying a home; however, it’s useful to learn the basics of home inspection yourself. Being able to see a house though an inspector’s eyes allows you to get a general assessment of a home in a short amount of time, helps you know how to prepare for an inspection, and provides guidelines for giving your home an occasional checkup. Continue reading →
When shopping for a mortgage rate, it is necessary to pay attention to the details. Loan points are often overlooked as buyers are fixated on getting the lowest interest rate; however they are an important point to consider when picking your mortgage.
In the complicated maze of trying to buy a home are the pratfalls and obstacles that can be so costly that you can regret ever buying a new home!
Call a Realtor(R) who is full time and has the track record to get the results you deserve. The Department of Real Estate website will be able to tell you if there are any reprimands or suspension for any licensed agent or broker.
Time for nervous anticipation. You’ve found the home you want, and your Berkshire Hathaway HomeServices California Properties Sales Professional says you need to act fast. Yet you want to be as calm and objective as possible. The expertise A Berkshire Hathaway HomeServices California Properties Sales Professional can give you at negotiating time is priceless.