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All You Need to Know About Taking Out a Home Loan in 2022

All You Need to Know About Taking Out a Home Loan in 2022

All You Need to Know About Taking Out a Home Loan in 2022

Looking at a home loan in your near future? If so, it’s important to learn about market trends and what you might expect in the coming months. Let’s get started; here’s what you need to know about taking out a home loan in 2022.

Market trends

After a torrid 2021 in the home sales arena, experts are predicting a somewhat cooler real estate market for 2022. Among the different market factors, consider:

  • Supply and demand. 2021 was filled with frenzied bidding wars as the supply of homes on the market fell well below the demand. Experts expect the demand to remain high in 2022, but they also anticipate the supply of available homes to inch closer to the demand, especially as more new-construction homes hit the market.
  • Home prices. In 2021, the average price of homes rose to an estimated 14.75%. According to the National Association of Realtors, home prices will continue to increase in 2022, but at a far more modest rate of just 2.8%. Fannie Mae projects a 7.4% increase.
  • Mortgage rates. Mortgage rates remained at historic lows in 2021, with the average 30-year fixed-rate hovering around 3% at the end of the year. Economists expect mortgage rates to increase in 2022, but they will likely remain relatively low. The National Association of Realtors believes mortgage rates will increase to 3.7% in the first quarter of 2022.

Tips for buying a house in 2022

  • Get pre-approved. A preapproval shows potential sellers that you’re serious about buying a home and helps you keep your search within your range of affordability.
  • Shop around for a mortgage. Each lender sets their own interest rates and closing costs. Shopping around before selecting a mortgage lender can save you money up front and over the length of your loan.
  • Use a local real estate agent. In a tight housing market, it’s important to use an agent who knows the area well and can give you a realistic picture of what you can expect to pay for the home you want.

Keep these elements in mind as you quest for the perfect abode. A little “pre-home” work can have big impact on the enjoyment of your home and your overall financial health! And if you’re in the market for a new home, we can help! County Federal offers home loans for qualifying members that feature competitive interest rates and personalized service. Call, click or stop by today to get started.

Content Source: CUContent

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
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