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First Time Home Buyers • November 1, 2024

Start Saving for a Down Payment Early: Your Key to Homeownership

by Micah Ruddell

Buying your first home is a significant milestone, and one of the most crucial steps in this journey is saving for a down payment. The earlier you start, the smoother your path to homeownership will be. Let’s explore why early savings matter and how you can get a head start.

Why Save Early? A down payment is your initial investment in your new home, and it’s typically a percentage of the purchase price. By saving early, you give yourself more time to accumulate the necessary funds, reducing financial stress when it’s time to buy.

Here are some benefits of starting your savings journey early:

  1. Financial Preparedness: Having a substantial down payment can improve your chances of mortgage approval and better loan terms.
  2. Lower Monthly Payments: A larger down payment reduces the amount you need to borrow, leading to lower monthly mortgage payments.
  3. Avoiding PMI: Putting down at least 20% can help you avoid private mortgage insurance (PMI), saving you money in the long run.

How to Start Saving: Saving for a down payment may seem daunting, but with a solid plan, it’s entirely achievable. Here are some tips to get you started:

  • Set a Savings Goal: Determine how much you need for a down payment based on the type of home you’re looking to buy.
  • Create a Budget: Track your income and expenses to identify areas where you can cut back and save more.
  • Open a Dedicated Savings Account: Keep your down payment funds separate from your other savings to avoid spending them.
  • Automate Your Savings: Set up automatic transfers to your savings account to ensure consistent contributions.
  • Reduce Debt: Pay down existing debt to improve your financial situation and credit score.
  • Explore Assistance Programs: Look into first-time homebuyer programs that offer down payment assistance.

Final Thoughts Starting your down payment savings early is a proactive step toward achieving your dream of homeownership. By planning ahead and making consistent contributions, you’ll be well on your way to securing your first home and enjoying the stability and pride that comes with it.

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First Time Home Buyers • October 25, 2024

Understanding Your Credit Score and How It Impacts Your Mortgage Options

by Micah Ruddell

Understanding Your Credit Score and How It Impacts Your Mortgage Options

Your credit score is a crucial factor that lenders use to determine your eligibility for a mortgage and the terms you’ll receive. Understanding your credit score and its impact can help you secure better mortgage options. Here’s a quick guide to understanding your credit score and how it influences your mortgage choices.

What is a Credit Score?

A credit score is a numerical representation of your creditworthiness, based on your credit history. It ranges from 300 to 850, with higher scores indicating better creditworthiness. The main factors influencing your credit score include:

  • Payment History: Timely payments on loans and credit cards positively affect your score.
  • Credit Utilization: The amount of credit you use relative to your credit limit. Keeping it low is beneficial.
  • Credit History Length: Longer credit histories generally result in higher scores.
  • Credit Mix: A diverse mix of credit accounts (e.g., credit cards, mortgages, auto loans) can boost your score.
  • New Credit Inquiries: Frequent applications for new credit can negatively impact your score.

How Your Credit Score Impacts Mortgage Options

  1. Interest Rates
    • Lower Scores: A lower credit score may result in higher interest rates, increasing the overall cost of the mortgage.
    • Higher Scores: Higher credit scores typically qualify for lower interest rates, saving you money over the life of the loan.
  2. Loan Approval
    • Approval Chances: Lenders use your credit score to assess the risk of lending to you. Higher scores improve your chances of mortgage approval.
    • Loan Types: Certain mortgage types, such as conventional loans, often require higher credit scores. Lower scores might qualify you for FHA or other government-backed loans with different requirements.
  3. Down Payment Requirements
    • Higher Down Payments: A lower credit score may lead to higher down payment requirements as lenders seek to mitigate risk.
    • Lower Down Payments: With a higher credit score, you may be eligible for lower down payment options.

Improving Your Credit Score

  1. Timely Payments
    • On-Time Payments: Consistently pay your bills on time to build a positive payment history.
    • Set Reminders: Use reminders or automatic payments to avoid missing due dates.
  2. Reduce Debt
    • Pay Down Balances: Lower your credit card balances to improve your credit utilization ratio.
    • Avoid New Debt: Minimize new debt and avoid opening multiple credit accounts in a short period.
  3. Monitor Your Credit Report
    • Regular Checks: Regularly check your credit report for inaccuracies or fraudulent activity.
    • Dispute Errors: Dispute any errors with the credit bureaus to correct your report.

