Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Money-Saving Secrets of the Home Purchase
If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2022 show that the homeownership rate was a staggeringly high 66%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
We just wrapped up a successful closing for an investment property in New Hampshire that will eventually become our retirement home. It's been a couple decades since either my wife or I went through the mortgage process. A lot has changed. In the competitive market where we've been looking for property, a quick decision and getting our financial ducks in a row rapidly was essential. We're so grateful we had Parker Asselin and team Acadia in our corner. He gave us a level of confidence and reassurance that we could navigate this "new" process which is now managed almost exclusively and efficiently online. There seemed to be a mountain of paperwork to upload, electronic documents and due diligence to be taken care of in six short weeks. Parker was there with a call or text and a clear answer usually within minutes when we had questions. Even in the eleventh hour before closing (the title company had made a mistake on the closing date by 24 hours), Parker for the save. With just minutes before the end of the business day, he reached out to the bank, title company, and all involved parties, to keep the closing happening on the day and time agreed between us and the sellers. Phew. Fantastic! We wholeheartedly recommend Parker and Acadia Lending Group if you are looking for competent, friendly, and extremely attentive service in working through the complexities of the homebuying process.- Joel Bolton.
Parker and his team are amazing. When you’re self-employed, applying for a mortgage is a painful process. Parker and his team were there to walk us through every step. He was incredibly responsive and patient, answered our seemingly unending questions, helped us navigate our nerves and was just incredibly nice to work with. While still zero fun, applying for this mortgage was hands down the most seamless and streamlined process we’ve ever experienced and we are excited to work with Team Asselin on our next project! Thank you Parker, Jenny and everyone who helped us with our purchase!!- Kirstan Watson.
Lee came recommended by high school friend & local Portland realtor, Joel Turgo. She was patient, kind, and thorough with representing us. Working with Lee Boone and Acadia was an exceptional experience, she answered our questions promptly, even though there was a time difference (we are CDT). We were most impressed, in-spite of COVID-related challenges, she managed to organize/file our paperwork in such a way that we were able to close two weeks early. Thanks Lee, you're a saint!- Jonathan & Rowena Youngflesh.
I can't say enough great things about working with Lee Boone! She was absolutely fantastic! We initially worked with her on a refinance of a second home, she was incredibly responsive, day or night and very knowledgeable. I had delayed refinancing because I was worried about all the "work" that went into a refinance, but the online portal for docs, paired with Lee and team's efficiency made this a 5 star experience. So much so, that just 1 month after we refinanced, we purchased another home and financed through her. She had all my documents already, and it was even easier. Don't hesitate to call Lee and work with Acadia!- Caitlin McCown.
Taylor was fantastic to work with! She was always there for every single question along the way and a lot of fun. If you are looking for a lending company, give Taylor a call and she (and of course the whole team too 😁) will help you.- K Frith.
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
What You Need To Know About A Home Purchase
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% down payment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
Why is now a good time to buy a home?
While it’s true that rates are up from last year’s historic lows, there are still many reasons why now could be a great time to buy. For one, falling home prices mean that you can get more house for your money. In addition, there is less competition from other buyers, so you may have an easier time negotiating a lower price. Don’t let rising rates scare you off – there are still plenty of reasons to buy the home you’ve always wanted!
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!