Learn More About Home Refinancing and Financing From an Experienced Mortgage Broker
Whether someone is a first-time home buyer, purchasing a second home, or investing in a vacation home, there are a variety of opportunities available for prospective home buyers. Given that a recent survey showed 59% of homeowners wished they understood their mortgage terms and details better, it makes sense to work closely with an experienced mortgage broker.
In many cases, existing homeowners may want to refinance their home in order to purchase a vacation home or make another type of investment. When someone pursues home refinancing, the Freddie Mac 2015 Q4 Refinance Report indicated that the time period for refinancing does fluctuate. The median time period for that year was 6.4 years, however.
Whether someone is exploring their refinancing options or are working closely with their financial advisors on mortgage planning, a recent report revealed that within the next two years, 31% of Millennials are planning to purchase a home. While 98% of the individuals that were 36 years old or younger previously financed their homes, a smaller percentage of individuals within older age brackets did so. Given the home buyers within the 62 to 70 age bracket, 68% financed their homes.
There are, of course, different types of mortgages. In addition to conventional mortgages, there are also VA loans and FHA mortgage loans available for qualifying buyers. In 2016, for example, some buyers were able to obtain complete financing, as was the case with 14% of the home buyers that contributed to a recent report.
Many home buyers were also applying for and obtaining FHA insured loans during 2016. These mortgage loans, which are backed by the United States Federal Housing Administration, enabled 24% of the buyers to purchase a home. This data was obtained through the 2017 National Association of REALTORS Home Buyer and Seller General Trends report.
It’s interesting to note that when people purchase a second or subsequent home, such as a vacation home, they usually don’t move very far away from their prior neighborhoods. A 2015 National Association of Realtors report showed that many individuals just moved a median of 14 miles from their previous location.
If you’ve been planning to purchase a home, you may be interested in the average sales price of houses throughout the United States. The average sales price in March 2016, for instance, was $186,000.00. According to government census data, the average price was $384,400.00 in March of the following year. Housing forecasts for 2018 do vary. Zillow’s , one-year forecast, however, indicates that the median home price will increase by 3.2% by November 30, 2018. This will bring the median price of a house to just under $217,000.00. Since both average and median home prices do fluctuate based on a variety of factors, these can be explained in greater detail by a mortgage broker.