Investing on a home is considered the biggest venture a person would ever take. Because of this, it is best to be familiar with the home buying process before you look at the Fort Lauderdale Florida MLS. So if you are planning to buy a home in 2011, you need to read the following 2010 housing market trends to make your home buying a successful one.
1. Finding a low interest mortgage has been much harder than last year.
2. The number of of borrowers taking ARM?s or adjustable rate mortgages as well as the mortgage interests are much higher than before.
3. Since March this year, the Federal Reserve has stopped buying mortgage backed securities.
The three major trends have made some changes on the mortgage rates which has caused its increase. One more factor is that home owners are not staying for more than five years in their homes. A 740 or higher credit score is required to prequalify.
You need to be smart in buying a home this year with these facts in hands. Don?t give up just yet if you only have a small down payment and that most lenders require borrowers to have at least 10 percent down and 10 percent equity for a low refinance. If you have enough money for a down patyment, then it is best consult a loan officer to advice you on how to prequalify for a mortgage loan.
Before you begin hunting on homes at Raleigh Homes, it is good to know if you prequalified for a type of mortgage
Once you start getting serious about buying a home, begin the process by consulting with a loan officer or mortgage consult. Pre-qualification is necessary for numerous reasons. It is best to get pre-qualified to help you figure out how much mortgage can you afford and qualify for. This process can help you avoid wasting your precious time looking at Chester Springs Homes for Sale and therefore cause you to buy outside of the price range you are qualify for.
When you buy a home, there are other factors in the real estate market that you need to consider and not only having low rates or tax incentives. Buy a home for the very basic reason that you need one ? because you are getting married, your family is growing, you?re having children, you need a home for your aging parents, you want to relocate, you want to invest on your retirement, and so on. Basically, you are buying a home because you can afford to buy one.
Source: http://www.temperealestategroup.com/95/2010-home-buying-guide/
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