A lot of buyers have been sitting the fence the past few months, waiting to see what the market is going to do before they buy a home. Now that lenders are using stricter guidelines for approving borrowers, many of these buyers are worried that they’re going to be stuck on this fence and won’t be able to get the home they wanted now.
So, what if you got approved or qualified several months ago? How will these changes affect your buying a home in the next few months?
If you’re in this position, you need to get in touch with your lender to update your approval. This shouldn’t take too long to do, and it’s certainly worth knowing if you should make any changes to your home search. After all, you don’t want to continue to visit homes for sale that are possibly not in your price range anymore.
If you’re using FHA or if you’re able to put twenty percent down, the loan that you planned to use shouldn’t have changed enough in the past few months to affect you. On the other hand, investment properties have undergone some major changes. Loans for investment properties now require twenty percent down. So, it completely depends on how you have set up your loan.
Guidelines change everyday – and sometimes multiple times a day. So, in the good chance that you did not lock in your rate, you may not be able to get the loan that you wanted. Remember that you can’t lock in a rate until you have found a property. So, if you’re still in the early stages of house hunting, you’ll have to use the rates that are available when it’s time to buy. The good news is that rates are incredibly low right now. In fact, you’ll find some of the lowest rates that have been available in years. So, if you’re ready to narrow down a home and lock in a rate, you could get a really good loan package right now.
Whether you’re planning on buying a home now or several months from now, it’s a good idea to check in with your lender to discuss how the changes in the mortgage industry will affect you. You may discover that the only change is that you’ll get a better rate now than you would have gotten several months ago. And, that’s good news! But, if the changes are going to affect buying your next home, your lender may be able to find a different loan for you or advise you on what you need to do in the coming months to ensure that you can get the home that you want. Either way, it’s better to figure out your financing ability now rather than later!
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