Competitive home buying was the focus this week. The market has gotten so hot that it might as well become an Olympic sport if the Summer Games are still on. Here’s our best advice on how to be at the forefront.
1. You can make a cash offer and still get a mortgage
A cash offer is a great way to make yourself a more attractive buyer for a multi-bid home. And believe it or not, you not necessarily need Having hundreds of thousands of dollars in the bank to make one. All you need to do is expedite your mortgage application and find a lender who is willing to subscribe in advance.
2. The “fast and furious” real estate boom
Real estate is hot almost everywhere in the country right now, and that means buyers are competing for homes like never before. That forces buyers to do it riskier bids and lose some protective measures in the process. How to protect yourself.
3. Mortgage rates have fallen again
If you were hoping higher interest rates could cool the real estate market a bit, you are out of luck. Since much of April the prices have been step back. On the positive side for homeowners, this means that more people are standing by it again benefit from a refi if they haven’t lately. These low rates can’t last forever, so don’t miss out.
4. Points that are gaining popularity
Although interest rates have fallen again, the general upward trend is encouraging more borrowers to do so Purchase points. This is essentially a fee that you pay at the beginning of your mortgage to lower the interest rate for the term. After interest rates bottomed earlier this year, spots have become more common as consumers tried to hold on to lower interest rate offers.
5. The difference between cooperatives and condominiums
As the owner of the cooperative, he meets himself near home. Cooperatives certainly are less common as condominiums and that may be partly due to their Byzantine ownership structure, in which you don’t actually own property, but shares in society. Even so, both condominiums and cooperatives offer some advantages, and they can be especially attractive to first-time buyers.