Posted
on Monday, August 22, 2022
in
Mortgage Lending
Three Tips for Buying a Home Today
Now is a great time to buy a home. Recent data shows that the supply of homes for sale is increasing, giving buyers additional options.
While inventory is improving, it is still a seller’s market. That means you need to be prepared as you set out on your home search. Here are three tips for buying your dream home today.
1. Understand Current Mortgage Rates
Mortgage rates have increased this year but remain historically low. Over the past few weeks, they have been fluctuating quite a bit. It is important to stay up to date on what is happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. This Home Buying Calculator can help.
If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.
Speak to a First National Bank mortgage lender about current rates and how you can lock in your rate during the loan process.
2. Be Open to Different Options
While the supply of homes for sale is improving, it remains relatively low. So, if you don’t see something right away that meets your needs, consider expanding your search.
This article published in the Washington Post highlights a few things buyers can consider, like being open to another location and to search within a wider circle.
3. Work with Trusted Homebuying Professionals
No matter where you are at in your homeownership journey, the best way to make sure you are set up for success is to work with a real estate professional and a trusted mortgage lender.
A real estate professional can help you understand your local market and search for available homes. And when it is time to make an offer, they will be an expert advisor and negotiator to help yours stand out above the rest.
Working with a trusted, experienced mortgage lender is also a major key to your success. Getting your financial situation in order and becoming prequalified for a loan will better position you when it is time to make an offer.
Bottom Line
Strategically planning your home search by understanding current mortgage rates, being open to different location options, and building a team of experts can be the keys to finding the home of your dreams.
- interest rates
- mortgage loan