Tag Archives: Homebuying Process

Homeownership is becoming more and more difficult, according to ATTOM's 2023 U.S. Home Affordability Report, which revealed that in Q3, housing affordability worsened across the nation amid continuing increases in home prices and mortgage rates.

Consumer homebuying power decreased from June to July 2023 and decreased 11.0% year-over-year, according to the First American Real House Price Index, sending housing affordability to its lowest level in more than three decades.

The Supplemental Consumer Information Form is used during the mortgage application process, allowing borrowers to voluntarily identify language preferences and provide information on housing counseling and homeownership education they may have received.

Despite economic conditions, a new report from TD Bank has revealed more than one-third of homebuyers planning to purchase a home reported that now is a good time to buy, as 54% of respondents said their level of financial preparedness has improved over the last two years.

Redfin reports that nearly 60,000 home-purchase agreements fell apart in June, as mortgage rates steadily climbed toward the 6%-mark, thus compounding affordability issues.

A Chase mortgage survey found that homeowners are struggling with a fear of missing out on other opportunities and are beginning to search for homes on digital platforms.

Those with lower credit scores who do get accepted for mortgage loans (and other types of loans) will almost certainly pay higher interest rates than those with higher credit scores; therefore, those with higher credit scores pay less over the life of the loan due to paying less interest.