By Manuel Tovar, September 29 – Hispanic Solutions Group
As can be seen, the housing market may be slowing down a bit, and falling mortgage rates may be attracting new buyers to enter the market again, or existing homeowners to stay and refinance. Here’s what the consumer needs to know about mortgages and real estate.
Below we detail it in 5 points:
1. Mortgage rates fell again
Rates on a 30-year fixed mortgage fell last week, averaging just over 3 percent amid economic uncertainty. That’s good news for borrowers, who can benefit from a reprieve. Most experts still expect rates to rise again before the end of the year.
2. Lenders respond to the end of the refinance fee
When the Federal Housing Finance Agency announced that its 0.5 percent premium on most mortgage refinances will end on August 1, many banks and other financial institutions were more than happy to transfer the savings to their customers and compete better. by borrowers. As a result, rates fell, which means it’s an especially good time to refinance if you haven’t done so recently.
3. Debt consolidation through refinancing
There are many compelling reasons to refinance your mortgage and multiple ways to save while doing so. Thanks to the low rates mentioned above, you can probably get a good deal on a new primary loan, but you can also create higher interest debt by including it in your new mortgage. So your monthly payments will be a single check or wire transfer, and you’ll probably pay less in the long run, too.
4. So how to compete in the real estate market
Things are still intense for home buyers, and you need to have a clear strategy if you want to win over a seller who is likely considering many offers simultaneously. Check out these tips on how to make your offering stand out.
5. What to do if you feel remorse from the buyer
In this market, home buyers who are not enthusiastic about their purchase can quickly resell at a profit. However, to avoid having such regrets in the first place, we inform consumers that many companies work with buyers and sellers to make sure that everyone really gets what they want.
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