As Mortgage Rates Drop, It’s Become a Buyer’s Market

After a difficult stretch with a strained economy, now’s the time for prospective home buyers to scope out the opportunities. Not only are there more properties to choose from, but hope is on the horizon as mortgage rates take a helpful turn.

Mortgage rates are on the way down

According to the National Mortgage Professional Magazine, real estate agents and people who want to purchase a home have cause for celebration. An evaluation of February indicates that mortgage rates are going lower, which makes it more affordable for consumers to try investing in property.

The Federal Housing Finance Agency spread the good news that the decline was .07 percent, a sign that could give the economy a general boost. Americans ready to buy their first home or current homeowners looking for a change have the perfect opportunity to go house hunting.

For real estate professionals, it’s time to pull out the stops and get those commissions rolling in.

Choosing the right real estate agency

While lower mortgage rates are always welcome, it’s important for consumers to choose their real estate agent wisely. This is a time when the expression, “The customer is always right,” holds especially true.

According to Investopedia, there are ways to identify the cream of the crop. Buying a house is a major expense — one that may last a lifetime. It should be a completely satisfying experience.

Key things to look for in an agent is solid knowledge of the areal, positive reviews, and a good impression during the interview process. One of the best ways to find a good agent is to take a look at the Better Business Bureau and get the word of mouth.

When others have a positive experience with a particular agency, there’s a good chance that it maintains standard of excellence.

Narrow the selection for mortgage brokers

Competition is likely to be fierce in real estate at a time like this. You should never accept the first bank or mortgage lender that comes to hand.

RealEstate.com remindes home buyers that comparison shopping is a must. Mom and Dad may have always turned to the hometown bank, but there are a lot more lenders on the market today.

Consumers need to remember to use their common sense and exercise caution in their selection. If something seems too good to be true, it probably is. Look for lenders that belong to professional associations.

The National Association of Mortgage Brokers will point buyers in the right direction. Choosing someone who is established and local is preferable over a startup business or a broker on the other side of the country. Use your best judgment before making a final decision.

Now’s the time to strike; the iron is hot for shopping for a home. As mortgage rates drop and a competitive economy helps consumers to find the best opportunities, more people will be able to enjoy the pleasures of a new home.

If the current trend becomes the norm, it could mean a positive sign of recovery for the nation as a whole.

Anna Johansson
Anna is a freelance writer and researcher from the Olympia, WA area who loves to obsess about weird topics and then write about them. When she isn't writing, she is outside on her bike and comtemplating her eventual trip to graduate school.

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