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Category: Buying

Learn more about Memphis real estate.

Understanding Title and Escrow: A Guide for Homebuyers

December 5, 2024

Buying a home involves several steps, each designed to ensure the transaction is fair, secure, and legally binding. Among these, title and escrow play a critical role in protecting both the buyer and seller. Although these terms are often mentioned during the homebuying process, their purpose and function may not always be clear. This guide breaks down what title and escrow mean, why they are essential, and how they work together to make the homebuying process smooth and secure. What Is Title? In real estate, the title is a legal document that establishes your ownership rights to a property. It signifies not just that you own the physical structure but also that you have the right to use and transfer the property as you see fit. However, the transfer of title from a seller to a buyer isn’t always straightforward. It’s crucial to confirm that the title is “clean”—free of defects or unresolved issues that could complicate your ownership in the future. A title search is one of the first steps after your offer on a home is accepted. This process is conducted by a title company or attorney (depending on the state) and involves a thorough review of public

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The Rise of Co-Buying: A Modern Solution to Housing Affordability Challenges

November 27, 2024

In an era where housing affordability has become increasingly challenging, co-buying has emerged as a viable solution for aspiring homeowners. With the national median home price reaching $417,700 in Q4 2023 and mortgage rates hovering around 6.8%, many potential buyers are exploring alternative paths to homeownership. This growing trend of purchasing property with friends, family members, or even carefully selected co-investors is reshaping the traditional homebuying landscape. Understanding Co-Buying: Benefits and Market Impact Co-buying, or joint homeownership, has gained significant traction in recent years. According to JW Surety Bonds’ comprehensive survey, approximately 15% of Americans have already participated in co-buying arrangements, while an impressive 48% express openness to considering this option. This statistical evidence suggests a shifting mindset toward collaborative homeownership, particularly among millennials and Gen Z buyers.The financial advantages of co-buying are compelling:     Recent data from the National Association of Realtors (NAR) supplements these findings, revealing that co-buying arrangements have increased by 23% since 2020. The trend is particularly pronounced in high-cost urban markets, where median home prices often exceed $600,000. Strategic Considerations and Legal Framework While co-buying presents attractive opportunities, it requires careful planning and clear agreements. Lawrence Yun, Chief Economist at NAR, emphasizes: “Co-buying arrangements

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Buying Beats Renting in 22 Major U.S. Cities

October 15, 2024

If you’re currently renting and watching your monthly payments climb, you may be wondering if now is the time to buy a home. Recent data from Zillow suggests that in many metro areas across the U.S., monthly mortgage payments are now lower than rent payments. This trend is opening up a unique opportunity for potential homebuyers to secure a home for less than what they would pay in rent. Let’s dive into what this could mean for you as a potential buyer, and look at some specific examples to see just how much you could save by making the leap to homeownership. Why Are Mortgage Payments Becoming More Affordable Than Rent? Several factors are driving this shift. Mortgage rates, which had peaked in recent months, are starting to ease off, making borrowing more affordable. At the same time, home prices have leveled off or even dropped in some areas, and there’s more inventory on the market. These conditions make homeownership more accessible, and in certain metros, monthly mortgage payments on a typical home have dropped below monthly rent costs. For renters who have been feeling the squeeze, this might be the perfect time to consider buying. Instead of spending more

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How to Buy Down Your Mortgage Rate: A Guide for Potential Homebuyers

October 6, 2024

As you explore mortgage options to finance your new home, you may come across the concept of a “rate buy-down.” This is a valuable strategy that allows you to secure a lower mortgage interest rate, which can lead to significant savings over the life of your loan. In this article, we’ll walk you through what a rate buy-down is, the potential benefits and challenges, and how it could apply in a real-world scenario for a $500,000 home. What Is a Rate Buy-Down? A rate buy-down, also known as a mortgage discount point, involves paying an upfront fee to reduce your interest rate. Essentially, you are prepaying some of the interest costs to lower your monthly mortgage payments. This process can be particularly helpful in high-interest rate environments, making homeownership more affordable over time. Rate buy-downs are often discussed in terms of “points,” where one point equals 1% of the loan amount. Each point you purchase lowers your interest rate by a certain percentage, generally between 0.125% and 0.25% per point, though the exact rate reduction can vary depending on the lender and market conditions. How Does It Work? Here’s a quick breakdown: Determine the Loan Amount: To figure out how

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What To Know About Closing Costs

September 30, 2024

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know. What Are Closing Costs? Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the home buying process typically includes: Application fees Credit report fees Loan origination fees Appraisal fees Home inspection fees Title insurance Homeowners insurance Survey fees Attorney fee Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home. How Much Are Closing Costs? The same Freddie Mac article goes on to say: “Closing costs vary

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Why Buying Now May Be Worth It in the Long Run

September 9, 2024

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision. As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):   While home prices are going to vary from one local area to the next, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace. And while rising home prices may not sound great right now, once you own a home, that growth will

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This information is deemed reliable but not guaranteed. Please contact Meridian Premier Homes to learn more about what properties are for sale and for current real estate information. Equal Housing Opportunity: Equal Opportunity Employer. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin.We are committed to making this website compliant with the Americans with Disabilities Act. We wish all of our visitors to be able to easily access our services. Accessibility and usability are not always possible in every area of the website or for those visitors using assistive technologies and devices. If, at any time, you have specific questions or concerns about the accessibility of any particular page, please contact us. Meridian Premier Homes. Privacy Policy | Consent Preferences.

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