Our home financing tips cover some of the many avenues through which you can purchase and finance a home in today’s marketplace. I talked to some local experts in the accounting and mortgage industries, and they shared options to consider when choosing the best one for you. Factors such as how long you intend to own the property, the down payment funds you have available and the fees you will incur are just a few items for consideration. To begin your Deep Creek Lake real estate search, you can contact me, Betsy Holcomb, at 301-616-5022 or firstname.lastname@example.org.
Home Financing – Mortgage Update Courtesy of Mike Archer, First Home Mortgage
According to Freddie Mac, the average 30 year fixed rate on 2/7/2019 was 4.41% with .4pts and 3.38% with .4pts on a 15 year term. Interest rates have dropped rather significantly following steady climb throughout the 4th quarter of 2018. The general consensus is that rates will likely level off and remain steady throughout 2019.
If you have contemplated a refinance, now is the time to investigate your options while rates remain historically low. I am finding that more and more clients are moving from a 30 year to a 15 or 10 year options to reduce the interest rate and pay their house off more quickly as they are now contemplating retirement. A quick phone conversation is all that is needed to evaluate your options.
If you looking to purchase a house and have less than 20% to put down? If so, don’t worry, First Home Mortgage offers several options that allow you to put down less than 20% and avoid paying mortgage insurance. We also have the option of using a 2nd mortgage to structure the loan so that both loans are under 80% of the property’s value and therefore do not require mortgage insurance. Continue reading Home Financing Tips from Local Experts