In uncertain times like these, buying a home can seem like a big risk. But, as government officials begin to reopen businesses and the public start to adjust, home sales have started to surge. Even now, there are several reasons why aspiring homeowners should begin looking for homes now.
Residential real estate sales are rebounding nicely, fueled in part by interest rates that are at their lowest since the Great Recession. Homebuyers with excellent or good credit, a down payment, and steady income may be able to lock in annual interest rates of 3% or lower for the life of their loan.
For perspective, the average rate for a 30-year mortgage was 3.74% in 2019. And while this may not seem like much of a difference, as little as half a percentage point can add thousands or even tens of thousands of dollars to your total loan cost.
Growing Inventory of Homes
While home inventory is tight across the nation, national real estate trends often don't reflect on-the-ground realities. Many local markets still have an abundance of homes for sale. But even if you're struggling to find a home that meets your needs, expect the number of available homes up for sale to increase in short order as realtors look to re-list with safety measures for touring and online resources available.
Some would-be home buyers are deferring their plans because their personal financial circumstances have changed. Others are simply concerned about making such a large purchase during this period of economic uncertainty. But if you have stable income, a down payment, and good or excellent credit, you can secure the mortgage you need at the best interest rate available.
Take the first step by contacting Lend Smart Mortgage. Our experienced team has helped clients secure:
Conventional fixed-rate mortgages (15-year and 30-year terms)
FHA mortgage loans
VA mortgage loans
RHS/USDA mortgage loans
We'll walk you through your options and work with you to help you finance your new home. Contact us today to get started.
We are a direct lender and a broker who will work one on one with you to exceed your expectations. If we don’t have a product that makes the most sense for you, we’ll find the lender that does. We’ll make sure you have the best loan at the best price. Choose Lend Smart- it’s the smarter way of doing business.