2015 is shaping up to be a great year for first time home buyer in Orange County and across the United States.
If you’ve been “on the fence” about buying a home for the first time here are three reasons why you will want to buy a home this year.
#1 – Historically Low Mortgage Interest Rates
Last year was a great year for mortgage interest rates, but 2015 is going to be even better, especially for first time home buyers.
For example: A recent Fred Sed & Associates client was able to purchase an Orange County home after they were able to qualify for an FHA mortgage loan with an awesome interest rate of just 3.625%
#2 – Lower Mortgage Insurance Premiums
Did you know that the Government recently reduced mortgage insurance premiums by 0.5%?
What does this mean to you?
Let’s say you were to get a $300,000 mortgage loan. Your monthly mortgage payment would be reduced by $190.000 per month.
#3 – More Home Inventory Available
Last of all, but most important, there is more home inventory available this year compared to 2014.
Besides having plenty of existing homes for sale across Orange County there has also been an increase in new home construction.
This means you have plenty of options to choose from for the home you want to purchase.
Get Ready To Buy a Home in Orange County
To get started with buying a home in Orange County or elsewhere across the United States you should do the following:
Step 1 – Check your 3-1 credit
report: This will help you to see if there are any negative or inaccurate items on your credit report so you can have time to have these items removed.
Step 2 – Get your finances in order: Pay off any smaller or outstanding loans so you can reduce your debt-to-income ratio.
Step 3 – Shop around for a low mortgage interest rate: Don’t settle for the first quote you receive, get the lowest mortgage interest rate you can since even 1% can amount a $5,000 savings over the lifetime of your mortgage loan.
First Time Home Buyers Contact Us
Once you’re ready to make the jump from being a first time home buyer, to home owner, contact Fred Sed & Associates by calling us at (949) 272-0125.