It has been quite the whirlwind of a real estate market over the last few years here in Chattanooga, TN. We hit all time lows with interest rates as well as all time highs with home value increases. Homes were selling in less than 24 hours and with little to no contingencies. Throughout 2022 and 2023, we started to see that change a bit as the interest rates began to increase which changed a lot of people’s buying power. It has been all over the news and social media lately that interest rates are expected to drop in 2024 which would mean a lower mortgage payment for buyers. While you may be saying to yourself, “I’ll wait to buy a home when the interest rates drop,” we’re here to discuss why that may not be in your best interest. While we can’t…

Many people think that renting is less expensive than owning their own home. But as it turns out, it’s actually cheaper to pay a monthly mortgage payment than a month’s rent. 

According to a study done by the personal finance website GOBankingRates.com, the median monthly rent price for a single family home was $1,195, while the average mortgage payment was $934—a difference of $261! What could you do with an extra $261 a month?

Taking the leap from renting to buying a home is one of the biggest financial decisions a person can make, but mortgage rates are still historically low, making now a great time to buy. It’s also gratifying for homebuyers to see their mortgage going towards something that is theirs, as opposed to throwing away money…

Buying a home can be stressful, especially if you’re a first-time home buyer. If you’ve been considering buying a home, now is a great time! To help you get ready for this big life decision, we’ve gathered some of the most important tips you should know before you buy: 

1. Start saving for a down payment early 

There are plenty of mortgage programs that offer as little as 3% down on a new home—but by putting less than 20 percent down, you’ll be losing a lot of money in the long run. If you borrow more than 80 percent of the value of your home, you normally have to pay for private mortgage insurance (PMI) to protect the lender. That PMI typically costs between .5-1 percent of the loan amount, which may not sound like much, but if if your loan balance…

If you were looking to buy a home or refinance, you might want to start thinking seriously about it soon! 

Mortgage rates are holding at a low for 2017, with a 30-year fixed loan at 4% interest. To put it into perspective, the average rate for a 30-year fixed mortgage in June 1987 was 10.54%!

Although not the lowest they’ve been this year, this rate is exceptional, and it seems to be holding for the time being. However, the lack of movement by fixed mortgage rates may be the pause before they begin to ascend once again. 

"Experts in the field expect that mortgage rates will remain at this plateau for now or will rise in the near future," says Christina Lane, senior mortgage loan officer with Movement Mortgage. 

Redfin has now updated its…

Buying your first home is really exciting … but also a little terrifying. It’s not a choice you want to get wrong. Here are some of the worst mistakes home buyers can make and how to avoid them! 

1. Looking for the home yourself 

You might be amazing at searching sites like Trulia and Zillow for potential homes, but what you probably don’t know is sometimes that information is totally incorrect. So you can find a home you love at the price you need, and once you contact someone about it, you might find that it’s an old listing that has already been sold, has an incorrect price, etc. Yikes! A Realtor will have access to your entire area’s MLS (Multiple Listing Services) which will have every home for sale in the market and its current data and…

Whether you’re buying a home or looking to sell yours, chances are you’ll come across your fair share of real estate jargon. Oftentimes realtors will use acronyms as part of their listings, and rather than having to look up every word, we wanted to bring the complete list of most-used terms to you! Check out our collection of real estate lingo so you look like a pro for your next move. 

3B/2.5B - Three bedrooms and two and a half bathrooms. In order to be called a bedroom in our area, the room must be a sleeping area with a window and a closet. A full bath is a room with a toilet, sink and bathtub. A half bath otherwise known as powder room only has a toilet and a sink. 

Appraisal - An appraisal is an unbiased professional opinion of a home's…

Movement Mortgage premieres new zero-down payment mortgage program

Want to buy your first home but are having a hard time coming up with that necessary down payment?

Movement Mortgage has just announced its new down payment assistance program for first-time homebuyers that allows borrowers to put nothing down on a home. 

Movement Mortgage, a top 10 retail home lender, has just introduced a financing option that provides eligible first-time buyers with a non-repayable grant of up to 3 percent. Not only that, but the program also allows for sellers to further assist the buyer by paying up to 4% of closing costs and pre paids on the home. 

For example, say you were to buy a $200,000 home. The necessary down payment costs would be about $6,000…

If you’re looking to buy a home, it’s time to check that dreaded credit score! While to us our credit score doesn’t mean too much, to a lender who’s considering whether to approve your mortgage loan, a low credit score can indicate you’re a risky borrower. And for most of them, that’s not a risk they’re willing to take. 

So, what do you do to get your credit score up and get ready for your home purchase? Let us help with these tips. 

1. Get a current copy of your credit report

Knowing is half the battle when it comes to your credit. If you know where you stand, then you know exactly how much work it’s going to take to make that good credit score happen for you. You're entitled to one free copy of your credit report every 12 months from each…

With technology evolving more every day, it’s easier than ever for scammers to find their way to you and sell you on whatever they may be offering. Between phony telephone calls, get rich quick schemes and fake online listings, it’s hard to know what’s real and what’s not. Let us help you with identifying some of the most notable real estate hoaxes and how to avoid them. 

1. Bogus real estate investment seminars

Chattanooga’s real estate market is booming, and you want to get in on it! So, when someone advertises a  FREE real estate investment or house flipping seminar, that sounds like a great plan, right? Maybe. Many real estate “gurus” will get the public in the door with the promise of free information, but then it goes downhill from there.…

Buying a home can be an overwhelming thought—especially for first time buyers. We’ve compiled a list of our most frequently asked buyer questions to help you get started on the home search! 

Q. What is the first step in the home buying process?

The first step in buying a home is to get pre-approved for a mortgage loan. The pre-approval process includes talking with a mortgage broker and providing them with information like pay stubs, bank statements, credit report, etc. to help them determine exactly home much of a home you can afford. This is important to do BEFORE you start the home search. If you start looking at homes but can’t get approved for a loan, it’s a waste of both yours and your realtor’s time. Not to mention, if you are approved…