Extended Savings for New Homes in Greece

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The New Year is off to an exciting start in our Creek House Village and Regency Park communities. With only four home sites remaining at Creek House Village and 10 at Regency Park, our Faber Homes team has decided to extend the Winter Incentive through February! This extended winter incentive will give buyers purchasing an available home site at one of our Greece communities $2,500 to use toward design upgrades at the Claridge Decorating Centre or on closing costs.* Our new homes at Creek House Village begin at $179,900. The home plans offered in this community feature sought-after layouts that include open kitchen and living spaces, optional morning rooms, two-car garages, master suites with walk-in closets, spacious secondary bedrooms, home office space and more.

Loan Program Tailored to Doctors Available on New Rochester Homes

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After long days of treating patients, you probably want to retreat to a home of your own. But after years of education, student loan debt and minimal time for house hunting, becoming a homeowner may not have been the top item on your to-do list. Here at Faber Builders, with the help of Citizens Bank, we want to change that! The rewards of becoming a physician are great, but the journey is long and costly. After receiving a four-year bachelor’s degree, there are four years of medical school, three years of residency, and possibly a few more years in a fellowship depending on your specialty. According to a 2016 report by the Association of American Medical Colleges, an average physician will graduate with $183,000 of debt. This number is not including the average undergraduate balance of $24,000, which would make a student loan balance for a doctor approximately $207,000. This number can cause new doctors to be unable to qualify for a traditional mortgage loan.

1% Can Cost You $52,000

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Increasing Rates Interest rates are on the rise in 2017. Since the Federal Reserve voted to raise a key interest rate by a quarter of a percentage point in December mortgage rates are on the rise. The move comes with the intent to raise rates several times throughout 2017. If you were shopping for a home in 2016 then you know that real estate experts were predicting that interest rates would soon be on the rise. As 2017 rolls in their predictions are coming true, and the year has begun with a higher rate than any point in the previous year. Now experts are saying that the days of 3.5% rates are in the rearview mirror.

Mortgage Tips & FAQs

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Ready to apply for a mortgage but you don’t know where to start? We can help! At Faber Homes, we have been working with Rochester-area lenders for decades so we know the process, and people, extremely well. If you’re ready to build with us and need a mortgage commitment, we are happy to help find you a lender that fits your needs. Otherwise, this blog will outline a few tips and tricks, as well as FAQs on the mortgage application process.

Gen-Y: Now is the Time to Buy

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To buy, or not to buy. That is the question for many Generation Y'ers. No doubt, the economic waves in recent history (and present times) have made it difficult, or presumably difficult to live the coveted American Dream. Limited job prospects and student debts have made it challenging to save for a down payment, and many are weary of the all-time-low interest rates. But the truth is, now is arguably the best time to buy a home.

Renting Versus Buying or Building New

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Rent or buy. It’s a question many face, especially those millennials who are a few years out of college, perhaps even married with a child, yet still paying rent. Many wonder if the investment of a home is worth it. If the costs will justify themselves. We came across this great tool from Trulia that helps potential buyers see how much of a savings owning a home can provide, compared to renting an apartment or home. For example, for someone spending $1,000 per month renting an apartment who is looking for a home that costs $140,000, the costs result in a 27% savings of owning versus renting with a 30 year mortgage. The fact remains: you can save money while simultaneously building equity.

First Time Homebuyer Seminar - January 2016

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If you've been searching for a home in Rochester but nothing you've seen suits your needs, we invite you to attend our first, First Time Homebuyer Seminar of 2016. Learn about the home building process, meet the Faber Homes sales team, explore flooring, cabinets and more at the Claridge Decorating Centre, and get pre-qualified for a mortgage with First Niagara Bank.

Interest Rates Expected to Rise in 2016

The federal funds rate, which has hovered near zero for the past many years, has just seen a slight bump this month. This signifies a step in the Federal Reserve’s long term plan of increasing interest rates on loans. While the increase is only one quarter of a percentage point, analysts are projecting 2016 to be a big year for rate increases, which will greatly impact the housing market. If you’ve just started to save money, or are entertaining the idea of purchasing a home in the next couple years, here are some facts regarding your current debts effective with these new changes:

The Time to Buy is Now

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It’s been a buyers market for the last several years, with interest rates at all-time lows, but all of that is about to change, according to many recent reports, including this one from Reuters. In the article, Atlanta Federal Reserve President Dennis Lockhart states that the U.S. central bank intends to raise interest rates as early as June, barring a significant downturn in the U.S. economy.

