Global economies around the world are struggling, driving interest rates to record lows. For Americans, this trend may have created the best environment for buying a home in history.
The national average 30-year fixed mortgage rate fell as low as 3.52 percent in June following the Brexit vote. Lower mortgage rates are not only encouraging new buyers, they are also encouraging home owners to refinance.
Earlier this week, Quicken Loans CEO Bill Emerson reported a 35 percent surge in business due to the flood of customers looking to refinance their mortgages.
In addition to low mortgage rates, there are also a number of new options out there for buyers that can’t afford the traditional 20 percent down payment on a house. Quicken Loans reports that highly-qualified buyers could qualify for down payments as low as 1 percent.
In addition, the Federal Housing Administration backs mortgages with as little as 3.5 percent down payment. In addition, if you happen to be a veteran, you could qualify for a home loan that requires 0 percent down payment.
Another way to save a few bucks on a mortgage up front is by opting to go with a no-closing-cost mortgage in which the lender waives the typical $1,000-2,000 closing cost in exchange for a slightly higher rate.
First-time homebuyers seem to be catching on. Existing home sales jumped…
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