Three tips to beat the competition this home buying season from NeighborWorks America
WASHINGTON, D.C. – (RealEstateRama) — Mortgage rates are very low and home prices are stable or rising in most communities across the United States, and a recent poll by NeighborWorks America, national nonprofit corporation that creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities, found that nearly nine-of-ten consumers say that homeownership is at least somewhat important. In order to get a leg up on the home buying competition, NeighborWorks recommends consumers follow three simple rules to help make home buying go smoothly.
1. Consult a housing counselor for a homebuyer check-up
Knowing the numbers that matter when buying a home is extremely important. More than two-thirds of consumers in a NeighborWorks America survey said that the home buying process is complicated. The best way to get a thorough understanding of the process is to consult with a nonprofit housing counselor. Look for a housing counselor who is a certified professional who could walk a homebuyer through the different types of mortgages and interest rates; the effect credit scores have on being approved for a loan; and how much down payment is needed for purchase.
“The housing market is tough right now, with fewer homes for sale on the market than usual, and new mortgage rules and many mortgage products from which to choose,” said Marietta Rodriguez, vice president for homeownership and lending at NeighborWorks America. “To be in the strongest position to make an offer that is accepted, consumers have to be prepared. That’s where initial consultation with a housing counselor is a great first-step.”
Watch the animated video describing more about the numbers to know.