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Housing Market Trends You Should be Aware of Before Filing Your Mortgage Loan Application

Housing Market Trends You Should be Aware of Before Filing Your Mortgage Loan Application

The rise and fall of home prices has made many people skittish about market trends. That’s a very understandable concern. The basic idea of buying low in a rising market always seems to make sense. But there are numerous other forces at work, and paying attention to trends may help you make an informed decision before filling out a mortgage application. At Midland Mortgage, our team of professionals are available to help you.

Education Matters

There have been important headlines about how education will be handled and School Choice has topped them. Anytime a family purchases a home, the quality of the schools is a major concern. Within a single city or county, education can run from A-grade to F. Look into School Choice options in your area of interest. School options affect the pricing of the homes within that area because they directly affect the demand (or lack thereof) for those homes.

Upcoming Areas

People that take time to save up a down payment have the advantage of scouring neighborhoods. Areas that blend rehabilitated homes with those needing work may be a good strategic place to buy. If you purchase a home that needs some work and get it done, your property values have a good chance of rising as nearby homes follow suit. This is a long-term strategy to increase property value and home equity.

Insurance Costs

As you plan your home purchasing budget, it’s important to have an insurance policy that will truly provide security. For example, many people take out a policy that covers the purchase price of the home. Lenders are generally satisfied with that practice. However, replacement costs and market values are two different things. Make sure that your policy meets the expense of total replacement based on square footage and current construction costs. Spending a few extra dollars on a policy is worth it.

Taxes

The country’s economic landscape is changing quickly. Taxes may also change dramatically. You’ll find a trend of some communities to lower or hold steady on property taxes. Others seem unconcerned about yearly increases. Taxes are part of your monthly expense. Check a town or county’s taxation trends and attitudes.

If you would like more information about mortgage options, the professionals at Midland Mortgage, in Columbia, SC, are available to answer any questions. You can also conveniently schedule customer service online through our contact page. We look forward to working with you.

Posted Jun 21, 2017 by Midland Mortgage Corporation