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Buying a Home or Refinancing? Here's How to Find the Right Home Loan

Buying a Home or Refinancing? Here's How to Find the Right Home Loan

Navigating the world of home-buying could be an Olympic sport. There are so many different regulations, guidelines and fees to keep track of -- and by the time you master one part, there are new rules to learn. And, with mortgage rates predicted to continue rising, particularly as the Fed looks to increase rates as early as March, locking in a rate sooner rather than later may save you tens of thousands in interest.

When searching for the right home loan, you're bound to come across many options. But not every mortgage is right for every person -- you'll want to learn more about the different types of home loans to decide which one is right for you. This guide will help break down several of the most common home loan types, while explaining what's required for approval and who each type is best for.

Read more: Mortgages, Credit Scores and Down Payments: 5 Things to Know Before Buying a Home

1. Conventional loan

What it is: A conventional loan is a loan that isn't backed by a government agency. These are the most common type of loan. Conventional loan terms come in 10-, 15-, 20- and 30-year terms, with 30-year terms being the most popular option.

What you need: You can get a conventional loan with as little as 3% down payment and a 620 credit score. But the lower your credit score, the more money you might need for a down payment.

Who it's good for: The majority of home loans -- around 75% -- are conventional loans, so it's good for most people. You can use it for your first home, second home and even investment properties.

Who should skip it: Borrowers who don't have the minimum credit score requirements or need payment assistance.

2. FHA loan

What it is: An FHA loan is backed by the Federal Housing Administration, which provides mortgage insurance to lenders who provide FHA loans. It's the largest mortgage insurer in the world. Loans are administered by FHA-approved lenders. This can be local banks, credit unions and online lenders. Loans come in 15- and 30-year terms.

What you need: To secure a 3.5% down payment rate, your credit score will need to be 580 or above. If it's below 580, you can still qualify, but you'll need at least a 10% down payment. For down payments of less than 20%, your loan will require private mortgage insurance. PMI protects the lender just in case you default on your loan. PMI will get removed from your mortgage payments once you have at least 20% equity in your home.

Who it's good for: Borrowers who don't have strong enough credit to qualify for a conventional loan. FHA loans also offer down payment loans and grants through federal, state and local programs whereas conventional loans don't.

Who should skip it: If you have good or excellent credit that would qualify you for a conventional loan.

Check out our full guide to FHA loans.

3. VA loan

What it is: VA loans are offered through the US Department of Veterans Affairs. Military veterans, those in active duty or in the reserves qualify for VA loans. 

What you need: There's no down payment or minimum credit score requirement to get a VA loan.

Who it's good for: Those who serve or have served in the military.

Who should skip it: Borrowers who aren't in the military, obviously. VA loans are only good on primary residences so if you need funding for a second home or investment property, you'll need to look at other options.

Check out our full guide to VA loans.

4. USDA loans

What it is: USDA loans are funded by the US Department of Agriculture. They're available in specific regions across the country. They're made for borrowers in mostly rural areas who might not otherwise qualify for a traditional loan. Loans are backed by USDA-approved lenders (similar to FHA-backed loans). You can check to see if you'd qualify by checking the eligibility site.

What you need: There's no down payment required for a USDA loan. Most lenders require at least a fair credit score.

Who it's good for: Families in rural areas as long as you meet income and location limits.

Who should skip it: Those who don't meet the location and income requirements. If you qualify for one and not the other, you also might want to look into alternative loan options.

Check out our full guide to USDA loans.

Other loan types to know about

As well as being based on a government (or nongovernment) program, mortgages can be categorized by interest rates and how much the home price is. Those are:

• Fixed-rate loans: These are the most common type of loan within a conventional mortgage. Fixed-rate loans means you'll pay the same interest rate every month for the life of the loan. The only time your interest rate will change is if you refinance your mortgage.

• Adjustable-rate mortgages: ARMs have a fixed interest rate for a set amount of time and then the interest rate fluctuates periodically. They usually start out lower than standard fixed-rate mortgages but can change over time based on a benchmark. A 5/1 ARM means the first five years have a fixed rate and then a variable interest rate that changes every year after that.

• Jumbo loans: This is a mortgage that finances a property that's too expensive for a traditional loan. The qualifications for jumbo loans tend to be more strict. For most lenders, you'll need a credit score of at least 700 and usually a 20% down payment. Jumbo loans start where conforming loans end, which is different depending on where you are. Jumbo loans can have fixed or adjustable rates. 

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Source

Buying a Home or Refinancing? Here's How to Find the Right Home Loan

Buying a Home or Refinancing? Here's How to Find the Right Home Loan

Navigating the world of home-buying could be an Olympic sport. There are so many different regulations, guidelines and fees to keep track of -- and by the time you master one part, there are new rules to learn. And, with mortgage rates predicted to continue rising, particularly as the Fed looks to increase rates as early as March, locking in a rate sooner rather than later may save you tens of thousands in interest.

When searching for the right home loan, you're bound to come across many options. But not every mortgage is right for every person -- you'll want to learn more about the different types of home loans to decide which one is right for you. This guide will help break down several of the most common home loan types, while explaining what's required for approval and who each type is best for.

Read more: Mortgages, Credit Scores and Down Payments: 5 Things to Know Before Buying a Home

1. Conventional loan

What it is: A conventional loan is a loan that isn't backed by a government agency. These are the most common type of loan. Conventional loan terms come in 10-, 15-, 20- and 30-year terms, with 30-year terms being the most popular option.

What you need: You can get a conventional loan with as little as 3% down payment and a 620 credit score. But the lower your credit score, the more money you might need for a down payment.

Who it's good for: The majority of home loans -- around 75% -- are conventional loans, so it's good for most people. You can use it for your first home, second home and even investment properties.

Who should skip it: Borrowers who don't have the minimum credit score requirements or need payment assistance.

2. FHA loan

What it is: An FHA loan is backed by the Federal Housing Administration, which provides mortgage insurance to lenders who provide FHA loans. It's the largest mortgage insurer in the world. Loans are administered by FHA-approved lenders. This can be local banks, credit unions and online lenders. Loans come in 15- and 30-year terms.

What you need: To secure a 3.5% down payment rate, your credit score will need to be 580 or above. If it's below 580, you can still qualify, but you'll need at least a 10% down payment. For down payments of less than 20%, your loan will require private mortgage insurance. PMI protects the lender just in case you default on your loan. PMI will get removed from your mortgage payments once you have at least 20% equity in your home.

