Navigating High Competition: Expert Mortgage Tips for First-Time Homebuyers

Buying your first home can be an exciting and daunting experience, especially if you're facing high competition. With limited inventory and increasing home prices, it can be challenging to find the perfect home in today's real estate market. However, with expert mortgage tips, you can navigate the high competition and find your dream home.

1. Get Pre-approved for a Mortgage

Getting pre-approved for a mortgage is a crucial first step for first-time homebuyers. It helps you determine your budget and shows sellers that you're a serious buyer. To get pre-approved, you'll need to provide your financial information to a lender, who will then evaluate your credit score, income, and debt-to-income ratio.

2. Work with a Real Estate Agent

A real estate agent can be your greatest asset in a high competition market. They have access to the latest listings and can help you navigate the complex homebuying process. They can also provide valuable insights into the local market and help you negotiate the best deal.

3. Consider a Fixer-Upper

In a high competition market, it can be challenging to find a move-in ready home within your budget. Consider a fixer-upper as an option. A fixer-upper can be more affordable and give you the opportunity to personalize your home. Just be sure to budget for any necessary repairs or renovations.

4. Be Flexible with Your Offer

In a high competition market, you may need to be flexible with your offer to secure your dream home. Consider offering more than the asking price or including contingencies, such as waiving the inspection or appraisal. However, be sure to consult with your real estate agent and lender to ensure you're making a smart financial decision.

5. Research Down Payment Assistance Programs

For first-time homebuyers, the down payment can be a significant hurdle. However, many programs offer down payment assistance to qualified buyers. Research available programs in your area and work with your lender to determine if you're eligible.

6. Improve Your Credit Score

Your credit score plays a significant role in your ability to secure a mortgage and the interest rate you'll receive. Take steps to improve your credit score before applying for a mortgage, such as paying down debt, disputing errors on your credit report, and avoiding new credit inquiries.

7. Consider a Co-Signer

If you're struggling to qualify for a mortgage on your own, consider a co-signer. A co-signer is someone who agrees to take responsibility for the mortgage if you're unable to make payments. A co-signer can improve your chances of getting approved for a mortgage and may also help you qualify for a lower interest rate.

8. Shop Around for Mortgages

Don't settle for the first mortgage offer you receive. Shop around for mortgages to find the best interest rate and terms for your budget. Consider working with a mortgage broker, who can provide you with access to multiple lenders and help you compare offers.

9. Get a Home Inspection

A home inspection is an essential step in the homebuying process. It can help you identify any issues with the property before you make an offer and can also give you leverage in negotiations. Hire a professional home inspector to thoroughly examine the property and provide you with a detailed report.

10. Be Prepared for Closing Costs

Closing costs can add up quickly and may come as a surprise to first-time homebuyers. Be prepared for closing costs by budgeting for them in advance. Closing costs can include appraisal fees, title insurance, legal fees, and more.

11. Avoid Major Financial Changes

Before and during the homebuying process, it's essential to avoid any major financial changes. This includes changing jobs, taking out new loans, or making significant purchases. These changes can impact your credit score and debt-to-income ratio, which can affect your ability to secure a mortgage.

12. Have Realistic Expectations

Be realistic about what you can afford and what you're looking for in a home. Don't be discouraged if you can't find your dream home immediately or if you need to compromise on certain features. Remember that your first home may not be your forever home and that you can always make upgrades and improvements over time.

13. Keep Your Documents Organized

Throughout the homebuying process, you'll need to provide various documents to your lender and real estate agent. Keep these documents organized and easily accessible to avoid delays or complications. Documents may include tax returns, pay stubs, bank statements, and more.

14. Consider a Shorter Loan Term

Consider a shorter loan term when applying for a mortgage. While a longer loan term may offer lower monthly payments, a shorter loan term can save you thousands of dollars in interest over the life of the loan.

15. Don't Overspend on a Home

It's important to stick to your budget when buying a home. Don't overspend on a home just because you've been pre-approved for a higher amount. Consider all of your monthly expenses, including your mortgage payment, property taxes, and homeowner's insurance, when determining your budget.

