Purchasing a property or house is much like playing a complex sport. You should get in shape and know the rules before hitting the field. Next, cleverly maneuver through challenges to finally win the game.
Similarly, in this unusual home-buying season, “winning” demands understanding how you prepare for lender qualifications, stack up against other buyers and navigate a socially distanced home purchase process till the pandemic ends.
In this blog post, experts at E-Finance Mortgage LLC will reveal what home purchase looks like in 2021, steps you can take to prepare for it, and will also highlight some of the best home-buying programs you can benefit from this season.
Latest Dynamics of U.S. Home-Buying Market
Oisin Hanrahan, CEO Angi (a home services company), on May 7, 2021, talked about the latest changes in consumer behavior on the real estate market with CNBC. He shared that the company’s first-quarter earnings soared, with the shares up by almost 75% year-over-year.
This remarkable rise was predominantly fueled by the booming demand of first-time home buyers, predominantly millennials. He shared that due to the evolving demographics, colossal digital tools, and online home purchase opportunities, a significant chunk of the population is shifting towards buying homes online. He believes it is an exciting time for the real estate industry and an excellent time for people to buy a property.
With mortgage rates almost rock bottom, our experts also feel it is the right time for you to make a home purchase or if you’ve already bought one, be sure to refinance the mortgage. Refinancing your mortgage can help you build equity, save money, and pay off the mortgage faster. With mortgage rates at historic lows, even folks who have relatively new mortgages can benefit from refinancing.
Note: Mortgage rates fluctuate daily and can vary considerably based on your individual situation. With E-Finance Mortgage’s quick form, you can get FREE and accurate rate quotes from a network of countrywide trusted lenders. Moreover, check how a new rate can affect your mortgage payment with one simple click.
11 Steps to Get Ready to Buy Your Property
Follow the instructions below if you want to get the most out of your home purchase deal this season:
- Ensure you are ready to purchase a house
- Be sure to check your credit score
- Make a housing budget
- Ensure you save for the down payment
- Find a mortgage lender and shop for a mortgage
- Hire a suitable real estate agent
- Initiate house hunting
- Make an appropriate buying offer
- Get a home inspection and appraisal
- Secure financing and conduct final walkthrough
- Sign property papers and seal the deal
Best Home Buying Loans 2021
Federal Housing Administration (FHA) Loan
FHA loans are mortgages that are insured by the Federal Housing Administration and dispensed by an FHA-approved financier. FHA loans are particularly designed for low to moderate revenue debtors; they require lower credit scores and a lower minimum down payment than several other conventional loans. Moreover, the program also offers home loans for people with bad credit.
VA loans are one of the best first time home buyer programs available in the U.S. They’re an excellent deal because they do not require a down payment and come with lower home loan interest rates than most housing loans. The only drawback of VA loans is that they’re only for eligible U.S. military members such as veterans, active-duty personnel, and qualified family members.
If it’s not possible for you to make a large down payment upfront, a convential loan is possibly the best option you can get. Thanks to convential loans, home buyers can save a plethora of dollars in the long run as there is no upfront mortgage coverage fee. Moreover, the monthly insurance payments are considerably cheaper.
To learn about other home buying and mortgage refinance programs, please head to our free Refinance Advisor!
How Can E-Finance Mortgage LLC Help?
If you plan on buying a home this season, we strongly suggest you take the leap. Today’s refinancing market has some of the optimal rates of recent times. You can take a look at E-Finance Mortgage LLC’s quick quote calculator to better assess your situation and check how you can benefit from the current market conditions.
Additionally, we do business in 10 U.S. states, and as a state non-depository lender, we have the flexibility that typical banks don’t have. Hence, if you are someone that plans on buying a property, needs a mortgage, or intends to do something with your current one, feel free to contact us at Alex@e-financemortgage.com or give us a call at 844-433-4626 today!
For free, instant quotes, do not forget to check out our Quick Quote Calculator and other free services.