February is Heart Month and it’s a good time to check your home health pulse. Some questions to ask yourself are your short and long-term personal goals, look at your current home equity and how best to use it, and review the term of your mortgage.
Now, as we move through 2023, there are signs things are finally going to turn around in the housing market. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year.
Last year, buyers were escalating their home bids way above the listing price. Some properties are still receiving multiple offers and sell above the listing price, but it is less common, and home prices aren’t escalating as high. So, things have changed, while interest rates are still higher now, but the market has regulated.
If you don’t own your own home and your goal is to get out of paying rent, you can still take a pulse on your finances to see how to make your goal a reality. Core Bank has an Affordable Housing Loan Program that supports sustainable homeownership. Even if you have student loans, don’t assume that you can’t buy a home. The deciding factor is whether you have enough income to cover your student loans, mortgage payments, and other debts. Basically, it comes down to your Debt-to-Income Ratio and a Core Bank Mortgage Loan Officer can assist you with that.
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Our team is dedicated to helping you find the right mortgage for you. We want to help you understand everything you need to know about the purchasing options available to you so you can find the best fit.