Who it's good for: Borrowers who don't have strong enough credit to qualify for a conventional loan. FHA loans also offer down payment loans and grants through federal, state and local programs whereas conventional loans don't.

Who should skip it: If you have good or excellent credit that would qualify you for a conventional loan.

Check out our full guide to FHA loans.

3. VA loan

What it is: VA loans are offered through the US Department of Veterans Affairs. Military veterans, those in active duty or in the reserves qualify for VA loans. 

What you need: There's no down payment or minimum credit score requirement to get a VA loan.

Who it's good for: Those who serve or have served in the military.

Who should skip it: Borrowers who aren't in the military, obviously. VA loans are only good on primary residences so if you need funding for a second home or investment property, you'll need to look at other options.

Check out our full guide to VA loans.

4. USDA loans

What it is: USDA loans are funded by the US Department of Agriculture. They're available in specific regions across the country. They're made for borrowers in mostly rural areas who might not otherwise qualify for a traditional loan. Loans are backed by USDA-approved lenders (similar to FHA-backed loans). You can check to see if you'd qualify by checking the eligibility site.

What you need: There's no down payment required for a USDA loan. Most lenders require at least a fair credit score.

Who it's good for: Families in rural areas as long as you meet income and location limits.

Who should skip it: Those who don't meet the location and income requirements. If you qualify for one and not the other, you also might want to look into alternative loan options.

Check out our full guide to USDA loans.

Other loan types to know about

As well as being based on a government (or nongovernment) program, mortgages can be categorized by interest rates and how much the home price is. Those are:

• Fixed-rate loans: These are the most common type of loan within a conventional mortgage. Fixed-rate loans means you'll pay the same interest rate every month for the life of the loan. The only time your interest rate will change is if you refinance your mortgage.

• Adjustable-rate mortgages: ARMs have a fixed interest rate for a set amount of time and then the interest rate fluctuates periodically. They usually start out lower than standard fixed-rate mortgages but can change over time based on a benchmark. A 5/1 ARM means the first five years have a fixed rate and then a variable interest rate that changes every year after that.

• Jumbo loans: This is a mortgage that finances a property that's too expensive for a traditional loan. The qualifications for jumbo loans tend to be more strict. For most lenders, you'll need a credit score of at least 700 and usually a 20% down payment. Jumbo loans start where conforming loans end, which is different depending on where you are. Jumbo loans can have fixed or adjustable rates. 

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Source

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Home Price Growth Slows for Second Month in a Row. Here's What Home Buyers Should Know

Home Price Growth Slows for Second Month in a Row. Here's What Home Buyers Should Know

Home price growth slowed again in May, a sign that the US housing market may be starting to cool off. 

This marks the second straight month that home price growth has slowed in response to economic pressures like rising interest rates and inflation. Price growth was 19.7% in May, down slightly from April's 20.6% increase, according to the S&P CoreLogic Case-Shiller National Home Price Index, a leading measure of US home prices

"Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels," said Craig Lazarra, managing director at S&P DJI, in a release. "Despite this deceleration, growth rates are still extremely robust."

A related composite, which measures real estate values in the top 20 cities in the US, rose 20.5%, down from 21.2% in April, with all cities experiencing double-digit price increases. Four of the 20 cities saw bigger price increases year over year in May 2022 than in April.

Tampa, Miami and Dallas saw the highest year-over-year gains among the 20 cities in May. Tampa saw price growth of 36.1%, with Miami seeing a 34% increase and Dallas experiencing a 30.8% growth rate year over year. Overall, price growth remains the strongest in the South and Southeast, with both regions seeing gains of 30.7% year over year. Still, as the Federal Reserve continues to raise interest rates, the slight deceleration in national growth shows that the housing market may finally be starting to slowly cool off. 

"Mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates," said Lazarra. "Accordingly, a more-challenging macroeconomic environment may not support extraordinary home price growth for much longer."

It's important to understand what's going on the housing market before deciding if now is the right time to buy a home.

Mortgage rates have been rapidly climbing since the beginning of 2022, and currently sit at 5.70% for a 30-year fixed-rate mortgage. While still low, that's a sharp increase from the average 3% rates we started the year with. Mortgage rates have gone up indirectly as a result of the Federal Reserve raising the federal funds rates several times this year to counteract record-breaking high inflation. Another rate hike is expected Wednesday.

As rates climb, it becomes more expensive to buy a home. This drives down home competition and may price some buyers out of the market. As buying demand decreases, home price increases typically slow or decline.

While home prices are still high, if you're shopping for a home, you may have access to more home inventory and face less competition. With the Fed expected to raise rates again this year, you could also lock in a lower interest rate now, potentially saving you tens of thousands in interest over the lifetime of your home loan.

Ultimately, buying a home is a personal decision and will depend on a variety of factors. Check out our Should You Buy a Home in 2022 guide to learn more.

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Cheap and Easy Ways to Make Your New House Feel Like Home

Cheap and Easy Ways to Make Your New House Feel Like Home

Home sales in the US boomed last year, with 6.12 million units sold in 2021 -- up 8.5% from 2020. New homebuyers tend to spend approximately $10,000 on furniture, appliances, DIY fixes and renovations during the first year of homeownership, according to the National Association of Home Builders. And this is on top of all the other expenses that come with buying a new home, such as a down payment, closing costs and moving. 

Decorating and designing your new space can be particularly expensive. So how can you personalize it to feel like home without spending a fortune? 

Here are 11 budget-friendly and easy ways to transform your house without exhausting your budget.

Add a fresh coat of paint

"To start, the best place to create a blank slate for personalization is paint," says Olivia Mariani, head of marketing at Curbio."Painting walls is an obvious, easy way to make a home look and feel new, but painting cabinets is another great way to freshen up the appearance of a home." 

To decide on a color scheme, brush up on color psychology to create the right vibe for each room. Reds tend to increase energy, while oranges promote activity and greens have been shown to relieve stress. If the walls in your home are painted in basic neutrals, consider adding some color to spice things up. 

Read more: How to Choose the Best Outdoor Paint for Your Home

Painting is an easy way to personalize your space. 

