You’ve finally put your foot down and decided to purchase a home.
Are you feeling confident about your mortgage rates? Buying a home is a complex process, due in no small part to the foundation you’re trying to create for your family and future. Not only do you have to take into account the location and the style, you also need to ensure you’re saving as much money as possible. Up to date mortgage rates are one area you’ll want to pay special attention to. Failing to do so can put you in an even worse spot than before, spelling disaster mere months down the road.
Don’t be scared off by new terminology. Learn about current mortgage rates and what you should expect with the quick list below.
House Ownership Is Rising Fast
You’re part of a rapidly expanding group of homeowners eager for a fresh start. According to the most recent U.S. Census Bureau nearly 65% of Americans today are homeowners. Many are brand new, too, and learning the ins and outs of mortgage rates as they go. The National Association Of Realtors’ report in August found nearly 40% of home sales between $100,000 and $250,000, with just 10% under the $100,000 price range. There’s no shame in admitting you need a helping hand throughout the long purchasing process.
Changing Demographics Of Homeownership
Did you know new homeowners are incredibly common? According to another National Association Of Realtors report, nearly 35% of those looking to buy a home are doing so for the first time. For those wanting to re-live the home buying process, half of American homeowners said they still wanted to do things differently. This can mean different styles, different mortgage rates, or just being smarter about the whole process. Mortgage companies today have their work cut out for them keeping up with the influx.
Budgeting Your New Home Wisely
Your home is a balancing act. You need to take into account up to date mortgage rates, the unique tax exemptions of your state, and all the day-to-day elements that goes into maintaining a healthy house. Data from 2016 showed household income growing by 30% over the past decade, but the cost of living has also gone up by the same amount. Learning how to budget means learning how to say no, in all its forms. This is where mortgage lenders really come in handy.
Common Concerns Of New Homeowners
While we all have our own journeys to navigate, there are some common issues faced by new time homeowners that need to be addressed. According to a survey on homeownership from 2016, nearly 60% of homeowners admitted they wish they understood the terms of of their mortgage better. Others found themselves regretting loans that were too high. You don’t need to add regret to an already full package. A real estate professional can sit you down and discuss up to date mortgage rates so you know exactly what you’re getting from day one.
Choosing The Most Up To Date Mortgage Rates
Your mortgage company should put you and your family first. This means being transparent about the best option for your unique situation. Fixed rate mortgages come with varying loan terms, with the most common fixed rate loan by far being the 30 year and the 15 year. To qualify for a traditional FHA home loan you need to have a credit score of at least 580, with refinancing hovering at 97% of your home’s value. An adjustable rate mortgage (or ARM) is a loan with a variable interest rate able to change periodically.
Up to date mortgage rates, loans, bills…it’s a lot to sort through, but so worth it.