Statistics from the National Association of Realtors’ (NAR) annual Profile of Home Buyers and Sellers show promising news about the number of young buyers entering the housing market for the first time. The share of sales to first-time homebuyers rose to 35% this year.
If your goals for 2017 include buying a new home, start by getting your finances in order as soon as possible. The sooner you can speak with a mortgage expert to know what your options are, the sooner you’ll be on a path to home ownership.
Here are some other tips from the mortgage experts at Resource Financial Services to help you get there.
Mortgage rates remain close to their historic lows. Even though they have risen slightly, low mortgage rates make this a great time to buy. Look for a lender who will take the time to educate you and offer competitive rates with the best terms.
Be prepared to shop around. Data from the NAR shows that the supply (inventory) of existing homes for sale is down and new construction is not meeting the demand. Be prepared to take a little longer to find the home of your dreams.
Get pre-approved for a mortgage before you house hunt. Low inventory and low mortgage rates can create a competitive housing market. Pre-approved buyers are more attractive to sellers because they already have the backing of their lender.
Make a wish-list for your new home. Prioritize the items you want and need in your new home from most important to least. You may have to compromise on a few features but you don’t want to settle for a house you don’t love.
Start looking and be prepared to act quickly. Armed with your pre-approved budget, visit homes in neighborhoods that align with your budget and needs.
Make a realistic offer. Your real estate agent can help you make an offer that is consistent with sales of similar homes in the area. In a competitive housing market, your offer may not be the only one, but don’t be discouraged. If you lose out on a home or two, the right one will come along.
Contact your mortgage banker at Resource Financial Services today to begin the process. We can walk you through the process and in many cases have you pre-approved for your home loan in the same day.
Resource Financial Services is here to make people’s dreams of home ownership a reality. That’s why our experienced mortgage specialists work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. We offer quicker closings, same-day pre-approval and guaranteed lower rates.
We’re excited to help you find your home, find your loan and get cash back. Start searching for the home of your dreams online at rfsmortgage.com. Call us today toll-free at 877.797.4545 to speak with one of our mortgage bankers.