Getty

Hang your favorite art pieces

Empty walls can feel dull and uninspiring, so decorating your home with interesting art pieces that reflect your personal style is an easy way to transform every room. You can find affordable art (both originals and replicas) online through sites like Society6, Etsy and Artfinder.

Don't forget about the frame. Choose a frame that complements the piece, but doesn't distract from the main visual. You can also use picture lights to add coziness and charm, says Alexis Peters, a strategic interior design advisor at Real Estate Bees.

Decorate with plants

"Bring the outdoors in! Adding greenery and fresh-cut flowers will make your home feel fresh and homey," says Angela Deniston, who also serves as a strategic interior design advisor at Real Estate Bees. Adding plants to your space has been shown to boost mood, increase energy, reduce stress and improve creativity. Plants also help filter the air in your home, which keeps your immune system happy.

If you want to add plants to your home, it's worth doing some research or visiting your local nursery to learn which plants will thrive in your environment, based on light, space, and the amount of attention they need. Some plants are harmful to pets, so be sure to place them out of reach or invest in pet-friendly or faux plants.

Bring the outdoors in with a collection of houseplants. 

Getty

Shop for secondhand furniture and decor

If you're decorating your home on a budget, one of the best places to get affordable decor and furniture is from friends and family. You might be surprised to find out people you know are getting rid of unwanted items in good condition that might fit well in your space.

You can also visit yard sales and estate sales in your area, which often have cheap furniture and decor. Just keep in mind that while you can score great deals at yard sales, some items may need a bit of TLC or at least a fresh coat of paint. 

Upgrade rooms with new textiles

"When designing your home, don't be afraid to pile on the textiles. Pillows, throw blankets, rugs and curtains make a room more inviting and cozy," says Deniston. Not only are textiles an easy way to style every room in your home, but you can find unique and affordable pieces online at places like Wayfair, Amazon and World Market. Textiles can also help breathe new life into worn furniture pieces that you may not have the budget to upgrade right away.

When buying textiles for your house, experts recommend sticking to one color palette, mixing patterns, and layering different textures. Peters recommends, "Pick five colors you want to style your home with and don't stray." To keep things budget-friendly, mix old pieces with new ones that will give your house the look and feel you're going for. 

Swap out light fixtures

If your house has outdated light fixtures that don't fit your new aesthetic, consider swapping them out. Depending on the mood you want to create in each room, lighting should either serve as a focal point or as an accent to the existing space.

Like with art, it's important to consider the size and positioning of light fixtures when redesigning your home. A 4-foot chandelier, for example, will probably look better in a large foyer than over your dining room table. You can also add dimmers to contribute to the overall mood and balance out natural light.

Although you can swap out light fixtures on your own, lamps can offer a simpler solution. "Go big or go home," says Peters. "Giant lamps can change a room. Plus, the soft light they radiate adds a warm glow to the space and makes any room look lovely and cozy."

Lighting should either serve as a focal point or as an accent to the existing space.

Getty

Don't forget about hardware and other accents

Sometimes swapping out the smallest accents can have a big impact. Upgrading your cabinet hardware, changing outlet switch covers, adding interesting door knobs, and even replacing crown molding can instantly transform the look and feel of your house.

While you can find small accents like hardware and knobs for affordable prices, if you have dozens of pieces to update, the price can add up. Repainting your hardware might be a more affordable option in this case -- you can even use metallic spray paints to make cheap, plastic knobs look more expensive. Search Pinterest, Instagram and home improvement magazines to get some inspiration for your own house. Work room-by-room to keep things manageable and start by tackling one type of accent at a time. 

Don't discount the accents that aren't visible when you walk into a room, either. Adding contact paper to shelving or using drawer organizers can improve the vibe in your home. "Nothing feels better than when you open a kitchen drawer and find the cooking utensils color coordinated and in a designated spot," Peters says.

Add cozy scents to every room

Making your new home smell inviting and cozy is a simple and affordable way to upgrade your space on a budget. Candles, diffusers and room spray can help elevate your space, and different scents can evoke different emotions, moods and feelings.

For example, you might consider diffusing lavender in your bedroom to promote relaxation before bed. Seasonal scents can also make your home feel more welcoming, and they are easy to swap when you want something new.

Clean and declutter your space regularly

Although you might not consider this a home decor tip, one of the easiest ways to feel good in your new house is by cleaning and decluttering on a regular basis. A clean home can positively impact your mood, too -- 80% of people who live in a clean space are more relaxed and 60% are less stressed than their nontidy counterparts, according to a Clorox study.

Regularly cleaning your home is also very cost-effective. If you have an extra hour or two per week, you don't need to spend money on a professional cleaning crew. If you typically avoid cleaning until the last minute, you might be surprised at how much cozier you feel at home when everything is neat and tidy. 

One of the easiest ways to feel good in your new house is by cleaning and decluttering on a regular basis.

Getty

Make room for your favorite hobbies

One of the biggest perks of owning a home is designing the space to fit your specific needs. To make your new house feel more like home, create spaces for the hobbies that you and your family enjoy. 

If you love to paint, create a mini art studio in an unused corner, someplace for your easel and art supplies to live permanently. If puzzles are more your speed, find a cheap table to use exclusively for puzzles, keeping your dining room table clutter-free. Yoga lovers can create a quiet space with calming elements like candles and greenery for meditation and exercise.

---

Source

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Cheap and Easy Ways to Make Your New House Feel Like Home

Cheap and Easy Ways to Make Your New House Feel Like Home

Home sales in the US boomed last year, with 6.12 million units sold in 2021 -- up 8.5% from 2020. New homebuyers tend to spend approximately $10,000 on furniture, appliances, DIY fixes and renovations during the first year of homeownership, according to the National Association of Home Builders. And this is on top of all the other expenses that come with buying a new home, such as a down payment, closing costs and moving. 

Decorating and designing your new space can be particularly expensive. So how can you personalize it to feel like home without spending a fortune? 

Here are 11 budget-friendly and easy ways to transform your house without exhausting your budget.

Add a fresh coat of paint

"To start, the best place to create a blank slate for personalization is paint," says Olivia Mariani, head of marketing at Curbio."Painting walls is an obvious, easy way to make a home look and feel new, but painting cabinets is another great way to freshen up the appearance of a home." 

To decide on a color scheme, brush up on color psychology to create the right vibe for each room. Reds tend to increase energy, while oranges promote activity and greens have been shown to relieve stress. If the walls in your home are painted in basic neutrals, consider adding some color to spice things up. 

