All Posts Tagged: commissions

In the Market: Keeping your dream-house visions grounded

Nneka Madus
Posted by Nneka Madus
Mortgage Market Analyst

This feature is a real estate news and information roundup from a millennial’s point of view. When a young professional moves from Indianapolis (median home price $125K) to San Francisco (median price $1 million), you can expect an adventure.  Nneka Madus, an analyst in Bank of the West’s Mortgage Division, did just that and has plenty to share in her quest to own a home in San Francisco.

Patio of luxury house overlooking pond, with mountains in the background.Whew, it’s been a busy summer. I’m still not a homeowner yet (just in case you were wondering). But slow and steady wins the race – that’s what I keep reminding myself! In the meantime, I spotted some useful articles in recent months that are helping me on my journey, and I hope they’re worthwhile for you, too.

Something kind of interesting has been happening in my world: I’ve seen more and more of my friends and colleagues jumping into the homebuying process — and they’re all first-time buyers! As a blogger within the lending industry, I’ve had a front-row seat to see the challenges homebuyers face — inability to save for a down payment, high home values, and low inventories. And despite these challenges, I have friends preparing to buy their first home this year. For homebuyers taking the plunge, how many of Margaret Heidenry’s “8 critical things to do before buying a home” have you crossed off your list?

Homebuyers are increasingly going online to find their new home and finance it, and technology is catching up to homebuyers’ needs by making the buying process quicker and more nimble. In this Washington Post article, Michele Lerner reviews an on-demand agent service that not only speeds up the homebuying process, it saves you some of the 6% commission you would have paid a real estate agent! Homebuying on demand — a faster process and possible cost saving. That’s that stuff that I – and probably plenty of other potential homebuyers — like!

Imagine you’re about to embark on the buying journey, and your inner dialogue goes something like this: “My dream home will be ThisTypeOfHome, it will be located in ThisUltraDesirableNeighborhood, and most importantly, my dream home WillBeAnAmazingBargainFind!” Sound familiar? While it’s perfectly normal to have specific housing preferences, buying a home may carry far more emotional weight than most other purchases – thus clouding your judgment. And you’ll want a clear head when you’re engaging in one of the largest financial transactions in your lifetime! In this Marketwatch article, Matthew Kassel suggests a few factors to consider that help clear away any fogginess from wishful thinking.

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Ways to document your income for a mortgage

Victor Polich
Mortgage Banking
African-American couple sitting on couch and reviewing their finances.

It’s important to stay organized and maintain a paper trail, since your income will be scrutinized in great detail by underwriters.

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Not all income is created equal

Karen Mayfield
Mortgage Banking
Female dog groomer wearing apron, smiling into the face of a small, white, long-haired dog.

Insights for the self-employed: Mortgage lenders have different treatments for different types of income.

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