With a booming economy, record low unemployment, rising personal incomes and no major interest hikes on the horizon, 2019 looks like a very good year to buy or refinance a home. White River Credit Union should be your first stop on the trail to a new place.
What to Know about Housing Trends in 2019
That could be the title of a long book, with chapter headings like:
- The housing shortage is real — there are still more buyers than available houses.
- Home prices will rise — that follows from the aforementioned shortage, but the rate of increase may slow.
- Mortgage rates will also rise — but, again, not as fast as some previous years and rates may roller-coaster up and down a lot in the short term.
- New homes have smaller footprints — small homes are more affordable, can be built faster and on less land, meaning they offer builders and buyers real advantages.
- First-time buyers dominate — some estimates say three out of five homes are being bought by first timers.
- Lending standards ease a little — after the 2008 bubble burst, lenders overall got worried and tightened up standards for home loans. Many are now relaxing and easing up.
- More borrowers choose ARMs — for some borrowers, there are distinct advantages that buyers should research carefully.
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Different Types of Mortgages
There are nearly a dozen and a half variations on the theme, but most buyers choose among just a few options:
Fixed-Rate — still the most popular, in 15-, 20- and 30-year varieties, with the best rates available in the shorter periods. If your planning to stay long term and expect your income to grow, this may be your best option.
Adjustable-Rate — also called a variable rate, it does just that, interest rates fluctuate with other economic factors. A lower initial rate is attractive to those whose careers keep them on the move. Hybrid (fixed rate now, adjustable rate later) loans are also an option.
Government-backed — to encourage home ownership, the federal government offers several assistance programs, administered through FHA, USDA, VA, Bureau of Indian Affairs and others. There may also be state or local programs to assist you. White River’s mortgage pros have all the details, if you need help with a fixed-rate or any other type of mortgage.
Enumclaw/Buckley/Black Diamond/Maple Valley Home Loans
Our goal is your success, that’s how we grow, that’s how our community grows, so Contact White River Credit Union, Enumclaw’s home mortgage professionals.