Read more: How to Choose the Best Outdoor Paint for Your Home

Painting is an easy way to personalize your space. 

Getty

Hang your favorite art pieces

Empty walls can feel dull and uninspiring, so decorating your home with interesting art pieces that reflect your personal style is an easy way to transform every room. You can find affordable art (both originals and replicas) online through sites like Society6, Etsy and Artfinder.

Don't forget about the frame. Choose a frame that complements the piece, but doesn't distract from the main visual. You can also use picture lights to add coziness and charm, says Alexis Peters, a strategic interior design advisor at Real Estate Bees.

Decorate with plants

"Bring the outdoors in! Adding greenery and fresh-cut flowers will make your home feel fresh and homey," says Angela Deniston, who also serves as a strategic interior design advisor at Real Estate Bees. Adding plants to your space has been shown to boost mood, increase energy, reduce stress and improve creativity. Plants also help filter the air in your home, which keeps your immune system happy.

If you want to add plants to your home, it's worth doing some research or visiting your local nursery to learn which plants will thrive in your environment, based on light, space, and the amount of attention they need. Some plants are harmful to pets, so be sure to place them out of reach or invest in pet-friendly or faux plants.

Bring the outdoors in with a collection of houseplants. 

Getty

Shop for secondhand furniture and decor

If you're decorating your home on a budget, one of the best places to get affordable decor and furniture is from friends and family. You might be surprised to find out people you know are getting rid of unwanted items in good condition that might fit well in your space.

You can also visit yard sales and estate sales in your area, which often have cheap furniture and decor. Just keep in mind that while you can score great deals at yard sales, some items may need a bit of TLC or at least a fresh coat of paint. 

Upgrade rooms with new textiles

"When designing your home, don't be afraid to pile on the textiles. Pillows, throw blankets, rugs and curtains make a room more inviting and cozy," says Deniston. Not only are textiles an easy way to style every room in your home, but you can find unique and affordable pieces online at places like Wayfair, Amazon and World Market. Textiles can also help breathe new life into worn furniture pieces that you may not have the budget to upgrade right away.

When buying textiles for your house, experts recommend sticking to one color palette, mixing patterns, and layering different textures. Peters recommends, "Pick five colors you want to style your home with and don't stray." To keep things budget-friendly, mix old pieces with new ones that will give your house the look and feel you're going for. 

Swap out light fixtures

If your house has outdated light fixtures that don't fit your new aesthetic, consider swapping them out. Depending on the mood you want to create in each room, lighting should either serve as a focal point or as an accent to the existing space.

Like with art, it's important to consider the size and positioning of light fixtures when redesigning your home. A 4-foot chandelier, for example, will probably look better in a large foyer than over your dining room table. You can also add dimmers to contribute to the overall mood and balance out natural light.

Although you can swap out light fixtures on your own, lamps can offer a simpler solution. "Go big or go home," says Peters. "Giant lamps can change a room. Plus, the soft light they radiate adds a warm glow to the space and makes any room look lovely and cozy."

Lighting should either serve as a focal point or as an accent to the existing space.

Getty

Don't forget about hardware and other accents

Sometimes swapping out the smallest accents can have a big impact. Upgrading your cabinet hardware, changing outlet switch covers, adding interesting door knobs, and even replacing crown molding can instantly transform the look and feel of your house.

While you can find small accents like hardware and knobs for affordable prices, if you have dozens of pieces to update, the price can add up. Repainting your hardware might be a more affordable option in this case -- you can even use metallic spray paints to make cheap, plastic knobs look more expensive. Search Pinterest, Instagram and home improvement magazines to get some inspiration for your own house. Work room-by-room to keep things manageable and start by tackling one type of accent at a time. 

Don't discount the accents that aren't visible when you walk into a room, either. Adding contact paper to shelving or using drawer organizers can improve the vibe in your home. "Nothing feels better than when you open a kitchen drawer and find the cooking utensils color coordinated and in a designated spot," Peters says.

Add cozy scents to every room

Making your new home smell inviting and cozy is a simple and affordable way to upgrade your space on a budget. Candles, diffusers and room spray can help elevate your space, and different scents can evoke different emotions, moods and feelings.

For example, you might consider diffusing lavender in your bedroom to promote relaxation before bed. Seasonal scents can also make your home feel more welcoming, and they are easy to swap when you want something new.

Clean and declutter your space regularly

Although you might not consider this a home decor tip, one of the easiest ways to feel good in your new house is by cleaning and decluttering on a regular basis. A clean home can positively impact your mood, too -- 80% of people who live in a clean space are more relaxed and 60% are less stressed than their nontidy counterparts, according to a Clorox study.

Regularly cleaning your home is also very cost-effective. If you have an extra hour or two per week, you don't need to spend money on a professional cleaning crew. If you typically avoid cleaning until the last minute, you might be surprised at how much cozier you feel at home when everything is neat and tidy. 

One of the easiest ways to feel good in your new house is by cleaning and decluttering on a regular basis.

Getty

Make room for your favorite hobbies

One of the biggest perks of owning a home is designing the space to fit your specific needs. To make your new house feel more like home, create spaces for the hobbies that you and your family enjoy. 

If you love to paint, create a mini art studio in an unused corner, someplace for your easel and art supplies to live permanently. If puzzles are more your speed, find a cheap table to use exclusively for puzzles, keeping your dining room table clutter-free. Yoga lovers can create a quiet space with calming elements like candles and greenery for meditation and exercise.

---

Source

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What to expect from the housing market in 2022: Another sellers' market

What to expect from the housing market in 2022: Another sellers' market

This story is part of The Year Ahead, CNET's look at how the world will continue to evolve starting in 2022 and beyond.

The last 22 months have been some of the wildest in real estate history, as the COVID-19 pandemic accelerated the speed and intensity of recent trends. Home prices surged to record-breaking highs. Interest rates dropped to historic lows. And, amongst it all, the new era of online home buying and selling took further root. On top of that, just about every contemporary macro-economic trend -- from inflation to supply chain woes to labor shortages -- made an appearance in the 2021 housing market, increasing the advantages of existing homeowners, daunting prospective homebuyers and, ultimately, further widening wealth inequality in the US.

