J. Kent Erickson, Broker Associate
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What Would You Give Up to Save For Your Next Home

Posted by on Jun 19, 2017 in Mortgage & Finances | 0 comments

What Would You Sacrifice to Save For Your Next Home? [INFOGRAPHIC] Some Highlights: 95% of first-time homebuyers are willing to sacrifice to make homeownership a reality. The top item that buyers sacrifice is new clothes, at 54%. Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last...

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Costs of NOT Owning

Posted by on May 25, 2017 in Mortgage & Finances | 0 comments

Do You Know the Cost of NOT Owning Your Home? Owning a home has great financial benefits, yet many continue renting! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed. Zillow recently reported that: “With Rents continuing to climb and interest rates staying low, many renters find themselves gazing over the homeownership fence and wondering if the grass really is greener. Leaving aside, for the moment, the difficulties of saving for a down payment, let’s focus on the monthly expenses of owning a home: it turns out that renters currently paying the median rent in many markets could afford to buy a higher-quality property than the typical (read: median-valued) home without increasing their monthly expenses.” What proof exists that...

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Qualifying for a Mortgage [INFOGRAPHIC]

Posted by on May 23, 2017 in Mortgage & Finances | 0 comments

What You Need to Know About Qualifying for a Mortgage [INFOGRAPHIC] Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can...

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Best Long-Term Investment? Real Estate!

Posted by on May 19, 2017 in Mortgage & Finances | 0 comments

Gallup: Real Estate is Best Long-Term Investment 4 Years Running Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds. For the fourth year in a row, Real Estate has come out on top as the best long-term investment! This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below. The study makes it a point to draw attention to the contrast of the sentiment over the last four years compared to that of 2011-2012, when gold took the top slot with 34% of the votes. Real estate and stocks took second and third place, respectively, while still in recovery from the Great Recession. Bottom Line...

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Timeline to Save for a Down Payment

Posted by on Apr 28, 2017 in Mortgage & Finances | 0 comments

How Fast Can You Save for a Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state? Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense. By determining the percentage of income spent renting a 2-bedroom apartment in each state, and the amount needed for a 10% down payment, we...

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Joyful Tax Return

Posted by on Apr 27, 2017 in Mortgage & Finances | 0 comments

Your Tax Return: Bring it Home! This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question – “What do you plan on doing with your tax refund?” The results of the survey were interesting. Here is what they plan to do with their money: 41% – Put it into savings 38% – Pay off debt 11% – Go on a vacation 5% – Make a major purchase (car, home, etc.) 5% – Splurge on a purchase Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the...

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