Then and Now
Many 20-something and even 30-something young Americans are already in the zone of house- dreaming. Maybe you’re one of those in the zone who’s paying rent or paying off student loan and wondering if it would ever happen that you’d get to own a house. It looked somewhat easy for your folks to procure their first house, some 40 years ago, when they were in their late 20’s. While by historical standards the mortgage rates per month have been kept low, the prices of homes have soared and that makes downpayments tougher to cover these times.
If your intention is to establish your first home in an expensive neighborhood, then you should start saving early and for longer for the down payment. Money down for great locations fetch as high as 24% of the purchase price. However,do look around at more affordable locations that will not stretch your budget too far. It will also allow you to establish roots sooner than later. Also, shop around for first-time homeowners’ programs as in government-sanctioned companies that offer easy down payments.
Affording Expert Help in Lynnwood
Helping young people, like yourself, on the goal towards home ownership is one of Dave Haley’s expertise. Many first-time homeowners come in with just their dream and maybe a lot of savings for the downpayment and very little else. When it comes to home loans, you must arm yourself with its intricacies, like available options, fixed and adjustable rates, monthly interests, and loan terms.
If you’ve found your target home anywhere in Lynnwood, Bothell, or in Mill Creek region, where communities are lovely and homes are affordable, David can surely find you the best alternatives that will work in your particular circumstance. Let David make mortgage easy for you with a payment plan within your means that allows you to keep your home and your credit score for years ahead.
Eager House Buyers and Housing Shortages
Metropolitan areas where home-buying is on the rise have contributed to the spiking of prices of homes across the US. Seattle WA, together with Portland and Denver, registered gains in real estate transactions and also paved the way for increased house prices.
There are housing shortages in some markets that drove home prices still higher. The limited inventory is said to be caused by not enough new homes being built since recovery from recession, sellers (like the elderly) refusing to part with their properties and opting to stay. There are homeowners who have to shell out money to settle an old loan, hence couldn’t sell and those who couldn’t sell their old homes because they couldn’t find a new one. Also, you’d find an increasing number of people who opt to stay put where they have been living and will not want to relocate even if they’ve got new jobs in other places. These are seen in both new and existing homes, in spite of low mortgage rates and in spite of eager buyers.
Mortgage Expertise in Lynnwood
If you are a homebuyer, prospecting for that house of your dreams and finding difficulty of locating one in Seattle, try looking not too far north and you might find one in Lynnwood. Lynnwood is a lovely mix of urban, suburban and small city to many professionals working in Seattle. Nonetheless, you need the expert assist of an experienced and trusted mortgage company that knows the intricacies of housing loans. With David Haley of Fairway Mortgage in Lynnwood, learn how acquiring the best loan options is made very easy. Many Washingtonians have come to rely on David for expert speedy resolution of loan applications.
Is it the best time to buy?
According to the Seattle Times, mortgage companies are keeping track of the average for the 30-year fixed-rate mortgage which declined to 3.48 percent from 3.50 percent in mid September this year. Even the 15-year fixed mortgage rate eased to 2.76 percent from 2.77 percent. On the average, there is a 0.5 point difference – corresponding to fees paid to a lender equal to 1 percent of the loan amount – which translates to savings for the home buyer. As the markets calm, home loan rates are stabilizing.
While the US mortgage rates are historically low, the recent developments made impressions on both the buyer and seller markets in the single family residential real estate sector. It’s telling you that this is a good time to go house-hunting and finding yourself a trusted and sturdy mortgage company to set you along your way.
However that we are seeing the scenario of job markets improving together with low mortgage rates, it looks like the number of properties on sale does not meet the eager demands of house- hunting clients. Even so, you would need advice from those who know the ins and outs of the market.
Take your case to David Haley
You might be one of those enthusiastic home buyers having difficulty finding a property for sale. But are you really ready for the purchase? We invite you to come to see David Haley of Fairway, your mortgage company in Lynnwood.
Many would-be buyers come to David for advice in home-buying and find his expertise a great boost in the right direction. As a mortgage expert, he advises those who are still searching for their ideal property on the complexities of loan applications, the best options, and all the sources of eligibility, upgrades, savings,and others. Let David help navigate your way through stress-free home ownership.
Ways to Beat the Loan System
If you have a dream house in your sights, you’re probably on the look-out for a mortgage. However, it doesn’t look like your income requirements can satisfy the mortgage. There are simple ways to achieve the dream on a low budget and get the dream sooner.
You can impress the loan officer with a history of working more than one job. Show you have the ability of tackling a regular job with a part-time job to augment income. And if you are enrolled in a public assistance program, it means you are receiving additional income as well. This works well if such assistance is shown to run for the next 3 years or so. Consider also capital gains income, long-term disability income, interest and dividends, retirement, government annuity and pension income, Social Security, unemployment benefits, among others. Each of these can help boost your income profile.
Include a co-borrower who also lives with you and which allows you to qualify for a bigger mortgage. Opt for a subprime mortgage instead of a prime mortgage. You will be able to get your house sooner, however, though, your interest rates and closing cost and fees may be higher. Try also to boost your approval chances by showing proof of your savings, no default on your credit dues, low use of debt, or that you have great prospects at your current job.
Seek Expert Advice
One of your best chances of fast-tracking a loan application, even if you feel your credit score is below par, is to see David Haley, your Lynnwood mortgage expert. We have lots of experience helping people with dreams of owning a home on a low budget or even with low income prospects. Drop by to see David some time.