Though no one can predict what the next year will bring, we've asked some industry experts to help us read the tea leaves. Perhaps most significantly, home prices are expected to continue to rise, though at a slower rate than last year. As such, the 2022 housing market will present challenges for new buyers looking to get a foothold. For those looking to sell, new technologies like iBuying will continue to streamline and simplify real estate transactions. And existing homeowners will likely have another year to capitalize on rising property values through refinancing -- if they haven't already. 

Experts also predict an extension of two major 2021 trends: low housing inventory and supply chain issues, both of which will continue to hamstring construction and renovations. Meanwhile, there are two new spectres on the scene: inflation and rising interest rates. "For a homebuyer, 2022 is going to require patience and strategy," said Robert Dietz, chief economist the National Association of Home Builders.

"If you think you're going to wait on the sidelines for the market to cool off, that usually doesn't work," cautions Karan Kaul, senior research associate at the Urban Institute. "Timing" the market is a tricky enterprise, and prices seem unlikely to decrease meaningfully any time soon. 

With the caveat that political and virological developments can wreak havoc on this unpredictable corner of the economy, here are some of the major factors experts see influencing the housing market in 2022. 

Still smoking: Home prices continue to rise

If you already own a home, you're more than likely to be in a fortunate position. Skyrocketing home values have continued to increase equity for homeowners in many US regions throughout the pandemic, according to Dietz. 

Combined with historically low interest rates, a record-breaking number of homeowners were able to tap into their home equity in 2020. As property values surged during the first year of the pandemic, cash-out refinancing levels were at their highest since the 2007 financial crisis.

Of course, this creates a much more difficult situation for prospective homebuyers. And that's unlikely to change much in 2022. Although prices are expected to increase at a lower rate next year, they are expected to continue to rise. And that -- in addition to higher interest rates -- will create considerable headwinds for buyers throughout 2022. 

Clogged supply chains cause more delays

Supply chain disruptions caused by the COVID-19 pandemic continue to delay shipments which impedes new construction. That is only making the market that much more competitive along with the rising price of existing homes across the US. And the number of people looking to buy is also increasing, thanks in large part to millennials entering the housing market in growing numbers.

"We've seen so much interest in buying homes over the past year and a half, it's a bit difficult to project when that is going to lose some steam," according to Robert Heck, vice president of mortgage at Morty, a mortgage-tech start-up. But it's clear there are still plenty of buyers trying to enter the market despite prices continuing to creep up.

"Despite the fact that builder confidence is pretty strong right now, in the short run there is a lack of building materials, higher cost of building materials like lumber, appliances, windows and doors, and even garage doors," said Dietz. And further complicating the picture is a sustained labor shortage, particularly for skilled construction workers.

Delivery delays can extend build time by as much as four to eight weeks for a typical single family home. And if there aren't enough contractors on hand to use those materials once they show up, it's clear that demand will continue to outweigh supply for some time to come.

Macro headwinds: Interest rates and inflation 

Prospective homebuyers will want to keep their eyes on some wonky stuff in 2022. The Federal Reserve announced that it will wind down bond purchasing and look to raise interest rates next year. And higher interest rates will only make things more difficult for those looking to buy, as they raise both the average monthly payment and the total lifetime cost of a mortgage. 

 And don't forget about inflation! That will almost certainly increase both the cost of home building materials and skilled labor. In fact, the National Association of Realtors' anticipates that annual median home prices will increase by 5.7% in 2022.

And yet it's not all doom and gloom. Mortgage interest remains are still quite low. And there are pockets of affordability in many regions of the US, creating a key opportunity for those fortunate enough to be able to work remotely. 

"Mortgage rates are still at historical lows, and it's been harder than ever to predict where things are going thanks to the ongoing COVID-19 pandemic," said Heck.

Tech innovations reshape home buying

Digital lending has already impacted the way Americans shop for homes. The rapid rise of online real estate brokerages and mortgage marketplaces has made it easier than ever to browse properties and finance a home. That's unlikely to change: Almost 40% of millennials said they would feel comfortable buying a home online in a recent Zillow study. 

"Consumers like the ability to bid remotely, and to really take a look at properties and neighborhoods online," said Miriam Moore, division president of default services at ServiceLink, a mortgage transactional services provider. This will likely impact both sides of transactions, as sellers learn to adapt their home's curb appeal to someone looking at it on their phone and buyers (and agents and investors) look for ways to arbitrage the market.

An evolving challenge: Climate change

Perhaps the biggest unknown in real estate is how soon climate change will become the dominant factor. According to experts across the industry, every part of the homebuying process will eventually be affected by changing weather patterns, encroaching shorelines, shifting flood zones and an increasingly complicated insurance marketplace. Case in point: Moore, who is in the mortgage business, has seen an increase in inspections due to weather and fire over the last year.

New construction may prove to be both more energy efficient and more durable in the face of extreme weather. "People want to live in energy efficient homes, but they can only buy them if they exist," said Kaul, at The Urban Institute.

The stakes couldn't be higher. Buying a house remains one of the most reliable ways to build wealth and has long been a key milestone for Americans in establishing long-term financial security. And although interest rates remain as low as ever, given all of the other trends impacting the real estate market in 2022, the balance of power is likely to remain in the hands of sellers.

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Mortgage preapproval: Everything you need to know to get preapproved

Mortgage preapproval: Everything you need to know to get preapproved

Buying a home -- especially for the first time -- is a complicated process. One of the first and most significant steps of buying a home is getting your mortgage preapproval. It's proof that you've lined up the financing you need to close on the home. Without a preapproval letter, most sellers aren't going to take your offer seriously.

Although some lenders have tightened their standards due to the pandemic, it's usually not too difficult or complicated to get a home-loan preapproval. Let's look at how it works.

What does it mean to be preapproved for a mortgage? 

A mortgage preapproval is a letter from a lender indicating that you are tentatively approved for a loan. It typically includes a maximum loan amount, interest rate and any other relevant terms or information. 

Significantly, getting preapproved for a mortgage doesn't guarantee you will actually get a loan -- or the specific rate and terms on offer. Rather, it's a statement from the lender stating its intention to lend and the terms involved, assuming the information you've provided about your income, employment and financial situation is accurate. It also assumes that there will be no significant changes to your financial situation or credit score -- losing your job or taking out another loan, for instance -- as these could impact the terms or even disqualify you.

