Posted February 10, 2019 04:16:23The housing market has been in free fall for years, but it’s finally starting to look a lot brighter now that Donald Trump is president.
The median price of a home is down nearly 50% since 2008, according to Zillow.
That means you can get a better deal on a property if you’re looking for a home in a cheaper area, Zilloview’s Tristan Wilson said.
And with that, Ziloview is warning that Trump may bring some more home-improvement-oriented policies.
But the good news for renters is that a home with a decent market value is often affordable.
So even if you want to move out of your current neighborhood, Wilson said, you’re still going to have a good deal if you can find a home nearby.
The key is to take advantage of opportunities that exist right now, like those offered by a $50,000 down payment or an affordable mortgage, Wilson explained.
If you’re a renter, you can also get a home equity line of credit, Wilson added.
And the federal government is also giving you an additional loan in the form of the Housing Assistance Corporation (HACCP) loans.HACCO loans are a form of mortgage backed securities (MMBS), meaning they’re backed by a loan from the federal and state governments.
You can use the HACCP loans to refinance your mortgage.
Housing affordability can come down to whether you’re willing to pay a bit more for a property, Wilson told CNBC.
It also depends on how much money you need to save.
If your income is below $75,000, you’ll likely be able to qualify for a lower down payment, Wilson noted.
If you’re closer to $100,000 to $150,000 or more, you may have to pay more.
And you can’t qualify for HACCO if your income exceeds $150.9 million, according in a statement to CNBC.
If the mortgage is a 30-year fixed rate, you’d have to make payments of at least 25% of your income for every year you live in your current home.
But if you have an adjustable rate mortgage, the payments could be much lower, Wilson indicated.
Wilson said it’s important to keep in mind that a mortgage is only a payment plan for the future, and the amount of money you’re getting out of it is usually tied to your income.
That’s why it’s so important to find a good investment property that you can save for the long term, he added.
It’s worth noting that your credit score will likely increase as your credit utilization increases, Wilson stated.
But, he also said that you’ll also likely pay more in interest than if you didn’t have a credit card or pay off the balance each month.
So you may not need to consider refinancing or a home loan if you don’t need to.
Wilson pointed to the fact that the average interest rate for fixed-rate mortgages is 0.08% while for adjustable-rate mortgage rates are 0.5% and 0.75%, respectively.
That means if you qualify for an adjustable-interest loan, you will likely pay less interest and pay it off over a longer period of time, Wilson reported.
You can also look to other housing finance companies, like a broker or lender, Wilson wrote.
They offer services to help you manage your finances, Wilson recommended.
And for a good down payment and down payment assistance, Wilson recommends HomeAway and its loan modifications, Wilson concluded.