Homeownership is one of the most important decisions you will make in your lifetime. With housing markets constantly changing, it can be hard to know what’s best for your family. But there’s good news! There are many homes on the market that are perfect for either upsizing or downsizing. Check out this list of six reasons why 2022 is a great year to consider either option.
1. Do I qualify for a mortgage? It’s important to think about what your monthly payment will be in a financial capacity. You need to figure out if you have enough income to make your monthly mortgage payments and still have money left over. Some lenders will ask for a basic income tax and/or W-2 information. Others will ask for additional tax information.
When inflation rises it seems like the price of everything goes up. Although low interest rates are a major cause of inflation it still makes home prices rise. Does that mean it is better to buy with cash or get a mortgage when inflation increases. If interest rates rise then buyer’s home purchase power goes down.
Lenders are constantly changing the parameters and terms for obtaining financing. Most people still need to get a loan to purchase a home. There are more cash buyers in some areas but most Americans still finance their home. With mortgage rates at historic lows, money is almost free to borrow. Getting financing is not as difficult as you might think in 2021.
What is the difference between and ILC and a Land Survey? Most title companies and lender will accept an ILC which is cheaper than a land survey but aren’t as exact or time consuming as land surveys. Usually, a county or town will require a more detailed survey for building and addition projects.