Kitsap County Renters
As a renter in Kitsap County, you may be wondering if it’s time to take the leap into homeownership. With the help of local experts like Bill Dunger from Bill Dunger, Nova Home Loans and Kari Green, Advisor, you can learn about the home buying process, mortgage options, and even some unique opportunities available in the Kitsap County area. Let’s talk about renters. As a renter, your 'interest rate' is 100%. Every single dollar you spend is completely invested into someone else's mortgage. When we look at home ownership, one of the first questions I hear is, "What about the interest rates?" Let's put some perspective on this. The housing market is critical to the economy, and it has to keep moving to keep everything stable. At a time when there were a myriad of factors affecting the econimy in a negative way, keeping the housing market moving was critical to economic survival. It seemed like a great time for first time homebuyers to get out of renting and into owning. However, when interest rates dropped to two and three percent, investors were able to come in and offer thousands over asking, making budget buyers have to work much harder to compete. Now I hear a ton that buyers want to wait becuase interest rates are 'so high.' As of today, interest rates are 6.75%-7.25%, depedning on credit score. OH the horror... interest rates have DOUBLED! However, looking over time, we are not seeing the highest of interest rates at this time. The best time for first time homebuyers is in a market that is not saturated with investors. Now is that time. Buyers have to opportunity to negotiate for their benefit, with out a 90% risk of being outbid by a cash investor. Once you get into a home, as rates fluxuate, it is much easier to refinance your mortgage than it is to compete with investors for a place to live. One of the biggest concerns for potential homebuyers is the cost of a mortgage. Fortunately, there are a variety of mortgage options available to Washington residents. Bill Dunger from Nova Home Loans shares that the FHA credit score requirement has been lifted. It has been a requirment that a buyer have a 620 credit score to qualify. Now, any credit score is able to be considered, based on income and debt. Your credit score will still come into play when it comes to interest rates. The larger the risk (lower credit score) the higher the loan cost (interest rate). Having a good credit score can still be beneficial, but it no longer is a disqualifying point for FHA loans. For renters who are considering buying a home, it’s important to take the time to do your research and understand the home buying process. This includes understanding your budget, getting pre-approved for a mortgage, and working with a real estate agent to find your dream home. Kari Green emphasizes that “working with a knowledgeable and experienced real estate agent can help you navigate the home buying process and find the best home for your needs.” No matter what your housing situation may be, it’s important to make an informed decision about your living situation. For renters who are considering buying a home, there are a variety of mortgage options and DPA programs available that can help make homeownership more accessible. Having your HOME TEAM at your fingertips is essential to being successful in the real estate market, and making the most of your monthly investment. Are you investing in you and your future, or are you investing in someone else's dreams?
