What makes Christmas and New Year’s better than friends, family, and savings? How about owning a home? The holiday season is a cheerful time spent with family, but for those of us with families
US Mortgage Rates Of Less Than 4 Offer A Happy New Year
What makes Christmas and New Year’s better than friends, family, and savings? How about owning a home? The holiday season is a cheerful time spent with family, but for those of us with families in rental properties; it can be a reminder of our unattained homeownership goal. Thankfully, the latest news of U.S. mortgage rates of less than 4 percent is offering up a happy New Year!
As of December 1, 2015, both the stock and credit markets have remained on a positive note despite the recent increase by the Federal Reserve in interest rates. The 30-year fixed rate for conforming loans ended the year at 3.66 percent. As little as one year ago, the same 30-year fixed rate was at 3.97 percent. 15-year rate loans have continued to hold steady at 2.86 in comparison to prior year’s end at 3.17 percent.
Setting a New Year’s Goal of Homeownership
Let’s be honest; every year we set at least a handful of goals for the New Year. When’s the last time you achieved those goals? The idea of making a resolution is tradition, and we all too often set the same old goals, like getting in shape, losing weight, or going back to school. How often do we set a truly good goal, one we’ll claw over obstacles to achieve?
If you have yet to buy a home, why not make 2016 the year to achieve it? Setting up as a serious buyer is not as scary or impossible as it might seem. In fact, all you need is a plan of attack and steps to climb.
Attacking the 2016 Housing Market
Let’s get personal for a moment. Have you window shopped for a home? And we’re not talking about perusing the listings from afar. Have you jumped head first into those listings, found a property or two you liked, made the call, viewed them in person, and spoken to a real estate agent? Have you contacted a potential lender, delved into your financial standing and credit history, and discovered exactly where you stand in the process of gaining approval for a mortgage loan?
“Well, no. I know I’ll get shot down.” So? Just because you aren’t in the perfect position to buy a home today doesn’t mean you should put off market research and firsthand experience. Real estate agents know buyers come in different varieties. Just because you can’t close the deal now doesn’t mean they’re any less interested in establishing a working relationship. Have you ever stopped to think that these professionals just might have suggestions designed to move you closer to buying?
“Yes. The bank shot me down.” Why? If you went as far as seeking pre-approval and the bank said no, did you find out why? Was it your credit score? Do you need to clear some debt or increase your income? What risk factor made you too much of a danger? You need to determine the answer to this question and work to reduce that factor as your New Year’s resolution. This seemingly simple step can make the difference between renting forever and buying a house within the next five years.
Make 2016 the Year Your Homeownership Dream Gets Serious
Buying a home doesn’t have to be an unattainable dream. We’d be lying to you if we said it were easy. Depending on your financial situation, cleaning up bad credit or saving for a down payment can be tough. But it’s not impossible. The impossible can always be broken down into possibilities if you are willing to see them.
With low mortgage rates and an abundance of FHA, VA, and USDA loan programs, 2016 is shaping up to be an excellent year for staking your claim in homeownership. Why not kick off the New Year right with a home search in the Virginia Beach and surrounding area?
If you’re serious about buying a home, whether right now or in the near future, why not gain an ally? We all know the best way to hold fast to a New Year’s resolution is with the support of family and friends. Let the Blu Skyy family be your support system. Together, we’ll turn 2016 into the year you become a serious homebuyer.
As a licensed real estate agent in Virginia, Mario provides Strategic Marketing and Transaction Management services to his clients that is built on Dedication, Communication, Determination, & Trust.....