For the 14th month in a row, the rate at which homes prices are increasing has slowed down.
In May, prices saw just a 3.4 percent annual increase according to the S&P CoreLogic Case-Shiller National Home Price Index. Nationwide, the top 10 metro areas in the country slowed even more, with prices rising just 2.2 percent in those regions.
If you've been waiting for the right time to buy, now may be time for you to make the leap.
First-time buyers can sometimes get overwhelmed with all of the options and steps needed to buy. The Premier Mortgage Resources (PMR) team is here to help you every step of the way so that you can navigate your options and find a loan program that fits your unique situation.
To determine which home loan makes sense for you, you'll want to start by asking yourself a few questions in preparation for a conversation with a lender:
- Do you expect your financial situation to change in the next few years?
- Do you plan to stay put in your current home?
- Do you feel comfortable with the idea of your loan amount changing?
- Do you want to be free of mortgage debt by the time you retire, or your kids go to college?
Based on your answers to these questions, your lender may be able to make recommendations about the type of loan that suits your specific needs. For example, FHA loans allow individuals who may not qualify for a conventional loan to buy because they offer low down payments, lower credit expectations and flexible income requirements. VA loans provide Veterans with a federally guaranteed loan that requires no down payments to help Veterans and their families secure housing. These are just a couple of programs of loan programs we specialize in at PMR, and there are many more.
Ready to take the first step toward homeownership and start a conversation? Let us help you achieve your goals! Contact us today to get started.