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Interest rates are dropping but home prices are not, now is the right time to purchase a home.
November 28, 2022
Finally! The Federal Reserve has announced that it is dropping interest rates, which means that mortgages are going to be cheaper in the near future. This is great news for people who have been thinking about purchasing a home – now is the time to do it! Home prices have not yet dropped as much as interest rates, but you can still get a great deal on a property.
Here are some ways to prepare to purchase a home;
Pay attention to the rates: Mortgage rates are changing rapidly. Staying informed on the interest rates and home prices can give you an advantage when buying or selling your home.
Compare Mortgage lenders: Homebuyers can save thousands by just comparing their mortgage loans. Each lender has their own programs to help buyers so make sure you're getting the best deal possible.
Increase your credit score: Check on your credit score, each credit bureau gives you a free report once a year. Now is a great time to do some research and see what areas of your credit could use some improvement to boost your score. This will in turn lower your interest rates when applying for a mortgage loan.
Remember, interests rates are slowly decreasing but home prices won't so the best time to buy it now. Buying now gives you equity, builds wealth, and ensures a stable mortgage payment amidst rising prices everywhere.
Ready to find that dream home? Don't wait – contact Robert Ott today! (210) 774-9936.
As parents we can do so much early on to help set our children up for success as young adults when it comes to purchasing a home. One of the toughest obstacles as a young adult —building good credit. It’s hard, right!? Do you remember just starting out as a20-something? I’m sure you remember how hard it was to have a credit card, let alone paying it off and keeping good standards with the credit card company. This is something I know my wife and I struggled with.
PMI -- it's like the loathed word when purchasing a home because perception is, is that it's another added cost on top of mortgage and unaffordable. GUESS WHAT?! We owned our last home 2 years ago. We had well over 20% to put down on it to not have PMI, but decided that it was actually cheaper to pay the monthly PMI than to use up all of our cash in a down payment. PMI can actually work in your advantage if you look at it the right way. ↓ (and it has to make sense for you, we recognize every person and every financial situation is different).
Airbnb or long term rental? It’s a question we’re fielding more often with our 2nd time buyers, investors and homeowners. While each makes complete sense, there’s a few things you’ll want to personally weight out. We have clients who have gone either direction with their personal or investment home - either converting it into a long term rental or using it as an Airbnb - and have had a lot of success with both.