Saving for a Downpayment

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Saving for a down payment takes major commitment. It can be difficult to find ways in your current budget to make cuts, but with a little bit of discipline and the support of your spouse and family, you can get it done. Here are ten tips we collected from our experts here at Faber Homes: If it’s just you, or you and your spouse, consider moving in with family for a couple years. Not a fan of living with your in-laws? Find a less expensive, one bedroom apartment. You’ll give up a bit of space, but smaller apartments are generally less expensive.

Crowdfunded Down Payments?

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Crowdfunding has become a popular way to quickly raise funds for…anything. Some people have set up accounts to raise funds for weddings, vacations, new business ventures and even schooling. Would you entertain the idea of setting up a crowdfunding account to raise money for a down payment on your home? If so, here are some of the top crowdfunding websites you might consider: Indiegogo. As one of the first crowdfunding websites in the industry, Indiegogo approves donation-based fundraising for pretty much any task, project or idea. Friends and family (or strangers) can donate using PayPal or credit cards either online or via the Indiegogo mobile application.

Crowdfunded Down Payments?

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Crowdfunding has become a popular way to quickly raise funds for…anything. Some people have set up accounts to raise funds for weddings, vacations, new business ventures and even schooling. Would you entertain the idea of setting up a crowdfunding account to raise money for a down payment on your home? If so, here are some of the top crowdfunding websites you might consider: Indiegogo. As one of the first crowdfunding websites in the industry, Indiegogo approves donation-based fundraising for pretty much any task, project or idea. Friends and family (or strangers) can donate using PayPal or credit cards either online or via the Indiegogo mobile application.

Mortgage Mistakes

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Securing a mortgage can be a bumpy road. Not every borrower’s path is the same, but generally speaking, there are a few key mistakes made by homeowners that can be avoided. Here are five of the most common mistakes: Not checking credit reports. Waiting until you apply for a mortgage to check your credit can be a deal breaker. Credit report errors happen all the time, but you do have the ability to correct errors and increase your score, which will help you secure a lower, more favorable interest rate.

Quick Mortgage Tips

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Getting a mortgage used to be a much simpler task, but now the lender must do more due diligence before approving a borrower than in the past. It’s not impossible to be approved, but there are certain things mortgage shoppers can do to expedite the process. First and foremost, it’s important to get a copy of your credit report. Fully digest its contents and flag any discrepancies. If you’re positive you paid off that debt or late charge, dispute negative marks as soon as possible. Generally speaking, it is always a good idea to pay off debts and loans prior to applying for a mortgage, but if you just can’t swing it, keeping your debt to credit ratio under 20% will go a long way.

What's in Your Credit Score?

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You may think your credit score is just a number, but to a lender, it can be the difference between offering you the best available market rate, and a much higher mortgage payment. Understanding what goes into your credit score is important. Short credit history can been seen as a negative on your report, as it reflects a shorter time period of financial responsibility—the less experience you have making (any) payment, the less likely you are to understand how to handle a larger payment, like a house. Late payments can put a damper on your credit score, too, as they reflect poor money management. Additionally, having a high debt-to-income ratio can impact your score, because it shows you are charging beyond your means.

Selling Your Home

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You’re ready to build a home but there’s one thing standing in your way: your current home. It’s sellable, yes, but could some upgrades help you get it on and off the market quickly? Don’t worry, there are ways to increase the value of your home without breaking the bank. Some of the best upgrades you can make to your home are undoubtedly the kitchen and bathrooms. Unfortunately, these are often the most expensive rooms to upgrade. A full-blown kitchen upgrade can cost upwards of $40,000, and a bathroom remodel can cost more than $10,000.

Don't Settle for an Old Home

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Television shows like “Flip this House” or “Love it or List it” are fun to watch, and many believe they possess the true passion and expertise to renovate old homes. But in reality, it’s a much riskier game than some would lead you to think. Oftentimes with old homes, flooring jobs become structural nightmares, and creating more space in an old bathroom can mean thousands in unexpected plumbing fees. Simply put, old homes are unpredictable, and can lead a homeowner down a never-ending path of constant work and dwindling funds.

Mortgage Rates Rising in 2014

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You’ve likely seen the signs in your neighborhood of the market returning to stability. There are less for-sale houses, your neighbors are refinancing due to historically low interest rates, and some are even finally able to check items off renovation lists. While this apparent boom in activity seems fantastic, in reality, it’s not all positive. In June of 2013, the federal government announced intentions to eventually pull back on monetary easing, which caused an artificial spike in interest rates. While they are still “historically low” compared to 15 or even 10 years ago, over the past six months, interest rates have risen drastically—at times upwards of 1 percent. While this change will cause our economy to move in the right direction, it will only cause interest rates to increase.
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