What a time to be a homebuyer! Over the past couple of years, the average 30-year fixed-rate mortgage rate has dropped steadily, hitting multiple all-time record lows. This has been incredible news for homebuyers as countless Americans have been able to purchase homes with great low mortgage rates and monthly payments.
Over the course of 2020, the mortgage industry has also adapted to the challenges of coronavirus by offering more flexibility to borrowers. This has included allowing “drive-by” home appraisals, reduced borrower documentation requirements, and an improved digital mortgage experience.
This opportunity may not last for long, however. When the economy is doing well, interest rates usually rise, and with the pandemic seemingly fading, mortgage rates are predicted to increase through this year. To help ensure you can get a low mortgage rate and monthly payment for your home purchase, it’s important to start early. That means getting pre-approved for your home financing as soon as possible.
Here are the benefits of getting preapproved:
- Preapproves you for a specific loan amount
- Helps you set your homebuying budget
- Shows home sellers that you’re a serious buyer
- Can help speed up your financing process
- Is fast, easy and free!
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If you have additional questions or concerns, or if there's any way we can help, reach out to Rob Grant at New American Funding at (302) 654-8848 or click the link below!