May 3rd, 2018 8:29 AM by Jackie A. Graves, President
are our best mortgage tips for May.
Prepare your finances to buy in June
putting a pause on buying. Instead, spend this month doing research and getting
your finances in order.
an analysis of 14.7 million home sales from 2011 to 2017, ATTOM Data Solutions
found that home prices in May fetched the highest premiums above
estimated market value. On average, sellers got about 5.9 percent more than in
any other month.
instead of looking to buy in May, homebuyers can use this month to ready their
finances. This means checking your credit score, shopping around
for the best rates, applying for financial
assistance mortgage programs and getting to know your local
Earn points, miles when you buy a new home
navigating the homebuying process, you’ll most likely want to take a vacation.
Luckily, some lenders offer miles and points to credit card holders who get a home
Aug. 31, for example, Chase members with Ultimate Rewards or United personal
credit cards will rack up Ultimate Rewards points as a thank you for choosing
Chase cards are eligible for this bonus, each with varying degrees of value.
Chase Sapphire Reserve cardholders are eligible for 75,000 Ultimate Rewards
points, a $1,575 value, according to The Points Guy.
Refinance before rates rise even higher
rates rise, people with existing mortgages should consider refinancing now if
they can lock in a lower rate. Mortgage rates are expected to continue moving
higher, so the window to save on monthly mortgage payments is closing.
expect rates to rise through the end of the year, to almost 5 percent by the
end of the year,” says Joel Kan, an economist with the Mortgage Bankers
Association. “In a rising rate environment, the people who need to refinance
should do it now.”
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