Looking to buy a home or refinance your existing mortgage in 2019?
Jeff Onofrio from Mortgage Possible in Marlton, NJ visited to help us through the process and to talk about the trends that are coming up this year.
First-time buyers looking for their starter homes are dominating the market right now. We're seeing rising rate environment and increasing prices, so affordability is becoming more difficult for some people.
"Some options for first-time home buyers include low-down payment options by FHA and Fannie Mae," Onofrio told us. "These programs have as little as 3% down, so there is some opportunity for those first-time buyers."
"A lot of millennials nowadays want to see smart homes, rather than a huge home with large extra spaces," he explained about the trend of popular homes in the market.
Finally, we are currently in a sellers market, meaning there are more buyers than there are inventory. "Options include a seller buy down, where we can roll back interest rates by allowing the seller to still maintain getting the same amount of money they want out of the property, but be able to buy down the interest rate to roll back the clock to six months to a year ago," Onofrio said.