Is There A Perfect Time?
Waiting for the perfect time to buy a home can be tricky! You may be waiting for a promotion or to save just a little more for a down payment. The chance of rising rates over the next year or two could leave you with much less buying power than you have today. This is commonly referred to as the “Cost of Waiting” and the range of home prices you may qualify for is directly impacted by fluctuating interest rates. If you are interested in buying, the first step is getting prequalified. This allows us to assess your financial situation and provide a maximum sales price as you go home shopping. During this no-cost prequalification, we can also discuss the impact of the Rate Lock – this will protect you against market shifts during the rate lock period, which in most cases can range from 15 to 90 days.
Sometimes dispelling the myths of homebuying can help you make an informed choice. 20% down payment may have been the norm, but did you know that in the past year 1.5 million borrowers purchased their homes with down payments of less than 10%?* You have choices when it comes to down payment, and we can help provide options that meet your specific needs.
Housing inventory continues to be a strain for some clients looking for their dream home. According to the National Association of Realtors (NAR), existing-home sales are down 3% from a year ago, while median home prices are up almost 5% from May of 2017. In addition to that, NAR also reported that of the homes sold in May, 58% of them were on the market for less than a month!** This is just another important reason to have a prequalified loan before being ready to make an offer.
We Can Help!
To talk more about the impact of waiting or to see if now is the right time for you to buy a home, please contact a Licensed Mortgage Professional at a Homeowners Financial Group location near you.
*According to Black Knight Financial Services: https://www.blackknightinc.com/data-reports/