Now that the new year has begun, it is time to consider your plans for the future – including any plans for your home. For those considering buying a new home or tapping into your home equity, the best time to act is now. You’ll want to explore your options before the busy spring sales season begins.
MORTGAGE TIPS FOR 2019
Here are a few helpful tips to help you navigate the housing market this year:
Consider using home equity to consolidate debt. The start of the year is an excellent time to take stock of your current finances and figure out where you want to go for the year. If you’re stretching yourself thin on monthly payments towards debts, be they student loans or credit card debt, consider a home equity loan or cash-out refinance. Mortgage interest rates are much lower than those for credit cards or personal loans, so it may be smart to more actively work to put a dent in those loans with high interest rates.
Take advantage of low rates early. All signs point to mortgage-backed rates being on the rise this year. According to The Mortgage Bankers Association’s forecasts, the 30-year fixed mortgage rate could top 5.1 percent in 2019. Because of this, January is likely the best time to get the lowest rates of 2019. Additionally, buying at the start of the year means you’ll be able to deduct the most mortgage interest, which is limited to the first $750,000 of mortgage debt.
Look for deals. In some real estate markets, January tends to be a slow sales month. This can work to your advantage, allowing you to save big on your home. Make use of your real estate agent – they should be able to help you identify homes on the market that are priced competitively. Also, if a home has been on the market for a long time, it may go under multiple price reductions. Because sellers are more eager to sell homes quickly, you may also be able to ask for certain concessions – such as home inspection repairs, certain appliances, and a flexible closing date.
For professional assistance with mortgages, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and are in Gresham, Oregon. Don’t wait to get quality assistance with buying your home!
Call us today at 503.661.5580