If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Real Estate News
Mortgage Rates Hit Year-Long Low: Is Now the Time to Buy or Refinance?
Mortgage rates have dropped to their lowest point in over a year, presenting a prime opportunity for both prospective homebuyers and those looking to refinance. The 30-year fixed-rate mortgage now averages 6.47%, down from 6.73% last week, giving buyers increased purchasing power and making refinancing more appealing. This drop comes amidst reactions to economic data and market fluctuations, but the upcoming presidential election is also playing a significant role in shaping buyer behavior
A recent Veteran Home buying Report from Veterans United Home Loans reveals that the election is heavily influencing homebuying decisions. About 60% of those planning to purchase a home in the next few years are adjusting their timelines based on the election, with nearly 38% choosing to wait until after the results are known. Inflation and housing affordability, ranked as top election issues, are causing many to pause and consider how political changes might impact the housing market.
With mortgage rates for 15-year loans also seeing a substantial decline, now could be an ideal moment to capitalize on these favorable conditions before the market shifts. If you’re ready to take advantage of these historically low rates, start your secure online application today.
Source: FOX BUSINESS
Real Estate Intelligence
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
Both pre-qualification and pre-approval help you see what your mortgage could look like and estimate how much house you can afford, but they have some important differences.
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