by: Gaye Jones ~ AnnieMac Home Mortgage
If you are keeping up with today’s economy, you know that interest rates continue to rise. Current rates are at the highest level in seven years. Rates are forecasted to rise above 6% by the end of 2019, so now is the time to purchase your new home.
Most buyers that experienced economic problems during the housing crisis from 2008 – 2010 are well past the waiting periods and would qualify for a new loan today. Buyers also need to consider the savings in property taxes if you purchase prior to January 1st. The discount on property taxes once a Homestead Exemption is filed is based on who owns the property on January 1st of each year. A Homestead exemption can save buyers between $700-$1,000 a year on their property taxes. Many of our properties in St. Johns County do not carry the homestead exemption as many of our homes are either investment properties or 2nd homes.
Student Loan Debt has also seen many changes on what is required to be considered when purchasing a home. Even if you were denied in the past due to high student loans, you might find yourself able to buy today.
Average rental costs for homes in St. Johns county have increased steadily since the hurricanes and continue to rise. I have seen many customers purchasing a home for the same monthly cost that they were paying in rent. Unless you are living rent free, you are buying home for someone (your Landlord).
If you are not currently a homeowner, you should, at minimum, get with a experienced loan originator to see what buying power you have!