Latest news with #homeowners
Daily Mail
5 hours ago
- Business
- Daily Mail
The 'insane' move buyers are now pulling before signing home contracts... but it them a better deal!
Millions of Americans live in communities governed by a homeowners association (HOA), and the number has only increased in recent years. But many buyers don't known much about the HOA they're joining, and the boards typically like to keep it that way.
The Sun
17 hours ago
- Business
- The Sun
Inside the cheapest three-bed houses to buy in YOUR area – prices start at just £45,000
JUST when you thought it couldn't get any harder to buy a home, house prices have hit a new record. Rightmove said the average house price hit £379,517 earlier this month, with demand up by 3% compared to last year. 24 This may seem out of reach for many buyers, as even a 5% deposit would require saving over £18,976. For those aiming for a 10% deposit to secure a lower mortgage rate, the savings needed would soar to an eye-watering £37,951. However, for hopeful homeowners without a hefty savings pot, there are still properties out there that won't cost a fortune. With the help of Rightmove, we've unearthed the cheapest three-bedroom homes across the UK's nine regions, with prices starting at an incredible £50,000. To keep things fair, we've focused on freehold properties. This means you'd own both the building and the land outright, avoiding the steep service charges and ground rent often associated with leasehold properties. It's worth noting, though, that properties at this price point often come with their own challenges and may require significant renovation work. Getting a survey done before purchasing is crucial, as it can help you avoid unexpected repair costs and give you a clearer idea of the investment needed to bring the property up to standard. Plus, don't forget to budget for extra expenses such as legal and valuation fees, which will require some extra cash in the bank. Best schemes for first-time buyers North East: Peterlee, Durham - £45,000 5% deposit: £2,250 10% deposit: £4,500 24 24 This three-bedroom house in County Durham is available for £45,000. Situated on Thirteen Street in Peterlee, this terraced property boasts spacious living areas and a low-maintenance courtyard, making it an appealing prospect for buyers. The freehold home features a large kitchen and a downstairs bathroom, presenting an excellent opportunity as a starter home or an investment. However, it's worth noting that the property will require some internal and external renovation. Northern Ireland: Tempo, County Fermanagh - £58,000 24 24 Located in a desirable village centre, this three-bedroom semi-detached house offers an exciting renovation opportunity for builders, developers, or landlords. This three-bedroom house in Tempo, County Fermanagh is available for £58,000. With a rear yard, outbuilding, and spacious rooms, this property offers significant potential, but requires a full renovation and currently has no heating system. North West: Blackpool - £59,950 5% deposit: £2,998 10% deposit: £5,995 24 24 This three-bedroom house in Blackpool is available for £59,950. Requiring modernisation throughout, this three-bedroom mid-terraced house presents a rewarding opportunity for renovators or first-time buyers. Boasting spacious living areas, a dining kitchen, and proximity to local shops, the property offers significant potential to create a desirable home or investment, and is offered with no chain. It also comes with UPVC double glazing and gas central heating. Scotland: Brechin, Angus - £60,000 5% deposit: £3,000 10% deposit: £6,000 24 24 This three-bedroom house in Angus is available for £60,000. Nestled in the heart of Brechin, this three-bedroom townhouse offers a fantastic minor renovation project for those seeking to create their own dream home. Located in a conservation area and part of a C-listed building, the property boasts spacious rooms, traditional features, and a garden with a carport, presenting a unique opportunity for a buyer with vision. Yorkshire and the Humber: Saltburn-By-The-Sea - £60,000 5% deposit: £3,000 10% deposit: £6,000 24 24 This three-bedroom house in Saltburn-By-The-Sea is available for £60,000. Located in the popular Queen Street area of Carlin How, this three-bedroom mid-terraced house presents an ideal investment for first-time-buyers. Benefitting from gas central heating, double glazing, and a rear yard, this property requires minimal immediate work. This also makes it an attractive option for landlords seeking a hassle-free addition to their portfolio. What help is out there for first-time buyers? GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home. Lifetime ISA - This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top. Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you're restricted to specific ones. Mortgage guarantee scheme - The scheme is open to new 95% mortgages until June 30, 2025. Applicants can buy their first home with a 5% deposit, it's eligible for homes up to £600,000. Wales: Treharris, Taff Bargoed Valley - £70,000 5% deposit: £3,500 10% deposit: £7,000 24 24 This three-bedroom house in Treharris, Wales is available for £70,000. Located in the heart of the town, this three-bedroom, three-storey mid-terrace house offers a blank canvas for ambitious renovators and developers. With spacious rooms, original features, and good transport links, this property is ripe for modernisation, offering the potential to create a dream home, a profitable resale, or a valuable rental investment. West Midlands: Goldenhill, Stoke-on-Trent - £75,000 5% deposit: £3,750 10% deposit: £7,500 24 24 This three-bedroom house in Goldenhill, Stoke-on-Trent is available for £75,000. This spacious terraced home offers a fantastic opportunity for buyers seeking a project to put their own stamp on, ideal as a starter home or buy-to-let investment. Requiring refurbishment throughout, the property features two generous reception rooms, a rear yard, and convenient access to local amenities and transport links. East of England: Lowestoft, Suffolk - £90,000 5% deposit: £4,500 10% deposit: £9,000 24 24 This three-bedroom house in Lowestoft, Suffolk is available for £90,000. This Victorian mid-terrace house, located within walking distance of the town centre and train station, presents a rare opportunity to add value in a sought-after location. Boasting classic period features, generous room proportions, and a rear courtyard, this property offers a perfect canvas for modernisation. East Midlands: Boston, Lincolnshire - £95,000 5% deposit: £4,750 10% deposit: £9,500 24 This three-bedroom end-of-terrace house in Boston offers a convenient town centre location and the added benefit of being sold with no onward chain, making it an attractive option for investors or first-time buyers. Situated on a no-through traffic road, within easy reach of amenities and transport links. This promises a quick and straightforward purchase. What types of mortgages are there? IF you're looking to buy your first home, there's a few things you should be aware of. For starters, you'll need to decide whether to go for a fixed-rate mortgage or a tracker mortgage. Fixed-rate mortgages are much more popular as they offer the stability of a fixed monthly payment that doesn't change. You'll pay the same interest rate for a set number of years, and it won't change regardless of what happens to the Bank of England's base rate. Generally lenders offer two or five-year fixed-rate mortgages, but terms of three, seven, 10 and even 15 years are also available. At the end of your fixed period, you will need to remortgage. If you don't, you'll be moved to your lender's standard variable rate (SVR), which is usually much more expensive. Meanwhile tracker mortgages "track" the Bank of England's base rate plus a set percentage. Given the base rate is currently 4.25%, if you have a tracker mortgage which is "base rate plus 1%" then your rate will be 5.25%. Your monthly repayments will likely go up if the base rate goes up, but they should also go down. Bear in mind, though, that some tracker mortgages come with a "collar" which means the rate can only fall to a set level. South West: Chard, Somerset - £100,000 5% deposit: £5,000 10% deposit: £10,000 24 24 This three-bedroom house in Chard, Somerset is available for £100,000. Located just off Chard town centre, this three-bedroom Grade II listed property offers ample living space and huge potential for refurbishment. This freehold property boasts three reception rooms, two first-floor bathrooms, and an enclosed rear garden South East: Dover, Kent - £160,000 5% deposit: £8,000 10% deposit: £16,000 24 24 This three-bedroom house in Dover is available for £160,000. This charming three-bedroom home, spread across three floors on Clarendon Street, offers a well-considered layout and ample space for comfortable living. Complete with a low-maintenance garden and a garage at the rear, this property provides ample space and practical living solutions for families or those seeking a comfortable home. This property is move-in ready, although it could benefit from some interior updates. London: Dagenham - £350,000 5% deposit: £17,500 10% deposit: £35,000 24 24 This three-bedroom house in Dagenham is available for £350,000. "Located down a quiet walkway with easy access to amenities, schools, and transport links, this three-bedroom semi-detached house offers a practical and convenient lifestyle. Featuring a spacious living and dining room, a modern kitchen with utility room, a ground-floor W/C, and newly decorated interiors, this property offers comfort and convenience in a desirable location. How to get the best deal on your mortgage IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time. There are several ways to land the best deal. Usually the larger the deposit you have the lower the rate you can get. If you're remortgaging and your loan-to-value ratio (LTV) has changed, you'll get access to better rates than before. Your LTV will go down if your outstanding mortgage is lower and/or your home's value is higher. A change to your credit score or a better salary could also help you access better rates. And if you're nearing the end of a fixed deal soon it's worth looking for new deals now. You can lock in current deals sometimes up to six months before your current deal ends. Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost. But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal - but compare the costs first. To find the best deal use a mortgage comparison tool to see what's available. You can also go to a mortgage broker who can compare a much larger range of deals for you. Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender. You'll also need to factor in fees for the mortgage, though some have no fees at all. You can add the fee - sometimes more than £1,000 - to the cost of the mortgage, but be aware that means you'll pay interest on it and so will cost more in the long term. You can use a mortgage calculator to see how much you could borrow. Remember you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks and looking at your credit file. You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statements.
