“The average rate of a 30-year fixed mortgage dropped to 3.48% — the lowest level since May 2013, according to Freddie Mac. A year ago, the rate was 4.08%.
“The drop comes in the wake of the U.K.’s decision to leave the European Union. The historic vote sent the yield on the U.S. 10-year Treasury, which serves as benchmark for consumer loans, tumbling to 1.45% this week…”
If you’re looking to purchase a home in the near future, start planning now on what you need to do before actually looking for a home.
There’s a lot on your to-do list when it comes time to buy a home, but you can avoid making some big mistakes and hurdles by realizing these five helpful pieces of information (tips from the Bankrate’s helpful article here: “5 first-time homebuyer mistakes“):
Realize that you’ll be paying more than just mortgage payments
Get loan preapproval before starting the house hunt
Get professional help from a real estate agent (In San Diego County and don’t have a Realtor? Call me at (619) 890-3648!), loan agent, and perhaps a lawyer)
Don’t use all your savings on the down payment
Wait until you’ve officially closed to make any other big purchases
Bankrate’s article is full of many more details and information on these tips, so click over to their website and read their article here: “5 first-time homebuyer mistakes“.
“If you’ve been on the fence about buying a home, 2016 is the year to take the plunge.Mortgage rates have been bouncing around record lows for a while now. But even though they’re likely to start going up, you haven’t missed your chance to get a deal on a house.
“A number of factors are coming together, making next year a good time to buy:”
1. Home prices will still go up, but should slow down
When it come to real estate anyone can tell you that three of the most important factors in where you buy a home are location, location, location. This is one of those terms that we hear all the time and which becomes especially salient as we are searching for our dream home.
All too often buyers will be caught up in the excitement of the home buying process and make an offer on a home that seems too good to be true. unfortunately, many times it does turn out that the “perfect home for the reasonable price” is too good to be true.
The reason is simple – location. Buying a home in the wrong location is going to have a dramatic impact on how happy you are in your new home and also on the value of your home when you decide to sell.
For this reason it is important that you do your homework beforehand and pick out possible neighborhoods that suit your lifestyle. At the same time, keep an eye on that future date when you might put your new home back on the market and pick a neighborhood that is know for good schools and well maintained public facilities.
Once you have narrowed down the neighborhoods, visit the neighborhood and pick the best house available.
You’ll be happier in the end if you plan well in the beginning.