16. Understand Your Mortgage Terms

Make sure you understand all of the terms of your mortgage, including the interest rate, payment schedule, and any fees associated with the loan. Ask your lender to explain any terms or concepts you don't understand before signing any documents.

17. Keep Your Credit Score in Check

Your credit score plays a significant role in your ability to qualify for a mortgage and your interest rate. Keep your credit score in check by paying your bills on time, avoiding new credit inquiries, and keeping your credit utilization low.

18. Be Prepared for a Bidding War

In a competitive housing market, you may find yourself in a bidding war for your dream home. Be prepared for a bidding war by understanding your budget and being ready to act quickly. Consider making a strong offer and including a personal letter to the seller to make your offer stand out.

19. Consider Alternative Homebuying Options

Consider alternative homebuying options, such as a rent-to-own agreement or purchasing a foreclosed property. These options may offer more flexibility and affordability for first-time homebuyers.

Conclusion

Buying your first home can be an overwhelming and exciting experience. With these expert mortgage tips, you can navigate the high competition in the housing market and find the perfect home for you and your budget.

10 Mortgage Tips to Help You Secure Your Dream Home in a Competitive Market

Buying a home can be an exciting yet overwhelming experience, especially in a competitive market. With low inventory and high demand, it's crucial to be prepared and knowledgeable before entering the homebuying process. To help you secure your dream home, here are ten mortgage tips that can make a significant difference in your homebuying journey.

1. Improve Your Credit Score

Your credit score is one of the most critical factors that lenders consider when deciding whether to approve your mortgage application. A higher credit score will not only increase your chances of getting approved for a mortgage, but it can also result in lower interest rates and better loan terms. To improve your credit score, pay your bills on time, keep your credit utilization low, and avoid opening new credit accounts before applying for a mortgage.

2. Save for a Down Payment

The down payment is the amount of money you pay upfront when buying a home. Saving for a down payment can be challenging, but it's essential to have enough money saved to meet the lender's requirements and to lower your monthly mortgage payments. Aim to save at least 20% of the home's purchase price as a down payment to avoid private mortgage insurance (PMI) costs.

3. Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage can give you a competitive edge when buying a home. It shows sellers that you're a serious buyer and have the financial capacity to purchase the home. Additionally, a pre-approval can help you determine your budget and give you a clear idea of what homes you can afford.

4. Work with a Reputable Mortgage Lender

Choosing the right mortgage lender is essential to secure the best mortgage rate and loan terms. Look for a reputable lender who offers competitive rates, excellent customer service, and has a track record of closing loans on time. Do your research and compare lenders to find the best fit for your needs.

5. Consider the Type of Mortgage

There are various types of mortgages available, such as fixed-rate, adjustable-rate, FHA, VA, and USDA loans. Each has its advantages and disadvantages, so it's crucial to understand each type and choose the one that best suits your financial situation and goals.

6. Don't Overspend on a Home

It's easy to get caught up in the excitement of buying a home and overspend on a property. However, overspending can lead to financial stress and impact your ability to pay your mortgage on time. Before you start house hunting, set a realistic budget and stick to it. Consider all the costs associated with homeownership, such as property taxes, homeowners insurance, and maintenance expenses, and factor them into your budget.

7. Be Prepared for a Bidding War

In a competitive market, it's not uncommon to encounter bidding wars. Be prepared to act fast and make a strong offer to stand out from other buyers. Consider offering more than the asking price, including a higher down payment, or a shorter closing period to make your offer more appealing to the seller.

8. Avoid Making Big Purchases Before Closing

Once you're pre-approved for a mortgage, it's crucial to avoid making any big purchases before closing on your home. Any significant changes to your financial situation, such as taking on new debt, can impact your credit score and debt-to-income ratio, and may cause the lender to deny your mortgage application.

9. Understand Closing Costs

Closing costs are the fees associated with buying a home, such as appraisal fees, title insurance, and attorney fees. These costs can add up quickly, so it's essential to understand what they are and how much you can expect to pay. Plan ahead and factor in closing costs when determining your budget.

