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Mortgage and Real Estate News this Week: Homebuying Options in a Competitive Market

April 10th, 2022 1:24 PM by Jackie A. Graves

In the post-pandemic housing market, demand and prices are soaring while supply shrinks. Now is the time to learn about strategies for snagging the home you want, as well as less traditional options such as jumbo mortgages.

Competing as a buyer in a seller’s market

With low housing supply and high demand, many prospective buyers are struggling to score a home. Since many shoppers are willing to make cash offers and waive appraisals, it’s important to move fast and make an aggressive offer while still taking care not to overpay. If you’d rather shop for a home at a more leisurely pace, it may make sense to wait for the current market to simmer down.

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 Jumbo mortgages are becoming more popular

As home prices soar, more homebuyers are turning to jumbo loans, especially since some jumbo mortgages now have lower interest rates than conventional loans. If you’re interested in a jumbo loan, consider seeking out a larger bank or a specialized mortgage broker. You should also work on improving your credit score, saving for a sizable down payment and lowering your debt-to-income (DTI) ratio.

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Financing a condominium

Condominiums offer many advantages over traditional single-family homes, including fewer maintenance hassles and a more affordable price tag. However, the convenience of a condo comes at the expense of a more complicated mortgage application process. Your closing costs could be higher and your closing times longer and expect to need to provide more paperwork.

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Buying a vacation home

Buying a vacation home is becoming an increasingly appealing option for professionals and those with a favorite getaway spot. You’ll want to consider whether you’ll use your vacation home as a primary residence, second home or investment property, which will impact the credit score, DTI ratio and down payment you’ll need to purchase the home.

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Refinancing into a VA loan

Eligible service members, veterans and surviving spouses can benefit greatly from refinancing into a VA loan. These loans have no mortgage insurance requirement, minimal upfront costs, competitive interest rates and other perks. To get started, you’ll need a Certificate of Eligibility, and typically a credit score of 620 or higher.

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