A what’s it is worth, opinion piece
Alright, the east coast new-home sales mortgage market is down around 26.8%. What should you do? If, anything?
Play it smart
Are you desperate to buy a home? Mortgage interest rates are still low, so if you have good credit and a good job with a reasonable amount of money for a down-payment, then go ahead and buy. However, look at neighborhoods that are on the edge of becoming something sweet in the future and for home sellers that are desperate to sell and get on with their lives. The power is in the buyers hands right now, so us it, not brutally but effectively as the current real estate market is positioned for.
Shop around for your mortgage
If you have good credit, a good job and some money for a down-payment then you are a perfect customer for a great mortgage. Shop around; look at 3 to 4 different mortgage offers and pick the deal that best fits your needs.
Define your mortgage needs
Some questions to ask yourself:
- Do I want a Fixed or Variable rate mortgage?
- Variable rates might be less in the short term but if inflation ramps up then the Fed might raise the basic interest rate which will probably affect the interest rate on your variable mortgage.
- Should I plop down a large, 20% down-payment?
- Pay down your higher interest debt first
- Keep some cash on hand
- Then, plop down the down-payment that you feel comfortable with
Well, that’s it for now. There will be more to come, later.
All the Best,
Philippe Volo
CompareYourLoans Contributing Editor
