September 1, 2021 0likes 331 views Owning a home is a big step in achieving the “American dream.” But it is still an investment and with every investment, it can come with risks. Before contacting us about a home mortgage in Coral Springs, you should look at the economy for signs of whether now is a good time to buy. In addition to the economy, you should also consider your financial state, credit score, and how much responsibility you can take on at this stage in your life. Mortgage Rates Are Low Mortgage rates are at a historical low right now, which makes buying a home more affordable than when rates are high. Mortgage rates probably won’t increase much in the next few years, but you should act quickly so you do not miss this incredible opportunity. However, because of the low mortgage rate and other factors, demand for homes is on the rise. This will make the market more competitive than in recent years. Homes across the county are not staying on the market for long, so if you are planning to buy because of low mortgage rates, do not delay for very long. Home Prices Are Higher The good news is that mortgage rates are low. The bad news is home prices are at a historic high. Fewer people were willing to sell their homes during the pandemic and we are currently seeing a home shortage. In other words, there are a lot of people willing to buy but very few homes are being sold. This is not to say that as a prospective buyer, you should give up your search, but it is important to know what the market looks like. First-time homebuyers and other prospective buyers will always have an ally in Ace Mortgage. We will help you secure the right home financing in Coral Springs to meet your needs. Buy From Local Home Builders Local home builders and developers need cash flow to keep afloat, so many are offering incentives to make a sale and selling properties at a lower price even when they know they can make more at a later date. First-time homebuyers can capitalize on this by buying now and securing a surprisingly good deal. Credit-lending Is Tight Banks are cautiously giving out loans because of employment instability even though the nation is seeing improvements related to Covid-19. Some banks are demanding a higher credit score and being more thorough with background checks, and employment checks. Difficulties in securing a loan can make it difficult to buy a home so it’s important to work with a team of professionals to avoid any obstacles you may face. If you can’t get a bank loan, consider going through a private lender, like Ace Mortgage. With fewer restrictions, it is much easier to get approved for a loan and begin the process of buying a home in South Florida. Are You Ready To Buy A Home? The housing market is in a unique position, offering an almost equal share of advantages and disadvantages for home buyers. So, another important way to determine if now is the right time to buy is to look at your specific situation. Are you going to stay in your location for several more years? You should live in your home longer than two years, so you are not subject to capital gains taxes if the home value rises. Do you have a stable come? Even though private lenders make it easier to get approved for a loan, you should be confident with your stream of income. How much do you have saved? There are a lot of home buying expenses apart from a down payment, so you should have enough stored away for expected and unexpected costs. How is your credit score? Your score does not have to be perfect, but keep in mind that the higher your credit score, the higher your chances are of getting approved. Have you paid off your debt? Lenders like to see a debt to income (DTI) of 36% or lower. Contact Ace Mortgage As you can see, the current housing market makes it easier and harder to buy a home. It is currently a sellers’ market, but buyers can take advantage of certain opportunities that won’t last for much longer. If you think the time is right to buy, let our knowledgeable and friendly staff help you navigate the mortgage market. The secret to our success is putting our client’s needs first. For a home mortgage in Coral Springs, contact Ace Mortgage. Call (954) 866-7302 to learn more.