If you’re in the market to find a new house, higher interest rates and prices may have you concerned.
MSUFCU Chief Marketing Officer, Deidre Davis, talks about why it’s still a great time to buy a home and how you can prepare.
According to MSUFCU, now is a great time to buy a home. Mortgage rates have been unusually low for several years, and they remain relatively low despite recent increases. The historical mortgage rate average is about 8 percent, while the current average is about 4-6 percent.
To qualify for an affordable mortgage, review your credit report and dispute any errors before you apply for a home loan. You should also check your credit score; a clean credit report and a high credit score will help you qualify for better interest rates.
Then, find a reputable lender you’re comfortable working with. A good lender will be upfront about the costs you need to consider and mortgage officers will take the time to answer your questions and explain the mortgage loan process.
MSUFCU offers fast, convenient mortgage preapprovals that can help in today’s competitive housing market by demonstrating to sellers you are a serious buyer. MSUFCU members can apply for mortgages through the MSUFCU Mobile app, on our website at msufcu.org, or in any of their branches.
The Credit Union also offers a wide range of mortgage products to help you get into the home of your dreams, from a First-Time Homebuyer program to conventional or adjustable-rate mortgages.
Visit msufcu.org/homeloans for more information.
This segment is sponsored by MSUFCU.