Final Thoughts

Understanding your credit score and its impact on your mortgage options is essential for securing favorable loan terms and interest rates. By maintaining a good credit score, you can improve your chances of mortgage approval and reduce the overall cost of your loan. Stay proactive in managing your credit and enjoy the benefits of better mortgage options. Happy house hunting!

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Market News • October 21, 2024

Real Estate Market Update for Kilgore, TX

by Micah Ruddell

1. 🏡 Attention Kilgore buyers and sellers! 🏡 Did you know that there are currently 4.72 months of inventory on the market? That’s an increase of 40.48% over the last year! Now is the perfect time to buy or sell a home in our area. Let’s chat about your real estate goals today! #KilgoreRealEstate #MarketTrends #BuySellInvest

2. Looking to buy or sell a home in Kilgore? 🏠 The list to sold price percentage is 97%, with a median sold price of $271,000 and a median days on market of 58. These stats show that our market is hot right now! Reach out to me for expert guidance on navigating the current real estate trends. #KilgoreHomes #RealEstateStats #TalkToMicah

3. Kilgore homeowners, did you know that the median days on market is 58? With a median sold price of $271,000 and a list to sold price percentage of 97%, now is the time to make your move in the real estate market. Let’s work together to achieve your buying or selling goals! #KilgoreMarketTrends #SellWithMicah #RealEstateExperts

4. 🌟 Kilgore real estate update! 🌟 The market trends show a 4.72 months supply of inventory, with a +40.48% increase over the past year. With a median sold price of $271,000 and a list to sold price percentage of 97%, there are great opportunities for both buyers and sellers in our area. Reach out to me for personalized assistance with your real estate needs! #KilgoreHousingMarket #RealEstateData #MicahRuddellREALTOR

5. Attention Kilgore buyers and sellers! 🏡 The market trends are in your favor with a median days on market of 58, a median sold price of $271,000, and a list to sold price percentage of 97%. Whether you’re looking to buy or sell, now is the time to take advantage of the current real estate climate. Let’s work together to achieve your real estate goals! #KilgoreRealEstateUpdate #MarketTrends2024 #CENTURY21HeritageRealty

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Market News • October 9, 2024

Henderson, TX Real Estate Market Update October 9, 2024

by Micah Ruddell

1. 🏡 Henderson Market Update 📊: Looking to buy or sell in Henderson, TX? As of September 2024, there is a 5.66 Months Supply of Inventory and the Median Sold Price is $270,000. Let’s chat about how these trends can impact your real estate goals! #HendersonTX #RealEstateMarket

2. 📈 Did you know? The List to Sold Price percentage in Henderson is 98.5%! That means sellers are getting almost asking price for their homes. Thinking about selling? Let’s discuss how we can maximize your profit in this hot market! #HendersonTX #SellwithMicah

3. 🏠 Thinking of buying a home in Henderson? The median days on market is 69 days, giving you plenty of options to find your dream home. Let’s work together to navigate the current market trends and find the perfect home for you! #BuyinHenderson #RealEstateExpert

4. 💡 Market Insight: Over the last 12 months, the Months Supply of Inventory in Henderson has increased by +28.93%. Despite this, the market remains competitive with a Median Sold Price of $270,000. Let’s strategize on how to make the most of these trends in your favor! #RealEstateTrends #HendersonTX

5. 🌟 Whether you’re a buyer or seller in Henderson, it’s important to stay informed about the current market trends. With a 5.66 Months Supply of Inventory and a List to Sold Price percentage of 98.5%, there are opportunities for both parties to benefit. Let’s talk about your real estate goals and how we can achieve them together! #MarketUpdate #HendersonRealEstate

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Market News Real Estate Market Update for Kilgore, TX 1. 🏡 Attention Kilgore buyers and sellers! 🏡 Did you know that there are currently 4.72 months of inventory on the market? That’s an increase of 40.48% over the last year! Now is the perfect time to buy or sell a home in our area. Let’s chat about your real estate goals today! #KilgoreRealEstate #MarketTrends […]
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