As a first-time homebuyer, it’s important that you know the loan programs available to you. In the first part, we discussed the two popular loan programs available for most homebuyers. In some circumstances, there are also loan programs that can help you buy a home if you have a limited budget or if you want to save your finances for other important matters.
If you think 2020 hasn’t been full of much good news, we do have some actual good news for just about everybody who is reading this. The amount available to homeowners to borrow against their house hit a record high of $6.5 trillion earlier this year. Additionally, 9 in 10 homeowners currently have a primary rate at least 0.75 percent above the prevailing market average rate as mortgage interest rates continue to hit record lows. If that isn’t good news, then we don’t know what is!
Many first-time homebuyers are entering the real estate market this summer amidst the COVID-19 pandemic in order to acquire a piece of the American dream: homeownership. What many are realizing is that mortgage interest rates have become more favorable than in years past. As a first-time homebuyer, you may too find yourself competing with other buyers in a sellers’ market – where home prices have increased, and inventory is small. However, if you find your budget is tight, here are the best loan programs to help you buy a home for your family.
Buying a home can be an exciting time for most first-time homebuyers, but many find it to be an overwhelming process, as well. To help smooth the homebuying process, we recommend getting a mortgage pre-approval as the first step to take.
Summer is just around the corner and it seems nothing can stop serious homebuyers from fulfilling their homeownership dreams even during a pandemic. If you’re planning to put your home on the market, it’s important that you practice safety measures to ensure that your family and potential homebuyers are protected from the coronavirus disease of 2019 (COVID-19).
Mortgage interest rates are at tempting levels that could make you wonder if it’s the right time to reap the rewards of your investment as a homeowner. Cash-out refinancing could be an option if you want to take advantage of the historically low interest rates and augment your finances especially during this difficult time as the nation deals with a health crisis.
More homebuyers are now ready to attend open houses compared with those who rely on virtual home tours. Although virtual tours are convenient and safe in this time of the coronavirus disease of 2019 (COVID-19) pandemic, attending an open house in-person lets homebuyers get to experience what it feels like while inside the home that they want to buy.
“One call could save you $1,500” – Freddie Mac research
Refinancing is a hot topic right now as it offers a lot of different financial options for you as a homeowner. Before you begin, here are four things you should consider to get the best rate possible.
Serious homebuyers know the importance of getting a mortgage pre-approval first before touring a prospective home. Getting a mortgage pre-approval means that a lender has thoroughly checked and verified your credit, and for a period of time, determines that you could borrow the amount you’re applying for to buy a home. Lenders, however, have recently become stricter with lending requirements because of the uncertainty that this COVID-19 pandemic brings where millions of people have filed for unemployment claims.