4 Reasons to Buy your First Home

4 Reasons to Buy Your First Home

Why is it a great time to buy your first home? There are many reasons but here are four.

Record Low Interest Rates!

As of January 2015 ,in Minnesota, rates for a 30 year fixed mortgage are 3.78%  and a 15 year fixed mortgage is 3.06%. The national average is 3.81% and 3.18%. If Minnesota’s lower than average rates aren’t impressive enough then consider that in August of 2014 rates were at 4.18% for a 30 year fixed mortgage and 3.29% for a 15 year fixed mortgage. For more information on interest rate trends please visit this helpful website hsh.com.

New Mortgage Loan Types

Freddie Mac and Fannie Mae will be offering mortgages with a 3% down payment! Freddie Mac and Fannie Mae are The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Both are mortgage companies and are Government Sponsored Enterprises (GSEs), which means they are backed by the government but they are not part of the government. These 3% down payment mortgages will be available to qualifying buyers. Some requirements are a credit score of at least 620 and complete documentation of; income, assets, and job status. Borrowers will also have to attend home ownership counseling. These loans will be perfect for first time buyers who don’t have a large lump sum of cash to buy a home.

Home Prices Are Low…but Rising!

Prices are still low but appreciation has grown by 5-7% from 2013  to 2014 alone. This makes now a great time to get into a home. Once you buy your home the appreciation will start working in your favor, gaining you money!

Determine if you are ready to buy your first home

 

If you’re planning on buying a home check out our blog post “We want to move in 6 months, when should we start looking for a home?” This will give you a month by month break down of what to expect when buying a home.

 

 

 

Upcoming Spring Market

When it comes to Real Estate the spring market is always the busiest. A busy market means more selection of inventory and more competition. It’s not unusual to have multiple offers on a home. During the spring market it takes approximately four months from starting to look to closing.

Read what Sheryl’s clients say about working with Sheryl and the Selling South of the River Team!

For even more helpful home buying advice check out our Info for Buyers category under Sheryl’s Blog!

The Selling South of the River team is always happy to answer any questions you may have. Please call Sheryl Petrashek at 612-889-6496 or email at [email protected]  

Sheryl Petrashek
[email protected]

Sheryl Petrashek is a Realtor with Re/max Results. She is based in Apple Valley and Sells Real Estate in Apple Valley, Burnsville, Eagan, Lakeville, Farmington, Prior Lake, Savage and Rosemount MN.



Merry Christmas and Happy New Year!
Tempor placerat pid penatibus eros facilisis rhoncus magna non sed dis risus. Ac ut! Vel vut enim porta lectus est habitasse egestas in. Augue dapibus odio! Rhoncus porttitor scelerisque sagittis, elementum magna, vut scelerisque enim elit parturient dignissim platea vel nascetur porta lacus mid odio, in ut, rhoncus, platea etiam enim quis integer placerat, mid, natoque, non scelerisque non!
Santa Claus
SUBSCRIBE TO NEWSLETTER
Turpis dis amet adipiscing hac montes odio ac velit? Porta, non rhoncus vut, vel, et adipiscing magna pulvinar adipiscing est adipiscing urna. Dignissim rhoncus scelerisque pulvinar?
WELCOME TO WEBSITE
Nisi mus sit lectus, velit tincidunt? Aliquam. Adipiscing a duis, enim purus dis, etiam odio auctor sed pulvinar proin dolor. Egestas dolor ridiculus elit lacus nunc quis aliquet. Aliquet et. Nunc et, tristique amet sagittis integer magna.
SUBSCRIBE TO NEWSLETTER
SUBSCRIBE TO OUR NEWSLETTER
Please enter your name & email address to subscribe to our newsletter.