Lenders Corner: What are the experts saying?
Today, most professionals and the public alike understand that interest rates are lower than ever and property values are on the rise. Most real estate agents and lenders are suggesting now is a great time for prospective homeowners to jump in and buy. While nobody has the magic crystal ball to see into the future, we do know rates are historically low and this cannot last forever. “If you’re on the fence about buying a home, right now is the best time to do it,” confirms Don Frommeyer, the chief executive officer of NAMB, the association of mortgage professionals. Even if you’re not convinced that now is a good time to purchase real estate, feel free to call one or both of my preferred lenders with any questions about rates or qualifying. Everyday, I see new mortgage programs and ways for potential homeowners buy homes come up. Even refinancing your home with these low rates can be quite beneficial to homeowners.
Prescott Preferred Lenders
Low to No Down Payment Mortgages
These types of loans with low to no down payment mortgages allow first-time home buyers, veterans, and resale home buyers to purchase homes with little to no money required at closing. Other financing options include FHA loans, HomeReady™ mortgages and Conventional loans that even offer 3% down payment programs. Keep in mind, mortgage insurance premiums generally come with any low and no down payment programs. Also, ask your agent to consider strategies that implement asking for ‘seller concessions’ whenever making a purchase offer on a property. This method can save a buyer money in closing costs. However, this strategy should only be used when making solid offers to get the seller on your side. For more details call Donny Karcie, MBA with RE/MAX Mountain Properties.
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