10. Stay in Touch with Your Lender

Once you've secured your mortgage, it's important to stay in touch with your lender throughout the homebuying process. Keep them informed of any changes to your financial situation and ask questions if you're unsure about any aspect of your loan. Maintaining open communication can help ensure a smooth and successful homebuying experience.

Conclusion

Buying a home in a competitive market can be challenging, but by following these ten mortgage tips, you can increase your chances of securing your dream home. Remember to improve your credit score, save for a down payment, get pre-approved for a mortgage, work with a reputable lender, consider the type of mortgage, set a realistic budget, be prepared for a bidding war, avoid making big purchases before closing, understand closing costs, and stay in touch with your lender. With proper preparation and knowledge, you can make the homebuying process a success.

Getting out of breath while walking up stairs: What's normal, what's not

Getting out of breath while walking up stairs: What's normal, what's not

This story is part of New Year, New You, everything you need to develop healthy habits that will last all the way through 2020 and beyond.

How many times have you been walking along, minding your own business, when all of a sudden a short flight of stairs takes all the breath out of your lungs? Personally, I'd like to consider myself in pretty good shape, but I can barely hold a conversation with my walking-mate while climbing any staircase more than one story. 

It turns out, getting winded while doing simple activities isn't really a sign you're out of shape -- it's something that happens to everyone, fit or not. However, there are some simple steps you can take to make the experience less distressing the next time it happens.

Why do I get winded so easily and what's making it happen?

If you check your heart rate, it's likely to have spiked way up.

Rick Broida/CNET

The fancy medical term for what's happening when you get winded walking up stairs is "exertional intolerance." While approaching stairs, you're not warmed up -- your muscles are cold, your heart rate is low, and your body is not ready to move suddenly. When you start climbing, you're essentially doing single-leg squats with some cardio mixed in, and your heart rate quickly skyrockets. Your body suddenly needs more oxygen -- hence the feeling of being winded.

Another reason why it affects you so strongly is because walking up stairs uses your fast-twitch muscles, which are used for explosive movements, and muscles like your glutes that you may not commonly train. If you're an endurance cardio nut like me, you're in great shape, but sustained exercise like this uses slow-twitch muscles. So, it won't transfer over super well to exercises like stair climbing.

If you've been hitting the gym regularly but the stairs are still giving you trouble, don't fret that you're not in good shape. There are plenty of other ways to measure your overall health and fitness, including  your heart rate or other metrics like body composition and strength. 

Read more: 9 of the best running shoes for 2020

How do I stop getting winded so often?

Lunges will help you conquer the stairs with ease.

Getty Images

If getting out of breath while climbing stairs is really putting a damper on your life, there are steps you can take to lessen the annoyance. I'm not going to suggest that you jog in place for a moment to warm up before ascending a short staircase with your boss, but here are a few ways you can prepare yourself ahead of time.

First, incorporate stair-specific exercises into your workout routine to train your body for the stimulus. Exercises such as sprints, jumps or other explosive movements will help with the sudden exertion. To train your glutes and legs, try bodyweight exercises like squats and lunges.

If you smoke cigarettes, it's almost certainly contributing to your windedness. Although e-cigarettes are touted as a healthy alternative, preliminary studies suggest that vaping also damages your lungs. If you were considering quitting anyways, January 1st is right around the corner and may be a good day to start.

When to call your doctor

If you think your windedness is out of the range of normal, call your doctor.

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If you're debating whether or not to call a medical professional, you're better safe than sorry. One major warning sign to look out for is chest pain that comes on when you get winded -- it could be a sign of heart disease or a coronary blockage. The doctor will do a stress test, and if you do have a blockage, there's a simple procedure to fix it. Swollen feet and ankles or coughing is another sign there may be something wrong with your heart.

Another reason to seek medical help is if getting winded from basic activities is affecting your daily life -- for example, if you avoid walking short distances. Or, if the situation doesn't get better once you start exercising more, it may be time to consult a doctor or physical therapist.

The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.

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$10,000 or $50,000 student loan forgiveness: Could Biden eliminate debt through executive order?

$10,000 or $50,000 student loan forgiveness: Could Biden eliminate debt through executive order?

