The combination of higher home prices and rising interest rates are forcing many would-be homebuyers out of the market. While conventional fixed-rate mortgages reign king during periods of low rates, other home loan options shine in uncertain markets. One of these loans is an adjustable-rate mortgage or ARM.
Much of today’s financial advice tends to center around buying a home. Yes, homeowners experience various fiscal benefits, such as building equity and potentially earning a return if they sell the property. However, not everyone is ready to become a homeowner – nor is it the best option for all.
During the pandemic, mortgage interest rates fell to some of the lowest levels ever recorded. Now, as inflation grips the economy, would-be homebuyers are facing climbing mortgage rates. While rising interest rates will decrease your buying power, there are moves you can make to limit the impact on your finances.
There’s a lot that goes into buying a home, but the most important step is planning. A home is a significant financial investment that extends far beyond the mortgage payment. Here are five things to avoid so that your home-buying experience is more enjoyable.
As you triple-check the numbers one last time, your spouse is eagerly scrolling through homes online – imagining how you’ll decorate each room and the memories you’ll create together. Realizing you’re ready to become a homeowner is an exciting moment.
As you prepare to buy your first home, it’s likely that you have already spent significant time researching the home-buying process. Fiscally you’re ready. You have money set aside for the down payment and closing costs. You’re pre-approved for your mortgage.
Picture this — you're in the market for a new home, and you quickly find one that is perfect. It has all the features you’ve been dreaming about and seems to be in your price range. So, you put in an offer.
Deciding to buy a new home can be very exciting – especially if it’s your first home. Most often, the first question you ask yourself is, “How much can I afford to spend?” While that’s a great question, the answer isn’t always clear-cut when it comes to home loans.
Your home is more than just a house. It’s where you create memories with friends and family. It’s a reflection of you and your personality. It’s a financial investment. And, since the pandemic started, it’s a place where you spend a lot of time!
Many of our credit union members ask us whether they should get renter’s insurance, and rightly so. That’s because if you're renting a home or an apartment, it's important you obtain renter’s insurance to help protect your belongings.
