05 May Market And Mortgage Information Important To Know Right Now
There have been a lot of changes in the mortgage industry lately and more are coming. We are here to take any questions, listen to concerns and keep you updated. There are a few things that haven’t changed though – our commitment to excellent customer service and providing loan products to help homebuyers achieve the dream of homeownership.
With so much information regarding rates and what to expect over the next few months we are happy to keep you posted. Please check in with us online or call one of our licensed mortgage advisors. Here is the latest information that we have:
Mortgage rates have fallen and Freddie Mac reported that they have decreased more than they have in many years. It is important for homebuyers to talk to a lender because although this is a major headline, not all buyers will qualify for these rates. Forbearance, changing circumstances, and the type of loan product will cause rates to vary. Conditions are still favorable, however, and a trusted lender can help you understand what your circumstances mean from a home loan perspective.
People Are Buying Houses
The quarantine and being in small spaces made many people realize they have outgrown their spaces! OJO Labs recently conducted a survey among first time homebuyers who have decided to expedite their plans to purchase a home. They reported that 43% need extra bedrooms and 46% want an open floor plan based on what they learned during COVID-19. From the same survey, 46% said they are motivated to purchase a home now because they think now is the time to get a good deal, while low interest rates are a major factor for 57%.
Refinances Dominated The Market
According to Freddie Mac, the refinance share of mortgage activity made up 72% of applications in April. It is still a good time to refinance but conditions and guidelines have changed. A lender can explain and let you know if this is a good time for you based on your unique circumstances.
What To Do If You Want To Buy A Home Right Now
Be prepared with W2s, bank statements and pay stubs. Do not make any large purchases or change jobs. The more prepared you are to apply for your loan the quicker your loan can close if you are approved. The best advice of all is to call one of our licensed mortgage advisors in your area. Explain your situation and find out what you need to do based on your circumstances.
Even with so many changes in the market lenders are busy helping many homebuyers. Inventory is low making it crucial to be informed and ready. We are ready to help with options available that include traditional, FHA, VA, and USDA among others. Contact us today to learn about our products and how we might be able to help..