"Many housing markets across the country are struggling with inventory, increasing demand substantially," said Jefferson Watters, a loan originator for AmeriSave Mortgage Corporation. "A preapproval demonstrates a commitment from the buyer and tells sellers that the buyer is completely qualified to purchase their home. In most cases, if a seller has two equal offers on the table, with the only difference being that one buyer is preapproved, the seller will almost always choose the preapproved offer."

Preapproval vs. prequalification: What's the difference?

When you start looking for a mortgage, another term you might come across is "prequalification." Though home loan preapproval and prequalification are often used interchangeably, the process and terminology varies among lenders. 

In some cases, prequalification is based on your answers to a few initial questions and a soft credit check (where a lender checks your score but doesn't pull a full report that could impact your credit). It usually doesn't include details about loan amount, interest rate or terms. As such, it's less authoritative than a preapproval -- but it's a good way to get an initial idea of whether you're in good enough financial shape to qualify for a mortgage.

"A true preapproval will verify assets, income and the ability to repay the loan," Watters said. "Some lenders will offer a preliminary prequalification letter, but this only shows a borrower qualifying based off of the information they submitted in their application."

When you're ready to make an offer on a home, you'll want to have an official statement from a lender -- or, better yet, multiple lenders -- that you can get the financing and terms you need to close on the deal. Whichever term your lender uses, make sure you have it before you make an offer.

When should you get preapproved?

When you apply for preapproval, your lender will first gather some basic financial information from you and pull your credit report. In most cases, that means a hard inquiry on your credit, which could affect your credit score. Given this, you shouldn't apply for preapproval until you're serious about buying a home. This will both protect you from impairing your credit score unnecessarily and ensure that your preapproval is valid when you're ready to make an offer; a home-loan preapproval letter is typically only good for 30 to 60 days.

Having multiple preapproval letters from a few different lenders will only strengthen your hand. And if you get multiple inquiries for the same type of credit within a short period of time, the credit bureaus will usually treat those as one inquiry and avoid knocking your credit score.

How to get preapproved for a mortgage 

The process for getting a mortgage preapproval is fairly straightforward, and the better prepared you are, the more smoothly and quickly it will go.

Step 1: Review your financial situation

Before you apply for preapproval, it's a good idea to assess your current financial situation. 

Pull your credit report: Under normal circumstances, you're entitled to one free report from each bureau every 12 months, but you can now get a free credit report every week through April 2021. (Note that pulling your own report doesn't impact your score.) Review your credit history to make sure everything is accurate; you can reach out to lenders and the credit bureaus to make corrections if need be. 

Calculate your debt-to-income ratio: A key factor in getting prequalified for a mortgage, your DTI ratio represents your total monthly debt payments as a percentage of your monthly income. Most lenders won't offer a loan that will put your DTI above 43%. So, if you currently have an auto payment of $300, monthly minimum credit card payments of $65 and a monthly income of $5,000, your lender will only approve you for a mortgage with a monthly payment of $1,785.

Step 2: Submit your documents

For an official prequalification, lenders won't simply take your word for it when it comes to your income and liabilities. You need to show proof. Each lender may have different requirements, but here are some documents and information you will usually need to submit for yourself and anyone else on the loan application:

• Your employment history (and contacts for verification)
• Pay stubs from the last 30 days
• Bank statements from the last two months
• W-2s and possibly tax returns from the last two years
• Insurance agent contact information and declarations
• Outstanding debt information (your lender can usually just pull this from your credit report)
• Business financial statements and tax returns (if you're self-employed)
• Expected down payment (this affects your loan terms, interest rate and potential private mortgage insurance)

Self-employed individuals may have to provide additional paperwork to demonstrate proof of long-term income. Additional documents required often include:

• Profit and loss statements
• Business licenses
• Tax returns and bank statements from the past two years
• Balance statements

Not all lenders will require all of this information for preapproval, but you'll need to provide it at some point before your loan becomes official. And having all of it prepared may speed up the process.

Step 3: Lender review of credit and documentation

Next, your lender will review all of your documents, pull your credit report and seek to verify all of your information. This may include calling current and previous employers to verify your employment and wages, confirming outstanding loan amounts and investigating unusual transactions on your bank statements. Normally, this process should take no more than a few days.

Step 4: Get your home loan preapproval (or rejection) letter

Once your lender has completed its review, you'll receive the verdict. If there are no serious issues, you'll receive a preapproval letter indicating your maximum loan amount, estimated interest rate, loan type and terms. You'll want to give this letter to your real estate agent so they'll have it ready to submit with any offer.

What to do if you're declined for a preapproval

There's always a chance you won't get preapproved for a mortgage. But don't be disheartened. One rejection doesn't mean you can never get a mortgage. Especially during the pandemic, some lenders have tightened their standards for credit scores, down payments and more. But that won't last forever.

"We've been seeing these restrictions starting to soften as the market starts to recover and the economy becomes more accustomed to a completely virtual way of life," Watters said.

If you do get rejected, be sure you try applying with another lender. If one lender denied you for a credit score of 690, you can probably find a lender that's still qualifying borrowers for a conventional loan at 620 and above.

If you apply with a few lenders and still can't get preapproved, don't lose heart. Under the Equal Credit Opportunity Act (PDF), your lender has to tell you why your application was denied. It may have been your credit score, or it may be that you haven't been at your current job long enough. Whatever the reason is, now you know what to work on so you can get preapproved in the future.

What are the pitfalls?

Getting approved is usually pretty straightforward, but there are opportunities for things to go sideways. Here are a few things to avoid.

Applying when you're not really ready: If you already know your credit isn't great or you have too much debt, don't waste time applying for preapproval (and hurting your credit even more in the process). Make a plan to rebuild your credit to enhance your chances in six to 12 months from now.

Assuming your terms are final: Again, getting preapproved for a mortgage is not the same as officially having your loan underwritten and secured. Your terms can change. For instance, unless your rate is locked for 30 or 60 days, your final rate may vary, albeit slightly. If any information you provided wasn't accurate, that could change your final terms, too.

Taking on new debt between preapproval and underwriting: For that matter, your own financial choices can change your loan terms or derail the loan altogether. Once you're preapproved, it's time to wait on any big financial changes. That means no changing jobs, no new credit cards, no major purchases such as a new car.

