The Karlton Govan Lending Team is intentional about empowering clients by providing information that will be helpful in the homebuying and lending process. If you’ve been thinking about buying a home, now’s the time to take advantage of the market. For the second month in a row, home sales are climbing.
Why You Should Buy Now
There is an unexpected market turnaround according to realtors and housing experts. Existing home sales are expected to decline by only 3% and new home sales are projected to rise by 3%. The average rate on the 30-year fixed mortgage at the beginning of June was just over 3%, but by month-end, it dropped to close to just under 3% at 2.95%, according to Mortgage News Daily.
There are all-time lows around 2.9% and this trend is expected to remain at or near 3% over the next 18 months. Consumers are taking advantage of the rates, and you should, too.
Don’t Forget About Refinancing
You may be on the other end of the spectrum in lending, wanting to remain in your home and instead, refinance for a lower interest rate or secure cash flow.. Now’s a great time to consider refinancing with such low rates. Even if you’ve refinanced your home in the last six months, you may look at entering the process again based on your current loan’s terms. Also, home values are up, so you’ll be able to benefit even more.
What the Trends Are Now
If you’re looking for a new home, consider what kind of home you want. The pandemic has caused prospective buyers to desire living in more suburban areas. Rather than spaces in metropolitan areas, which may have smaller living quarters. Buyers are looking for space to accommodate families staying in to enjoy both living and leisure time as well as more rooms for various uses, such as a home office, play room and lodging for extended family members and guests.
Taking the Leap
So where do you begin? First, keep a list of what’s important to you in a home, especially if it’s a second or third home. Determine the primary reasons why you’d like to refinance your home and further goals.
Second, but most important, get pre-approved for lending by completing our pre-approval application here to know your purchasing power and maximize your time when you officially begin the homebuying or refinancing process.
Best wishes on your lending journey!