What does this mean and how does it correlate to home buyers? First time home buyers are still in a quandary, they must have almost perfect credit with corresponding credit scores and there can’t be any job changes in the last two years. If any buyers are thinking about purchasing a home this year, they need to start early getting their ducks in a row.
Having an all time low interest rate doesn’t do anyone a favor unless the banks determine that they want to start lending again. What are some options for the home buyers of today?
• Make sure your credit is in order; don’t make any new purchases unless it is necessary.
• Don’t make any job changes, unless it is within the same company and is a better position.
• Contact your local credit unions or mortgage brokers; they may be able to do a better job than the red tape mega banks.
• Listen to your real estate professionals they will guide you through the process.
Bottom line is to take advantage of the historically low rates and a great buyers market.
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