Mortgage loan rates are at record low numbers.
What does that mean?!
It means that lenders from all across the country are lowering the mortgage loan rates that are a huge part of your monthly mortgage payment. When this happens it makes payments significantly lower meaning that you, yes you, could qualify for a home loan with a very low interest rate.
It really is a hallmark moment in real estate ownership since these Mortgage loan rates are the lowest they’ve been since 2007. It has effectively lit up the real estate market in a way that hasn’t been seen before. Los Angeles, for example, has broken record after record in 2020 for real estate transactions showing that the pandemic has not hindered the real estate market but rather bolstered it.
“Experts say the housing market was bolstered by ultra-low mortgage rates, work-from-home flexibilities and Millennial-driven demand.”From Forbes
Innovations in 3D tours, more pin-pointed showings, and the flexibility of working from home has allowed agents and brokers to work more microscopically with their clients.
Furthermore, the added stability of home ownership has encouraged many to take advantage of the low rates and make the switch from renting to owning. You could even get started in real estate investing/management by purchasing an income property with the right preparation and planning.
In short, it’s a great time to buy a home.
“Alright Mr. Agent Man, I’m on board…um…how do I get one
of those home loan things?”
I’m so glad you asked. Keep reading.
First things first let’s get your finances in order to get you pre-qualified which will essentially arm you with a silver bullet when you put in an offer with your agent. This great youtube video maps out the points below.
- Make sure your current credit score and credit history looks great
- Be able to demonstrate proof of income (W-2’s or 2 years of 1099’s)
- Make sure your debt-to-income ratio is within acceptable parameters (if your debts + projected mortgage payment is too much of your income, you have a lower chance of qualifying. This varies but aim for 36% and lower)
- Be able to show proof of funds for a down payment (cash on hand).
- Once everything is looking good, do not change that! Yes that new car looks nice but it could affect your credit score and cash on hand!
Here at the Shelhamer Group One the first steps we tell our buying clients to make is to meet with our favorite loan originator, Joe Tishkoff, NMLS-240232, with Finance of America. By the way, we aren’t being hyperbolic when we say he’s one of the top mortgage loan originators, he’s one of the three best in the nation.
With 34 years of experience he approaches each new loan and client with care, understanding, and personalized support. He knows it can be daunting and he’s here to help.
“A good loan consultant can guide you through the maze and assist you in making the right choices.”Joe Tishkoff, numerous occasions
You’re not alone, we can help.
The market is hot, the rates are cool, and you have the chance to own a home. If you’re already a homeowner and want to stay put, these interest rates can help you drastically refinance your current mortgage as well. Real estate is a solid investment and it’s time to capitalize on it.
Take Control of Your Future!
Should you have any questions about this process at all The Shelhamer Real Estate Group is here for you. Our top producing team of real estate advisors get results time and time again.
Todd works with The Shelhamer Group making sure all clients receive world class service in all their real estate needs.
You can find him on Instagram at @sellingeastside