Homebuyers Act Fast on Plunging Mortgage Rates.
Since your credit score plays a large role in your ability to qualify for a mortgage loan, it’s important to review your credit report once a year.
Your credit score is a big factor in determining your ability to qualify for a mortgage loan. Many first-time homebuyers believe that they need a 'perfect' credit score in order to secure financing. This is a misconception, there are home loans available that only require a minimum of a 580-credit score.
According to the National Association of Realtors (NAR), thirty percent of people born between 1980 and 2000 are buying homes for $300,000 and above this year, skipping the starter home and purchasing their dream home as their first home.
Manufactured and modular homes have dramatically changed in appearance and quality over the years and are fast becoming a great alternative for first-time homebuyers.
Mortgage rates have a significant role in how much home you can afford. If you feel like you missed getting a low mortgage rate, keep in mind current rates are still lower than they were 10 years ago and historically, they are still very good.