With the official calendar date of the “start of Spring,” comes the anticipated kick off to the spring home buying season. Market data indicates that even more people that last year are on their quests to purchase a new home.
With that renewed interest to move, however, it may still be difficult to find a home that really fits your criteria. Or budget. So, plan ahead a bit and allow yourself more time for the home buying decision.
Do mortgage rate research. Mortgage rates are low for now, but they will increase and what you can afford to buy is directly impacted by the specific mortgage options for which you’re able to qualify.
The variables in determining your rate include things such as the lender, the loan type, when you applied, the home and its location, the nature of the purchase, and, most definitely your credit history and financial circumstances.
For example, a 10-basis-point difference on a mortgage rate has a 1.2% impact on your monthly payment. This, what seems insignificant difference from one rate to another can really add up to your monthly mortgage. Plus, if you aren’t in a position to afford the 20% down payment, you’ll also need to pay mortgage insurance premiums which are added to your mortgage payment. Low down payment programs are available, so be sure to hire a mortgage advisor you trust to find out the best option for your needs.
Consider building a home. New home construction is an option for finding the perfect home for you. Rather than only searching existing homes, consider available lots in the neighborhoods you like and ponder the idea of building a home to perfectly suit your needs. I have lots in Cambridge just waiting for new homes!
Hire a pro. As a Realtor, I can help you through your journey of buying (or building) your new home. I have the local expertise you need to help you make the best decisions for you and your family. I know the luxury home market and the homesites available for building the custom home of your dreams.
So, contact me to get started on your journey of buying or building your new home.
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