By Terri Santiago-Parker, NMLS# 135602
Not a day goes by where I do not speak to a potential home buyer who is waiting for the rates to drop again to get serious about buying a new home. The reality is that without a time machine, those rates are gone, and likely to never be seen again. Right now interest rates from a historical perspective are extremely low still, and should be taken advantage of quickly.
There is very little doubt that interest rates will be higher in 12 months than they are now. However, that is not the only factor that will be causing a buying effect in the housing market. Higher interest rates means an improving economy, which means housing prices increasing further. As the refinance market slows down, the credit guidelines will expand causing more buyers to enter the market. Large institutional lenders have to answer to shareholders. As their profits dwindle further from the refinance boom of 2012 and 2013, they will look to replace those profits. The only way they can replace them is by allowing more clients to qualify. "Sub-prime" borrowers as they are called, even at the height of the market only accounted for around 15% of the purchasers. However, it was those 15% of buyers entering the market that caused bidding wars on homes, and home prices to escalate at a rapid pace. Twelve months from now, you will be paying a higher rate, paying more for the same home, and competing with more buyers for the same home. Buy now, save now!
Headquartered in Mount Laurel, New Jersey, AnnieMac Home Mortgage, a d/b/a of American Neighborhood Mortgage Acceptance Company LLC, has provided quality mortgage loan products to consumers nationwide. As a direct lender, AnnieMac Home Mortgage has access to the all of the best mortgage programs offered, such as Conventional, Government and Non-Conforming mortgages. Since our processing and underwriting is completed in-house, consumers can expect an efficient process and exceptional customer service.
• GNMA Direct
• Super Jumbo
• HUD $100 Down
• FNMA Reno
• My Community
• Home Path
• Home Style
• State Bond
• Down Payment Assistance Loans
AnnieMac Home Mortgage, Tower Commons Office Center, 123 Egg Harbor Road, Suite 606, Sewell, NJ 08080. NMLS# 338923. American Neighborhood Mortgage Acceptance Company is licensed by the New Jersey Department of Banking and Insurance (#NO00004875), Licensed by the Pennsylvania Department of Banking as a Mortgage Lender (#33587).