This spring would be very
satisfying for all the homeowners as the housing market will observe a
tremendous increase in the number of potential buyers. With the home prices
gaining momentum and mortgage rates going down, it is expected that more buyers
will hit the market.
Let us have a look at the
mortgage trends for the year 2013:
Experts say that there would be
rise in the home prices. This is good news for all the homeowners as they will
regain equity in their homes and thus will get an opportunity to refinance their home loans and cash out some of the equity. Moreover, those owners who
are lagging behind on their mortgage payments can think on modifying their loan
program in order to grab on some very good deals to reduce their monthly
payments.
Finance and economical experts
have also predicted that borrowers looking for low-payments mortgages might be
charged with mortgage insurance for the entire life of the loan as a result of
the FHA loans losing their appeal once again. However, the modifications in the
loan programs would not affect those owners much who plan to move out of their
house in the next 10 years. Conversely, if you want to keep the house for long
then it would be wise to understand this modification thoroughly.
If you are planning to buy a home
this spring, be ready for tough competition, since the supply of homes for sale
is less than the demand of buyers leading to discrepancy between the demand and
supply of homes. Therefore, it is recommended to keep options ready if you are
really looking forward to buy a home in couple of months. If you are a first
time buyer, make sure that you do a complete homework about the market
conditions and only then move ahead with your buying.
No comments:
Post a Comment