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Is Now a Good Time to Buy a New Home?

By Chris Knight, Mortgage Manager

When I sit down with clients to discuss the possibility of buying a new home, I’m often asked two important questions:

  1. What are Mortgage Rates?
  2. Is Now a Good Time to Buy a Home?

While the questions can be very simple in nature, the answers may require some additional information to provide the most accurate answer.

Mortgage Rates

Mortgage rates can vary depending on the type of program. For example, a 30 Year Fixed Conventional Loan Rate may be different than a 30 Year Fixed Conventional Rate offered through a First Time Homebuyer Program.

Be sure to ask about different programs that are available to ensure you are not only getting the best rate but the best loan program as well.

Rates can also vary based on if you are paying any ‘points’ to buy down your rate. Simply put, you are paying more in closing costs to get a lower rate of interest. Be sure you ask about options without points as there may other rate options with less cost that may be in your best interest.

Is Now a Good Time to Buy a Home?

Whenever I get asked this question my answer is always the same: Yes, now is a good time to buy a home but only if you are prepared to do so.

  • Do you have money saved for down payment?
  • Is the estimated monthly mortgage payment something that fits into your budget?
  • Are you prepared in the event that something breaks in the house and needs repair? 

While you may not need all of these things in place to get a mortgage, they are important to think about.

Bottom line, control what you can control and pay attention to all the other variables. Ask your mortgage originator questions that will educate you and set you up for success and help you achieve your dream of becoming a homeowner.

Meet With an Expert

If you are ready for that next step or want to see what it will take to get there, contact a local Mortgage Originator so that you can sit down face to face with someone. Being able to sit down face to face and ask questions of someone is so much more valuable than just uploading documents to a website and hoping that everything will be ok.

In addition to investing for retirement, a home is probably one of the largest investments someone will make. With that type of investment, why wouldn’t you take advantage of someone who can you sit down with face to face?

I can assure you that no matter where you are, there is someone local that would love the opportunity to assist you with your home purchase. I know that I would.

To learn more about the home buying process or to reach a MLO in your area, please visit our new Great Western Bank Mortgage website.

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