Buying a home this year? Congratulations! Whether it’s your first or if you consider yourself a seasoned homebuyer, buying a home is a major undertaking and every market, season, and region can experience fluctuations that makes the process unique each time.

Buying a Home in 2018One of the most important differences in the 2018 market is that after years of historic lows, NH mortgage rates are starting to rise again. While this might sound scary, there is good news for homebuyers! First, we have likely seen the bottom for interest rates and that they will continue to climb – meaning you may get a better deal in 2018 than you would in 2019 or 2020. Of course, we don’t know what the future will bring and we can’t make predictions, but this could be a sign of things to come. Secondly, while New Hampshire mortgage rates have been historically low in recent years, one of the biggest complaints from buyers has been that there are very few homes available for sale, that competition for this limited inventory has been intense, and that the prices for the homes have been rising as a result. With interest rates increasing in 2018, real estate experts predict that this will help to cool the rising home prices and spur more sellers to put their homes on the market.

So, if you’re planning to buy a home in 2018, here are some key things to remember as you jump into the process:
• Housing markets tend to fluctuate seasonally. While we tend to see higher inventory for starter homes during the fall and winter months, trade-up and premium home inventory usually peaks during the spring and summer.
• Well-prepared buyers will have a huge advantage on those that don’t have their financing, documentation, and decision-making wrapped up. If you’re ready to buy, be sure to meet with a mortgage professional to get pre-approved, determine your price range, and to secure your estimated down payment and closing costs. Be sure you’ve answered these five questions every homebuyer should ask – it will make it much easier for you to make a decision when the time comes.
• If you found that the New Hampshire mortgage rate you qualify for is less-than-ideal, work with your mortgage lender to clear up issues as much as possible or to seek others options such as waiting a few months longer or looking at homes in a different price range.
• Know that lenders will want to see a healthy financial background for anyone included on the mortgage application. Keep your accounts in balance, avoid unnecessary spending, don’t make any major purchases, and don’t open new loans or credit cards before you close on your home.


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