Since taking office, President Joe Biden has expressed support for canceling up to $10,000 per student in loan debt. Some Democratic leaders are looking to go higher, to $50,000. And a new Change.org petition is calling for Biden to go even further and cancel all federal student debt in 2021 through an executive order. The survey has more than 1 million signatures.

In March, Biden did forgive $1 billion in loans for students defrauded by for-profit institutions, but he has yet to present a plan for reducing the roughly $1.7 trillion in student debt across the board. Biden in April asked Education Secretary Miguel Cardona if he has the legal authority to cancel student debt. Under the American Rescue Plan Act, eligible Americans received a third stimulus check and "plus-up payments" where applicable, more money for unemployed individuals, thousands more dollars for families with the new child tax credit and changes to health care savings. But students who are in debt weren't addressed in the bill.

Here's where the situation stands now when it comes to student loan forgiveness; we'll continue to update this story as it develops. Also, you could get up to $50,000 back with one-time COVID credits. For more on the new child tax credit, check here to see who is eligible and how to calculate your total.

Where does Biden stand on forgiving student loan debt right now?

During his presidential campaign, Biden called for forgiving $10,000 of federal student loan debt per person. He also laid out additional plans for college students in the Biden Plan for Education Beyond High School, such as free tuition and more money for federal grants.

Shortly after taking office, Biden signed an executive order to extend the pause on student loan payments and interest till the end of September. Former President Donald Trump initially suspended payments at the start of the pandemic, and the loan suspension was extended twice more.

In Biden's American Rescue Plan, a provision removed any tax penalty if student loans are forgiven. The IRS treats debt discharged for less than what's owed as taxable income. This would apply to both government and private loans. The forgiveness provision lasts until Dec. 25, 2025. However, as president, Biden has yet to formally forgive additional student loan debt. 

It's important to keep in mind that there has been no movement on loan debt cancellation yet, but there is a growing number of scammers claiming they can help you with student loan forgiveness. 

Does the president have the authority to forgive $10,000 or $50,000 across the board in student debt? 

During a CNN town hall in February, an audience member asked if Biden would cancel $50,000 of student loan debt.

"I'm prepared to write off a $10,000 debt, but not 50" [thousand], Biden said. "Because I don't think I have the authority to do it by signing [with] the pen."

It appears the president may have changed his mind. On April 1, he asked Education Secretary Miguel Cardona if it's within the president's power to cancel $50,000 in student loan debt. The department has yet to announce its findings. 

Will anything happen this year?

Depending on the response from the secretary of education's office, a few things could take place. Biden may be able to sign an executive order that cancels some debt per student. Or it may be that Congress would have to pass a bill if sweeping cancellations are outside Biden's power. In either case, the final amount canceled, and any rules and exceptions involving public and private debt, would be contentious areas of negotiation. 

Whatever the outcome, it's unlikely to occur imminently, though it's a topic we're keeping a close eye on. 

Read also: All the extra stimulus check money parents and the elderly could get in their third payment

Money tied up in student loans? There are a few things you can do now.

Sarah Tew/CNET

3 student loan forgiveness options you might be able to get

However, they're not so widely available -- or quick to receive. 

Public Service Loan Forgiveness is a government program intended to forgive federal direct student loans if the borrower has a job with the government or a nonprofit organization, after 120 qualifying on-time payments in an income-driven repayment plan. This means after 10 years of making payments, the government is supposed to forgive the balance. However, many borrowers who believe they're qualified for forgiveness are having trouble getting approved. 

In 2019, there were more than 41,000 PSLF applications -- and 206 were approved by the Department of Education. Many were denied due to errors, but a 2020 report from the nonprofit Student Borrower Protection Center found the department's Office of Federal Student Aid had mischaracterized employers, causing applicants to be ineligible. Since the PSLF began in 2007, 98.8% of applications have not been approved, according to the center. 

Borrowers who took out loans to become teachers can get their Perkins, Stafford or Direct loans partially forgiven. The amount varies depending on what subjects they teach, what schools they teach at and how long they've been teaching. 

And lastly, borrowers who are on an income-driven repayment plan -- in which the monthly payments are no more than 10% of a person's discretionary income -- can have their remaining loan balance forgiven after 20 years for undergraduates, or 25 years for graduate students.

