Manuel Realty Group

Rates Move Swiftly Lower Due to New Covid Variant 😲

Just when it looked like the current week would fizzle out on a negative note for rates, our least favorite market mover is back in the news. 🤔

B.1.1.529 (designated now as "Omicron"), a new covid variant hit the market like a ton of bricks on Friday morning. 48 hours earlier, Google had never heard of it. Search interest began to ramp up on Thanksgiving Day. By Friday, it's an utterly pervasive headline.

☎️ Call Tabatha Manuel @ 248-648-1067 for all your real estate needs!

www.ManuelRealtyGroup.com

Showing Homes 🏡

☎️ Call Tabatha Manuel @ 248-648-1067 for all your real estate needs!

www.ManuelRealtyGroup.com

Pick the right type of house and neighborhood 🏡

Weigh the pros and cons of different types of homes, given your lifestyle and budget. A condominium or townhome may be more affordable than a single-family home, but shared walls with neighbors will mean less privacy. Don't forget to budget for homeowners association fees when shopping for condos and townhomes, or houses in planned or gated communities.

Another option to consider is buying a fixer-upper — a single-family home in need of updates or repairs. Fixer-uppers usually sell for less per square foot than move-in ready homes. However, you may need to budget extra for repairs and remodeling. Renovation mortgages finance both the home price and the cost of improvements in one loan.

☎️248-648-1067
www.ManuelRealtyGroup.com
Buy🏡Sell💵Invest💰Rent

Explore mortgage options
A variety of mortgages are available with varying down payment and eligibility requirements. Here are the main categories:

Conventional mortgages are not guaranteed by the government. Some conventional loans targeted at first-time buyers require as little as 3% down.

FHA loans are insured by the Federal Housing Administration and allow down payments as low as 3.5%.

USDA loans are guaranteed by the U.S. Department of Agriculture. They are for rural home buyers and usually require no down payment.

VA loans are guaranteed by the Department of Veterans Affairs. They are for current and veteran military service members and usually require no down payment.

You also have options when it comes to the mortgage term. Most home buyers opt for a 30-year fixed-rate mortgage, which is paid off in 30 years and has an interest rate that stays the same. A 15-year loan typically has a lower interest rate than a 30-year mortgage, but the monthly payments are larger.

Track your credit score.
☎️248-648-1067
www.ManuelRealtyGroup.com
Buy🏡Sell💵Invest💰Rent

Check and strengthen your credit
Your credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer. Take these steps to strengthen your credit score to buy a house:

Get free copies of your credit reports from each of the three credit bureaus — Experian, Equifax and TransUnion — and dispute any errors that could hurt your score.

Pay all your bills on time, and keep credit card balances as low as possible.

Keep current credit cards open. Closing a card will increase the portion of available credit you use, which can lower your score.

Track your credit score.
☎️248-648-1067
www.ManuelRealtyGroup.com
Buy🏡Sell💵Invest💰Rent

💰 Closing costs: These are the fees and expenses you pay to finalize your mortgage, and they typically range from 2% to 5% of the loan amount. You can ask the seller to pay a portion of your closing costs, and you can save on some expenses, such as home inspections, by shopping around.

☎️248-648-1067
www.ManuelRealtyGroup.com
Buy🏡Sell💵Invest💰Rent