Yahoo
18 hours ago
- Business
- Yahoo
HELOC rates today, June 1, 2025: Interest rates on home equity lines of credit move lower again
HELOC interest rates fell again today as the versatile financial tool used to tap your home's value became ever so slightly more affordable. Known as a second mortgage, home equity line of credit accounts, and the lump sum version — the home equity loan — allow homeowners to keep their existing primary home loan while creating a new mortgage, especially designed for home equity access. Now, the details on HELOC rates today. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on a 10-year HELOC are down seven basis points to 6.77% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs moved lower by two basis points to 6.34%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not going to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
18 hours ago
- Business
- Yahoo
Mortgage and refinance interest rates today, June 1, 2025: The 30-year drops while the 15-year edges higher
Mortgage rates are lower on the long end and slightly higher on the short. According to Zillow, the average 30-year fixed interest rate is down seven basis points to 6.77%, while the 15-year fixed rate gained three basis points to 6.02%. The Mortgage Bankers Association forecasts 30-year rates to stay near 6.7% through September and end the year near 6.6%. If that's the case, then home loan interest rates won't be moving much in the coming months. Only an unexpected shock to the nation's economy could change that outlook. If you're looking to buy in 2025, you'll want to work to earn the lowest mortgage rate you deserve. Dig deeper: 6 steps to choosing the right mortgage lender Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.77% 20-year fixed: 6.51% 15-year fixed: 6.02% 5/1 ARM: 6.74% 7/1 ARM: 6.73% 30-year VA: 6.34% 15-year VA: 6.34% 5/1 VA: 6.34% Remember, these are the national averages and rounded to the nearest hundredth. These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.89% 20-year fixed: 6.85% 15-year fixed: 6.15% 5/1 ARM: 7.25% 7/1 ARM: 7.40% 30-year VA: 6.41% 15-year VA: 6.41% 5/1 VA: 5.98% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Read more: Is now a good time to refinance your mortgage? Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments. Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest. The average 30-year mortgage rate today is 6.77%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan. The average 15-year mortgage rate is 6.02% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals. A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time. Let's say you get a $300,000 mortgage. With a 30-year term and a 6.77% rate, your monthly payment toward the principal and interest would be about $1,950, and you'd pay $401,922 in interest over the life of your loan — on top of that original $300,000. If you get that same $300,000 mortgage with a 15-year term and a 6.02% rate, your monthly payment would jump to $2,535. But you'd only pay $156,266 in interest over the years. With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though. An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. Then, the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term. Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it's possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other. Dig deeper: Fixed-rate vs. adjustable-rate mortgages Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes. Waiting for rates to drop probably isn't the best method to get the lowest mortgage rate right now. If you're ready to buy, focusing on your personal finances is probably the best way to lower your rate. To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score. When choosing a lender, don't just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders. Learn more: Best mortgage lenders for first-time home buyers According to Zillow, the national average 30-year mortgage rate is 6.77%, and the average 15-year mortgage rate is 6.02%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas. The average 30-year fixed mortgage rate is 6.77% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI). Mortgage rates aren't expected to drop drastically in the near future, though they may inch down now and then.
Associated Press
20 hours ago
- Business
- Associated Press
Houzeo's 'Share Listing' Brings Texas Home Searches to a Whole New Level
Houzeo enables Texas buyers to effortlessly share their favorite homes with those who matter most. DALLAS, TX, UNITED STATES, May 31, 2025 / / -- Houzeo, America's Super Real Estate Super App, is elevating the home-buying experience for Texans with its innovative 'Share Listing' feature. This smart tool empowers users to instantly share property listings via email and major social networks like LinkedIn, WhatsApp, Facebook, and X (formerly Twitter). The feature aims to make collaboration easier and home searches faster. Buying a home requires trusted advice and quick feedback. Whether you're browsing ranch-style homes for sale in Austin or a detached home in Houston, Houzeo makes sharing listings simple and fast. With one tap, you can send your favorite homes directly to friends, family, or your agent, so you can forget the hassle of copying and switching between apps. Here's a quick look at how it works: 1. Email Sharing: Enter the recipient's email and your name, then hit send. 2. Social Sharing: One tap and your favorite listings are live on LinkedIn, WhatsApp, Facebook, or whatever floats your boat. 3. Copy Link & Share: Copy the link and share it anywhere—texts, chats, carrier pigeon, you decide. Houzeo's Flat Fee MLS Texas listing service has helped homeowners save thousands in commissions when selling their homes. Offering a vast database of over 292,306 homes in Texas, along with advanced features like IntelliSearch, Interactive Map Filters, Favorites, Contact Agent, and now Share Listing, Houzeo is establishing itself as the go-to platform for a modern and effortless home-buying journey in Texas' housing market. You can effortlessly browse listings, view popular homes, shortlist properties that fit your needs, book tours, and submit offers—all from your mobile device. Download the Houzeo mobile app from the Apple App Store or the Google Play Store for free. Jai Chavan Houzeo Corp. +1 844-448-0110 [email protected] Visit us on social media: LinkedIn Instagram Facebook YouTube X Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
