If you need assistance, please call 775-209-3097

20 Percent Down | Teresa Parker- Pahrump Local Expert Blog

Wednesday, October 30, 2019   /   by Teresa Kenney Parker

How to Determine If You Can Afford to Buy a Home

How to Determine If You Can Afford to Buy a Home





The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.


It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.


Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.


Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:


CoreLogic’s Typical Mortgage Payment




“Falling mortgage rates and slower home-price growth mean that many buyers this year are committing to lower mortgage ...

Read More


  current market, own a home, realtor, real estate tips, buy a home, need to know, homeowners, home sweet home, first time homebuyer, tips for home purchase, make pahrump home, buying pahrump, pahrump, vacation home, 20 percent down, price right, pahrump real estate

Friday, August 23, 2019   /   by Teresa Kenney Parker

A Latte a Day Keeps Homeownership Away

A Latte a Day Keeps Homeownership Away [INFOGRAPHIC]





Some Highlights:





The pumpkin spice latte is launching soon, so you may be tempted to spend your extra cash on a daily caffeine fix, but that small expense can add up to a big number – fast!






Saving for a down payment takes a little discipline, so limiting your extra purchases (like a latte a day from your favorite coffee shop) will help you get there faster.






Depending on where you live, putting away just a small amount each day will get you to the average down payment you may need for homeownership faster than you think.

Read More


  current market, own a home, realtor, buy a home, real estate tips, need to know, homeowners, home sweet home, first time homebuyer, tips for home purchase, make pahrump home, buying pahrump, 20 percent down

Thursday, June 13, 2019   /   by Teresa Kenney Parker

2 Myths Holding Back Home Buyers

2 Myths Holding Back Home Buyers


Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that,

“For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment…
…Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.”

Myth #1: “I Need a 20% Down Payment”
Buyers often overestimate the funds needed to qualify for a home loan. According to the same report:
22% of renters and 31% of homeowners believe lenders require 20% or more of a home’s sale price as a down payment for a typical mortgage today. And,

“If a 20% down payment was r ...

Read More


  current market, own a home, buy a home, realtor, real estate tips, first time homebuyer, tips for home purchase, 20 percent down, down payment, make pahrump home

Friday, May 10, 2019   /   by Teresa Kenney Parker

The Benefits of a 20% Down Payment

The Benefits of a 20% Down Payment





If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage.


The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing a down payment.


These programs have cut the savings time that many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner.


So then, why do so many people believe that they need a 20% down payment to buy a home? There has to be a reason! Today, we want to talk about four reasons why putting 20% down is a good plan, if you can afford it.


1. Your interest rate will ...

Read More


  buy a home, own a home, 20 percent down, current market, down payment