For more information, visit CNET's resource guide for all things loans.

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Millions can't pay their car loans. Here's what to do if you're one of them

Millions can't pay their car loans. Here's what to do if you're one of them

If you've skipped a car payment or two recently -- or you worry you might have to miss an upcoming one -- you're not alone. Due to the coronavirus recession and record levels of unemployment, over 7% of all car loans in the US are currently in some sort of deferment program, according to recent data released by credit reporting agency TransUnion.

Typically, missing a car payment can damage your credit score or even lead to the bank repossessing your vehicle. However, in the wake of the recent economic turmoil brought on by the coronavirus pandemic, most lenders have streamlined their financial hardship programs and are willing to be a bit forgiving if you just ask for help.

But just like the help available with rent payments and unemployment benefits, you do have to ask. The worst thing you can do is ignore the problem and assume it'll work itself out on its own. (Scroll to the end for what else you should absolutely not do.)

Here's a look at the most current information and resources we could locate to help you deal with your car payment. We'll continue to update this story as new details emerge.

First, see what assistance your lender has to offer

You'll want to know what kinds of programs your bank, credit union or other auto loan provider may have available to you. Also, if there are any state laws that might offer some protections against repossession, you'll want to find out about those, too. 

Here are the most comprehensive resources we've been able to turn up to help with both. (If you don't see your lender on any of those lists, try contacting the company directly through its website or app.)

As businesses like this soda and candy shop in Asheville, North Carolina, start to reopen, you can bet repossession companies will be back to work, too.

Sarah Tew/CNET

Most repos occur after two or three months of no payments

If you've fallen behind (or you think you're going to fall behind) on your car payment for 90 days or longer, you may very well be at risk of having your car repossessed. Your lender may be more lenient if you've never missed a payment before, but the more often you've been late in the past, the sooner they might attempt repossession. 

One way around this, however, is a deferment or forbearance program.

What are auto loan deferment programs and how do they work?

Under normal circumstances, most lenders will report a late payment to the credit bureaus once it's at least 30 days overdue, and they'll typically come to take your vehicle away after you've missed three or more payments in a row. 

A deferment or forbearance allows you to skip between one and three payments with no late fees or penalties. After the deferment period ends, either your monthly payment will either go up slightly or your loan will be extended by about the same amount of time as the deferment.  

On the downside, interest will continue to accrue during the months you skip your payment, so you'll end up paying more for your vehicle in the long run. But on the plus side, your missed payments will not show up as negative marks on your credit report, so your credit score shouldn't take a hit.

How to talk to your bank about your options 

Most lenders' programs have been streamlined to be pretty simple to apply for. Fill out a form, possibly attach some documentation (termination letter, layoff notice, etc.), send it off to your lender and wait for an approval confirmation. If your bank doesn't have it set up that easy and you have no idea where to begin, the legal services website DoNotPay has a chatbot that can help you draft a letter to your lender.

That said, you can probably handle this on your own. Just be honest and forthcoming about your situation and realistic about how much time you'll need to get back on your feet. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle.

Ford is currently offering to pay six months' worth of new vehicle payments when you purchase a new car from the company.

Wayne Cunningham/CNET

What normally happens when you miss a car payment?

In most states, a lender, like your bank, can start the repossession process the day after you miss even just one payment, but most companies give their customers a grace period. Often the lender won't even charge a late fee until the payment is at least 10 days late, and most won't report it to the three major credit bureaus until it's over 30 days late. 

If you go past 30 days delinquent -- and especially if you miss the next two payments in your loan cycle as well -- that's where you start treading into repossession, or repo, territory. 

How repossession works 

In most cases, your lender will contract with a third-party agency that specializes in repossessions. That company will use whatever information it can get -- your home and work addresses, for example -- to track down the vehicle and tow it to a secured, usually gated lot. It does not need your car keys to take your car. 

The repo company will then charge your bank for towing the vehicle, as well as a daily storage fee, usually around $25 to $75 per day. Unless you happened to have left your keys in the car, the repo company will also contract a locksmith to make a new set of keys -- then charge your bank for that service, too. When all is said and done, you'll owe anywhere from a few hundred to over a thousand dollars in charges, which you'll still be liable for whether you get your car out of repo or not. 