Waiting too long after preapproval: Your loan preapproval is usually only good for 30 to 60 days. Once you have a letter, it's time to start house hunting and getting ready to make an offer. Otherwise, you may have to restart the process.

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Are USDA Loans Available to Everyone? How to Know if You Qualify

Are USDA Loans Available to Everyone? How to Know if You Qualify

USDA home loans offer a path to homeownership for those with lower incomes and for people who are looking to buy a home in certain areas of the country. 

These mortgages are backed by the US Department of Agriculture as part of its Rural Development program, which promotes homeownership in smaller communities nationwide. If you don't have enough money saved for a down payment or if you've been denied a conventional loan, you may have a good chance of qualifying for a USDA loan. 

Don't rule out a USDA loan for yourself even if you aren't moving to an especially rural region, as many suburban areas qualify, too. This means even if you're moving just outside of a city to get more square footage and land, chances are pretty high that you're moving to a USDA-designated area. 

Here is everything you need to know about USDA loans, how to qualify for one and whether it's the right type of home loan for you.

What is a USDA loan? 

USDA loans are insured by the Department of Agriculture and have interest rates that are often lower than rates for a traditional mortgage. In contrast to conventional loans and FHA home loans, which both require a down payment, you can qualify for a USDA home loan with 0% down. USDA loans can also be easier to qualify for, even if you've been turned down for a traditional mortgage. 

So why have you never heard of them? There's one major downside: These loans are only available to lower-income buyers in designated USDA rural and suburban locations. And while most of the US landmass is technically considered rural, over 80% of the population live in the 3% of cities and urban areas that are excluded from this loan program.

Types of USDA loans

USDA-guaranteed loans are the most common type of USDA mortgage, but there are also two other types of USDA loans: direct and home-improvement home loans. The lowest-income buyers who may be unable to get a conventional loan might be eligible for a USDA direct loan, financed by the USDA with rates as low as 1%. If you're looking to improve a home you already own, you can also apply for a USDA home-improvement loan or grant.

USDA-guaranteed loans are obtained through a private lender -- like a conventional loan -- but are backed by the government. This offers a major benefit for private lenders because if you default on your loan, the USDA vouches to repay the lender. Just like a conventional loan, if you put down less than 20%, you'll need to pay for mortgage insurance. Because of that government backing, USDA mortgage insurance is cheaper than other mortgage types.

What are the USDA loan requirements?

There are three main factors the USDA considers when determining your eligibility. First, you must buy a home in a designated area. Next, your household income cannot exceed USDA income thresholds for your place of residence: 15% above the local median income. Finally, you'll need a credit score of at least 640, though contributing some cash toward a down payment can negate this requirement. If you meet the first two specifications but have a low credit score, you might still qualify for a USDA direct loan or FHA loan.

Otherwise, the requirements are straightforward. You must be a US citizen, green-card holder or noncitizen national. Your mortgage payment cannot exceed 29% of your monthly income, and your debt-to-income ratio must be no more than 41% of your monthly salary. You'll also need to use the home as your primary residence, have no history of breaking mortgages or commitments to other federal programs, and meet any other lender-specific requirements.

How to apply for a USDA loan

When applying for a USDA loan, you'll need to submit documentation to prove your identity and income levels, just as you would for any financing agreement. Plan on submitting a copy of your driver's license or passport, your Social Security card, your previous two years' tax returns and pay stubs, and recent bank statements.

You may also be asked to turn in additional documentation if you do not have a credit score, apply with nontraditional credit or have unpredictable income. You can review the complete list of requirements on the USDA website.

Advantages of USDA loans

No down payment requirements

If you can't afford a down payment, you can still qualify for a USDA mortgage.

Lower Interest Rates

You can lock in a lower interest rate with a USDA loan than a conventional loan, especially if you have a good to excellent credit score. This could save you tens of thousands of dollars in interest over the lifetime of the loan.

Less expensive mortgage insurance

Although USDA loans do require mortgage insurance called a guarantee fee, it's much more affordable than private mortgage insurance and FHA insurance. You'll pay an upfront fee at closing equal to 1% of your loan amount and 0.35% of the loan amount annually (as of 2021). 

More thorough appraisal

Lenders order an appraisal to determine a property's value before finalizing your loan. This ensures they are not lending you more money than the home is worth, protecting their investment. USDA appraisals have stricter guidelines than conventional loans, which could save you from pulling the trigger on a home requiring expensive repairs.

Designed for low-income buyers

If a conventional lender has turned you down because of your income, a USDA loan can still offer you a path to homeownership. 

USDA loan limitations

Strict income eligibility requirements

USDA loans are not for everyone. They are designated for low-income Americans who cannot qualify for a traditional mortgage. 

Limited to properties in rural areas

If you live in a city or outside a designated area, you won't be eligible for a USDA loan.

Longer buying process

Guaranteed USDA loans typically have longer application and closing processes since the loans are underwritten twice -- once by the private lender and then by the USDA. 

Pay more over time

Although USDA loans are designed to make homeownership more affordable, the mortgage insurance requirement could mean that you pay more over the lifetime of your home loan.

No option to cancel mortgage insurance

You can cancel PMI on conventional mortgages (and even sometimes on FHA loans) once you reach a certain equity level. The guaranteed fee on USDA mortgages might be cheaper, but it lasts for the lifetime of the loan.

Is a USDA loan right for you?

These mortgage programs are more affordable than traditional mortgages, but they're only possible if you do not exceed the income limits and are buying a home in a designated rural area. If you're just above the income threshold or want to live in a city, you'll need to explore other mortgage options.

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How We Test Home Security Systems and Services

How We Test Home Security Systems and Services

Home security is one thing you want to be sure works before you buy it. After all, if an emergency ever does happen, you want to be confident your system will be up to the task of catching would-be burglars, scaring them off and promptly notifying you and the authorities.

Buying into one of these systems can cost a lot -- both upfront and after factoring in monthly fees -- and paying that price requires a lot of trust. We've tested every major DIY home security system and professionally installed and monitored home security service in a home setting to offer our recommendations on the best ones to buy.

Here's how we test home security systems at CNET.

Step 1: Checking the security basics

Most home security systems, DIY or professional, essentially do what they're supposed to do. If you trip an armed entry sensor, an alarm will go off and you'll get notified via phone. Ditto motion sensors, glass break sensors, leak detectors and all the other simple devices that comprise any given home security setup.

