First time buyers currently have a historical advantage with both low rates and prices. What happens when the trend begins to shift? You might not qualify to purchase the same house.
Unless your income keeps pace with price and/or rate increases, you may not be able to qualify for the same home you could purchase today.
In a rising market, you usually can’t out-save appreciation.
When prices are rising, it can be difficult for your savings to outpace the market. For example, if a $300,000 home appreciates by 5% in one year, that’s $15,000 or $1,250 per month. Can you add that amount to what you’re already saving each month? If interest rates are rising, too, required payments and income increase even more.
Qualified borrowers have the ability to lock in today’s prices and rates. Buyers who have not yet accumulated a large down payment may find that using a small down payment and paying mortgage insurance is wiser than missing out on low prices and historically low rates.
We’re here to help when you’re ready to learn more.
2055 W Iles Ave Ste C
Springfield IL 62704
LeaderOne Financial Corporation is an Illinois Residential Mortgage Licensee, MB 6760699. LeaderOne Financial has a full service office in Missouri located at 141 Triad West Drive, O’Fallon, MO 63366. Licensed by the Missouri Division of Finance, License #13-1776. Corporate Headquarters: 11020 King Street, Suite 390; Overland Park, KS 66210, NMLS ID #12007 http://www.nmlsconsumeraccess.org
This advertisement does not constitute a loan approval or a loan commitment. Loan approval and/or loan commitment is subject to final underwriting review and approval.