J. Kent Erickson, Broker Associate
Direct / 208.447.7848

Home Terms & Lingo

Posted by on May 11, 2017 in Buying a Home | 0 comments

Buying a Home? Do You Know the Lingo? Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home. Freddie Mac has compiled a more exhaustive glossary of terms in their “My Home” section of their website. Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate. Appraisal – A professional analysis used to estimate the value of the property. This includes examples of sales of...

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Real Estate Mogul

Posted by on May 5, 2017 in Buying a Home | 0 comments

Real Estate Mogul: Here’s Why You Should Buy Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house? Conlon responded: “I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this country.” Conlon went on to suggest that first-time buyers put down 10-20% “if they can make it work,” and to remain in their home at least 4-5 years to see a return on their investment. Who is Sean Conlon, and why should you listen to his advice? Within a few years of working in the real estate industry, Conlon had established himself as one of the leading agents in the United States and has founded 3...

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Slaying Home Buying Myths [INFOGRAPHIC]

Posted by on May 1, 2017 in Buying a Home | 0 comments

Slaying Home Buying Myths [INFOGRAPHIC] Some Highlights: Interest rates are still below historic numbers. 88% of property managers raised their rent in the last 12 months! The credit score requirements for mortgage approval continue to...

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Rates Up, Requirements Easing

Posted by on Apr 25, 2017 in Buying a Home | 0 comments

Home Mortgages: Rates Up, Requirements Easing The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen. The Mortgage Bankers Association (MBA) quantifies the availability of mortgage credit each month with their Mortgage Credit Availability Index (MCAI). According to the MBA, the MCAI is: “A summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. Here is a chart showing the MCAI over the last several months as rates have increased. Have requirements for attaining a mortgage actually eased? Yes. Here are two examples: FICO® Score...

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Is Your First Home Within Your Grasp? [INFOGRAPHIC]

Posted by on Apr 20, 2017 in Buying a Home | 0 comments

Is Your First Home Within Your Grasp? [INFOGRAPHIC] Some Highlights: ‘Millennials’ are defined as 18-36 year olds according to the US Census Bureau. According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old. More and more ‘Old Millennials’ (25-36 year olds) are realizing that homeownership is within their reach...

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Millennials Choose to Buy, See Why [INFOGRAPHIC]

Posted by on Apr 17, 2017 in Buying a Home | 0 comments

Why Millennials Choose to Buy [INFOGRAPHIC] Some Highlights: “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.” At 93%, the top reason Millennials choose to buy is to have control over their living space. Many Millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living...

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