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Wondering About the Current Housing Market? Here's What You Need to Know

Wondering About the Current Housing Market? Here's What You Need to Know

03/09/2022

We interviewed Atlantic’s Expert Mortgage Advisor with over 20 years’ experience, Laurie Gaudreau (NMLS ID #746916) to get a better understanding of the current housing market.  

I hear that mortgage rates are expected to increase in 2022 (currently, they are hovering about 3.75% for a 30-year-fixed-rate). What does that mean to the average buyer?   

The interest rate is simply the cost of borrowing money. When the rates are extremely low – your loan payment will also be lower, which means your price range can be higher. When the rates increase, so will your payment – therefore, a loan amount of, let's say, $350K just went up $100/month just because of interest. This, in turn, affects the top price range you are looking at.    

Would you consider this a "sellers" market, and can you briefly explain what that means?   

There is no argument that this is a seller's market. This happens when the demand for houses exceeds the supply - and that is exactly the case. Too many buyers and not enough homes for sale. Therefore, one home for sale might get 20 offers alone! This puts the sellers in a position of power, and the buyers are competing to win the bid, often getting into "bidding wars," driving the price up.      

How can the average buyer contend with such an aggressive market? Do you have any tips, and what does it take to be competitive?   

This is something you really want to talk to your real estate agent about. Agents are constantly working on ways to make their clients' offers more attractive. With the market so competitive right now, this is changing rapidly, and they will be your best resource in writing a strong offer.  

Can you talk about what programs Atlantic offers for homebuyers?   

One of my favorite things to talk about! First off, it's important to say that we are a local portfolio lender, which means that our loans are "in-house," and they are serviced locally by our partner, CUSO Home Lending. We offer a conventional 3% down payment program that has helped many first-time homebuyers and repeat buyers.   

Another popular program we offer is the "CU Promise" 10% down no PMI (private mortgage insurance) loan. Typically, a 20% down payment would be required to avoid private mortgage insurance, but our program is only 10% which can make a big difference in your savings account and payment! We, of course, have the regular 20% down loan as well as jumbo loans and even mobile home loans.   

Wow! Thank you for taking the time to answer all my questions with such great advice. One last question – do you have final words of advice for homebuyers?   

Be patient, and don't get discouraged! Buying a home is an emotional process, especially in the current market. There is a house out there for you! 

If you’re looking for additional information on the homebuying and prequalification process, choosing the right lender for you, and the major dos and don’ts of buying a house, check out The Most Important Things to Know About the Home Buying Process. Still have questions you’d like to have answered? Contact an Atlantic Mortgage Professional. They are ready to help. 

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