The Mercury News
Paying off a mortgage might sound like an ambitious plan, especially for those who have recently refinanced into a 30-year term. But it’s still smart for homeowners to give some serious thought as to how they’ll pay off their loan; if not in 2012, then sometime.
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http://www.mercurynews.com/real-estate/ci_19731356
Recent home buyers are staying well within their means with notably higher incomes and modestly higher down payments than buyers in the previous year due to the restrictive mortgage credit environment, despite historically favorable housing affordability conditions, according to 2011 NATIONAL ASSOCIATION OF REALTORS®’ Profile of Home Buyers and Sellers.
The share of first-time buyers declined to 37 percent in 2011 compared with 50 percent in the 2010 study. The study shows the median age of first-time buyers was 31, and the median income was $62,400, up from $59,900 in the 2010 study. The typical first-time buyer purchased a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794.
The typical repeat buyer was 53 years old and earned $96,600, notably higher than the $87,000 median reported in the 2010 profile. Repeat buyers purchased a median 2,100 square foot home costing $219,500, with an estimated median payment of $1,006.
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A 4 percent mortgage sounds too good to be true – and for more than 90 percent of borrowers, it is.
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http://money.cnn.com/2011/10/19/real_estate/mortgage_rates/index.htm?iid=Lead
Home buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration.
The percentage of U.S. consumers who are delinquent on their mortgages could fall to about 5 percent by the end of 2011, from an expected 6.2 percent at the end of this year, according to a leading credit bureau.
