Is It A Good Time To Buy A Home?
Where do I even start?
The first step to buying a home is to get pre-qualified with a reputable lender, we partner with four experienced local lenders, or you may use the lender of your choice. Prequalification provides an estimate of the value range you may be approved for and helps determine an estimated monthly payment range you’re comfortable with.
When it comes to planning for your new mortgage payment, be sure to consider changes to your finances that may come in the next five to ten years, such as job promotions, getting married, growing your family, or starting a business. Other factors to consider are:
- Your credit score.
- Your debt-to-income ratio.
- Your down payment amount.
If you’re not sure what the future may hold, that’s ok too. It is always best to speak with a professional. Our preferred lenders are the best in the business and would be more than happy to answer any questions you may have.
What is happening with mortgage rates?
Even with the changes to interest rates, and the competitive market of the last few years, interest rates for homes are still historically low. Not to mention, there are several programs out there to help assist with getting approved for a mortgage loan.
Two types of loans to touch on are the adjustable rate mortgage, and 2-1 mortgage buydowns. Adjustable rate mortgages offer a reduced interest rate for a fixed number of years, after which the rate re-adjusts annually or bi-annually. A 2-1 mortgage buydown provides a lower interest rate for the first one to two years of the loan, re-adjusting to a fixed rate at the end of the buydown period.
One thing to always remember is that you are marrying your home but dating your rate. Your home is forever, but your interest rate may be able to change. In the future, if you find a more attractive interest rate or loan program, refinancing could be an option.
Should I be renting versus buying?
When you’re renting, the thing to remember is that you are paying someone else’s mortgage. Since you’re putting money towards a place of residency, it may as well be your own. Homeownership is ultimately an investment for you and your family.
Not to mention, your home can be personalized to showcase your style and meet your unique needs. With renting your options for personalization are limited, if available at all. At Stevens Fine Homes our mission is to create the perfect home to fit our clients’ lifestyles.
Stevens Fine Homes is here to help, always.
At Stevens Fine Homes we are constantly working with our preferred lending partners, such as Alpha Mortgage, to ensure we have the most competitive offers for our clients.
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