Testing the reliability of the security product

The first part of home security testing is simply confirming that each of these devices responds properly to its stimulus -- and the vast majority of the time, they all do. (It's a big red flag if they don't, considering reliability is a core selling point of any safety-related technology.) I usually do this initial set of tests when I set up the system for the first time.

Testing promised features

The second phase of testing introduces a little more complication. I check to make sure all the more complex devices (such as security cameras, video doorbells, keypads and base stations) work properly. This means laying out the list of included features (such as smart alerts and motion detection zones), then testing each of them one by one.

Cameras are a little harder to evaluate than simple entry sensors or leak detectors.

Chris Monroe/CNET

Again, I do these tests as I set up each device, and the outcomes are usually a little less clear-cut than the simple device tests: A leak sensor either detects or fails to detect water, after all. A video doorbell may sense motion reliably and identify deliveries semi-effectively, but be less consistent in labeling animals (assuming that's a feature).

I make note of all the features included on these more complex devices, as well as how they perform in an initial battery of tests. Then I move on to the next phase.

Step 2: Real world testing

I always test home security systems in a home setting, installing and using them for at least a full week. This ensures that I don't just get "lab results" that are abstracted from the real-world use case of a security system. In short, I want to see them in action, getting practical use, over the course of a week.

As I do this, the testing becomes less formal and more experiential. Do the beeps from the hub every time a door opens get annoying? If so, how simple are they to deactivate? Is the base station easy to use, or do I default to the app in most cases? Do I experience false alarms or connectivity issues? If an alarm gets set off, how quick are the notifications -- and what kind of alerts occur with professional monitoring? Can I check back through the camera feed to figure out which neighborhood critter got into our garden? If I pull up the livestream of the back door camera, can I clearly hear my kids playing in the yard or does the wind interfere with the sound quality?

We test every home security system in real homes to make sure they're genuinely useful.

Josh Goldman/CNET

There are innumerable questions here, and I try to put myself in the shoes of as many potential users as possible. How do kids or pets change the equation? How would the system work in an apartment? Which types of chimes are the video doorbells compatible with -- and can they be used wirelessly?

This section of the review is often the biggest for two reasons. First, it's the most representative of how you'll actually experience the home security system. Unexpected elements that you'd only discover if you lived with the system for a few days often emerge. It's during this phase that I've found some cameras don't have adequate dampening of environmental noise, and their sound is essentially useless on a windy back porch. Or I've found that a video doorbell with plenty of great features takes a few seconds too long to pull up its feed via app, making it impractical for intervening during a package theft.

The second reason why the section is often large is that there are so many elements to home security systems. Unlike stand-alone devices, these systems depend on integration -- their ability to work as a team. You can only get a feel for how well that coordination actually works if you test them over time in the environment they're meant to be used in.

Step 3: Measuring the value

At the same time that I test all the individual devices and make note of their extra features, I also record their prices. This gets a little tricky, because home security systems are notorious for offering huge discounts all the time. That means the MSRP might not reflect what you'll pay for the hardware, but it provides a useful starting point.

Then, while I'm performing real-world tests in the background, I spend a day or two thoroughly comparing each device to the equivalent one in each other system on the market. How do the prices match up? What about the extras? Ultimately, I'm trying to figure out how the value compares.

For simple devices, this process is often straightforward. A system that charges half the price for entry sensors -- as long as they perform well -- offers better value than its competitors. For complex devices, this can quickly become its own miniature review. Stand-alone security cameras and video doorbells can range from $20 to $300, and their features vary as widely. The same goes for cameras that integrate with home security systems.

Some home security devices, such as video doorbells, have become much more affordable in recent years. Both Amazon Blink and Wyze offer wireless video doorbells for under $100.

Chris Monroe/CNET

It's not just the hardware prices that factor into the overall value assessment, though. Most home security systems require -- or at least work best -- with monthly service fees. These fees often scale to include everything from rolling cloud video storage to full-fledged 24/7 professional monitoring.

Many of these services rely on the same underlying approach, but slight differences in price and feature offerings can make a big difference over time. Generally, I look for systems that offer a lot of possible configurations. Your home security needs are particular, so your home security coverage should be customizable for your household.

I also look at the industry norms. App support and self-monitoring are almost always free; cloud storage is almost always available for a small monthly fee; professional monitoring is almost always available for $25, give or take. If a system significantly departs from such norms, I make note of it. Sometimes, such as when Wyze Home Monitoring originally launched $5 per month professional monitoring, that departure might be a standout feature. Other times, like when companies like Cove charge monthly fees for any app access, it can be a big criticism.

A few more considerations

While I prioritize value and performance when it comes to home security systems, a few other aspects of a service are worth considering.

Reviewing the home security installation process

Professionally installed systems come with, as you may have guessed, installation. While I often write about the installation process, this typically doesn't impact the overall evaluation much since installation can vary, depending on the region and particular installer.

Reviewing the home security provider's customer service

Likewise, I always use the provider's customer service channels rather than troubleshooting with media representatives. That way I get a basic sense of the customer service. I will often make note of significant differences in these offerings but again, because of such a low sample size, I avoid generalizing my experience when it comes to scoring or the final evaluation.

Some publications look to consumer surveys or online reviews to weigh customer service. While I test it and will often touch on it in reviews, I avoid relying on third-party reports of customer service for my reviews. Ideally, a system shouldn't need customer support except in unusual circumstances, anyway. If it does, that likely indicates another problem altogether.

Putting together the score and recommendation

Different people need different home security systems. That's why I don't simply make one recommendation and call it a day. Instead, I aim to offer the best systems for everyone's needs -- whether you own or rent, whether you're looking to spend hundreds or thousands, whether you're hoping for a professionally installed and monitored system or something more DIY and self-monitored.

Regardless of what you're looking for, I always aim to find the best home security systems with reliable hardware, flexible services and unbeatable value.

Recap: Every testing step we take

Here's everything we do when we review home security systems and services:

• Review setup
  
• Review reliability 
  
• Review promised features
  
• Review user experience over the course of a week
  
• Review the overall value
  
• Review installation and customer service
  

Each of these features come together to help us score any given product and list each product appropriately in a variety of lists, whether it's the best for everyone or for some customers in select circumstances.

If you're looking for more information, check out our recommendations for the best home security systems, the best home security systems for renters, the best security cameras and the best video doorbells. 

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