According to the National Association of Realtors 2013 National Housing Pulse Survey, 80% of people believe a home purchase is a wise choice even as mortgage rates change. The majority of these potential buyers are in the market now, looking for their dream home. Larger numbers of renters are considering their first home purchase, as well, and over half the renters surveyed feel it is a priority to own a home. This is good news for buyers and those considering selling as the buyers will need a healthy supply of available homes.
Now is the time to sit down with your personal banker or financial advisor and discuss the many mortgage options available to you. If you’re not behind on your existing mortgage but are unable to refinance because your home value has depreciated, you should ask about the Home Affordable Refinance Program (HARP). The purpose of HARP is to get a more stable and affordable mortgage. Bear in mind that no matter what type of mortgage you look for, whether buying or refinancing, a higher credit score can mean lower interest. For more information about mortgages and rates, check out http://www.freerateupdate.com/.