If you quit paying your car payment, eventually a vehicle recovery service will come tow your car.

Andrew Hoyle/CNET

Are car repossession companies even open right now?

The auto repossession industry never quite figured out whether repo companies, many of which laid off dozens of employees early on in the pandemic, were even allowed to operate in areas under strict shelter-in-place orders. The Association of Credit and Collection Professionals, a lobbying group for debt collectors, has argued that debt collection is an essential service, but lawmakers have yet to chime in.

However, as most US cities are far along in the process of reopening and orders shuttering nonessential businesses have mostly been lifted, you can probably bet that repo companies will be up and running as soon as they can be.

Your rights vs. the bank's rights 

In pretty much every instance your bank does not need a court order to attempt to repossess your car. You can view a list of every state's specific automobile repossession laws here, but generally speaking, your lending institution (or a company it hires) has the right to come onto your property and take the car so long as no one commits a "breach of the peace."

That means its representatives can't break into a locked garage, through a locked gate or otherwise use physical force against you or your property to take possession of your vehicle. They can, however, follow you to work, for example, or the grocery store, and wait until you leave your car unattended. 

How to get your car out of repo -- and what happens if you don't 

What if it's too late and your car has already been repoed? Many states have laws on the books about how long and under what conditions lenders must allow you the opportunity to get your vehicle back, but the terms aren't exactly favorable, especially if you're in the kind of financial situation that led to repo in the first place.

Generally, the law only compels lenders to release your car if you pay off the loan plus any towing and storage charges that have accrued. In practice, however, most lenders are willing to give your car back if you can at least catch up with your late payments (and, of course, even up with the repo company as well). 

One option if you're struggling to pay your car payment is to try and sell your car for cash to pay off the loan, but that won't work if you owe more than the car is worth.

Sarah Tew/CNET

If you leave your vehicle in repo, either because you can't afford to get it out or you just decide it's not worth it, you're still not completely off the hook. The bank will likely auction off your car to the highest bidder, then apply the revenue from that sale to your remaining balance, including repossession charges. If that doesn't cover your entire debt, the bank can come after you for the remainder, including handing your account over to a collection agency and reporting the delinquency to the credit bureaus. 

You have a few wild-card options as well 

If you're at risk of having your car or truck repossessed, there are other options available besides deferment, but none quite as simple or easy. You could do what's called a "voluntary repossession," where you contact your lender and indicate your desire to turn your vehicle over to it. Your credit will take a hit and you'll be liable for any outstanding debt the bank fails to recoup at auction, but the overall impact to both your credit score and pocketbook will be less than if you wait for the bank to forcibly repo your car.

You can refinance your car for a lengthier loan term with a lower monthly payment, but that will only work if you've already paid off a substantial amount of the principal. If you've only had your car loan for a year or two, you might actually still owe more than it's worth. Also, your credit has to be good enough for a bank to underwrite a new loan for you, which may or may not be the case anymore. 

You could also try to sell your car on the open market, or trade it in for something less expensive, but again, with the economy now in a full-blown recession, neither of these options seems very compelling.

What you absolutely should not do 

Whatever you do, don't try to hide your car from your bank or the repo company. For one, you're probably not going to beat them at their own game, and the longer it takes to find it (and the more difficult you make it), the more they're going to charge you for their services in the end. 

Stop! Don't just sit back and wait until the bank repos your car. Be proactive and ask and your lender may be able to help.

Shara Tibken/CNET

And don't just stop paying your loan and hope for the best. Whether or not lawmakers decide the repo industry performs an "essential" function, or if the repo man has to wait for a treatment or vaccine like the rest of us before getting back to work, eventually your delinquency will catch up with you. With banks demonstrating some compassion right now for those who've suffered financial hardship, you might as well take advantage of one of their relief programs while you can. 

Chances are if you're worried about making your car payment, you have other bills keeping you up at night, too. Here's what you need to know about rent relief during the pandemic, as well as what assistance is available if you have a mortgage. For taxes, credit cards and everything else, here's what other financial help is available.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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