Thinking about buying a home but don’t think you can afford to move??
Here is some great information on loans and mortgages for the new year! Don’t wait! Call us now to get you into your new home.
It's 2019 and if home buying is on your list of goals we are here to help.
1. Cost of Waiting & Let's Talk Down Payment
If you are thinking of buying a new home in 2019, the sooner the better. Check out this calculator which shows just how much money you could be saving.
Based on a “Cost of Waiting” calculator:
If your household decides to wait:
$7988 for a year
$15,326 for 2 years
$22, 423 for 3 years -<WOAH>
This is based on the cost of property appreciation and amortization lost on a $250,000 priced home. *If you would like your numbers based specifically for your price point, just give us a call.*
Don't have 20% down yet? Don't worry, this is a common myth. It goes back to the days when lenders had far fewer options. Now, you can get a mortgage for as little as 3% down and still have a low monthly payment ( we even have options without mortgage insurance).
2. Increased Loan limits
The new year brings higher loan limits for FHA mortgages across the United States. The changes went into effect January 1st, 2019. Conforming loan limits went from $417,000 to $424,1001. This is good news for borrowers hoping to crack the current housing market with a FHA backed mortgage.
Want an even larger house?!? Jumbo loans aren't your only loan option anymore. You can now enjoy Conforming plus loans and this gives you the ease of conventional underwriting and lower rates with loans sizes up to $726,525.
3. It doesn't have to take a lot of time
The Future Home Loans team can get you approved within hours. Our average turnaround time for closing is 15 days. This is unheard of with other lenders out there! Just ask your big bank if they can honor a 15 day close...but...why does this matter?
This gives you extra leverage when negotiating with a seller. Not to mention we do the shopping for you, we search 100's of different financing options to ensure you are getting a fantastic rate. Make sure to arm yourself with a pre-approval prior to shopping with your Realtor ...and it's never too early to start.
4. You missed your chance at a low rate.
Right now, rates have been at a steady decline for the last 5 weeks. Our FHA and VA rates are under 4%, so don't delay because we have no idea how long this can last.
Rates change daily and sometimes hourly depending on the market, so call one of our very qualified loan officers for your personal rate quote.
5. I want to buy but I've been declined by a big bank...
They aren't the end all be all; in fact as a mortgage broker we have 100's of different loan options so we can find a product that fits you and your family’s needs the best. If you've been declined give us a call. We could very well turn that decline into an approval. How you ask? Well big banks sometimes have what is know as "overlays"and these overlays can limit a person's approval. We have several lenders that go just off what the government requires and not what the big banks "credit risk team" thinks is important.
This article was written by Future Home Loans
**Future Financial LLC DBA Future Home Loans supports Equal Housing Opportunity NMLS ID# 1621953.Interest rates and products are subject to change without notice and may or may not be available at the time of mortgage commitment or at the time of rate lock.**