The housing market is unpredictable, and for many buyers there is a sense of wanting to enter at just the right moment to ensure the perfect deal. No one wants to overspend, get stuck with too high a rate, or have to compete with a dozen of other bidders for their dream home. With constant discussion of upcoming rate changes, some buyers are persuaded into waiting another six months or a year to get a better rate, only to find that rates haven’t changed too much. These tips from Evolve Bank & Trust will help you secure your dream home no matter the market.
Have Ample Savings
This may seem like a no-brainer, but the more money you have set aside for a down payment, the more mortgage products will be available to you. In a competitive market, cash is king. With more cash on hand, you will have access to the full suite of mortgage loan products, allowing you to provide a more competitive bid to the seller Generally, it is important to be well prepared and have a clear understanding of both the money down and cash down requirements before you begin shopping for a home.
Have a Budget
Before you begin shopping for a home, it’s also important to have a clear budget in mind. Part of the pre-approval process with your home loan advisor is having a clear understanding of what a monthly house note would be at each price point. Going into the homebuying process feeling confident about how much you are comfortable spending will enable you to act quickly and aggressively when putting in an offer on your dream property.
Find a Trusted Loan Advisor
Perhaps the most important step in ensuring you secure your dream home in any market is working with a trusted Evolve Home Loan Advisor. Your Evolve loan advisor can guide you through every step from pre-approval and the initial budgeting to finding the perfect product for you. When the market is particularly tough, your advisor can help you with products such as the 2-1 buy down that is tailormade for buyers that find the perfect home in less than perfect conditions. This product eases the burden of the rate for a period, with many owners refinancing when the rates calm.
Contact an Evolve Home Loan Advisor today to learn more.
