If you are in the market to buy a home, now is a good time to do it.
“It’s a great time to sell because all of these buyers that may not have been able to qualify for some of the homes before because of their interest rates now they can qualify for those homes,” Jami Langeland, Realtor for Living Texas Style Realtors, said.
Mortgage rates have been on the decline for the past month.
“There’s a huge increase in mortgage loan applications from new buyers since February to March,” Tracy Patrick, Mortgage Loan Production Officer, said.
Mortgage rates on a 30-year loan have dropped to about 4.5%. That means that buyers will ultimately spend less money buying a house.
“Buyers love it because they can buy more of a house than what they could so that interest rate helps them buy more of a house because they can have a cheaper house payment,” Patrick said.
Some banks say they have been seeing an increase in potential buyers and encourage people who already own homes to consider refinancing.
“They call and say you know we’re either looking to buy a different home or refinancing what would you think our best option would be or the renters that were not able to qualify before and are now able to qualify,” Langeland said.
There are different loan programs for people that banks offer and some realtors will help find the best lender for you.
the first step realtors suggest before buying a house is to first check with a lender to get your pre-approval letter.
This will help you to know what houses are in your price range so you can start your house hunt.