B4 • Friday, September 30, 2022
thegardenisland.com
THE GARDEN ISLAND
FROM BEGINNER TO BUYER 4 tips for navigating the homebuying process BRANDPOINT Buying a home is a lifelong dream for many people, but it can also be a stressful and anxiety-inducing experience, especially in today’s highly competitive housing market. It can be even more overwhelming if you’ve never bought a home. According to the National Association of Realtors, first-time homebuyers represented 34% of all homebuyers in the U.S. in 2021. Prospective first-time homebuyers may feel at a disadvantage because they haven’t been through the homebuying process before. However, you don’t have to walk this road alone. There are a variety of online resources and local trusted professionals to demystify the process and help you go into your next open house with confidence. Check out these 4 tips that can help you prepare to search for and buy your first home. Explore educational tools It’s easy to feel in over your head as a first-time homebuyer because you
don’t know what you don’t know. Luckily, there are resources available to help boost your homebuying knowledge such as how-to guides, webinars and podcasts like the Beginner to Buyer podcast. Every episode offers conversations with real buyers and expert guests discussing each step of the process, from mortgage application to closing. Work with trusted professionals Before you begin searching for your home, consult a home lending professional.
US average mortgage rates fall again; 30-year loan at 3.04% ASSOCIATED PRESS Xxxxxxxxxx US long-term mortgage rates up for 6th week; 30-year at 6.7% WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years. Mortgage buyer Freddie Mac reports that the average on the key 30-year rate climbed to 6.70% from 6.29% last week. The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.96% from 5.44% last week. Rapidly rising mortgage rates threaten to sideline even more homebuyers after more than doubling in 2022. Last year, prospective homebuyers were looking at rates well below 3%. WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate climbed to 6.70% from 6.29% last week. By contrast, the rate stood at 3.01% a year ago. The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.96% from 5.44% last week. Rapidly rising mortgage rates threaten to sideline even more homebuyers after more than doubling in 2022. Last year, prospective homebuyers were looking at rates well below 3%.
They can help you get prequalified, navigate the homebuying market and review loan options. You can also use online tools, like an affordability calculator, to determine how much you can afford before starting the homebuying process.
much you’ll pay for your home loan. Take advantage of financial resources
Research homebuyer assistance programs and remember to ask your home lending advisor about available resources. For example, Lock in your rate Chase Home Lending’s Interest rates can rise and Homebuyer Grant offers up fall quickly. Once you’ve to $5,000 that can be used found the home you want toward a down payment and and are comfortable with closing costs. Additional fithe payments based on tonancial assistance for homeday’s rates, lock in that rate buyers may also be available as soon as possible. This will in your state or city. Lastly, give you assurance of how consider lender-backed re-
sources to help streamline the closing process. Chase’s Closing Guarantee is committed to closing on your new home in as little as 21 days or you’ll receive $5,000. BONUS: Be patient don’t panic It may feel like the housing marketing is incredibly volatile right now, but you don’t have to go through it alone. “Getting connected early with a qualified lending professional will help ensure you’re prepared for the homebuying process,” said Shelby McDaniels, channel director, corporate home lending at Chase. “Beyond
professionals, tap into your personal network and find emotional support and knowledge from those who have already gone through the homebuying process. Push yourself to ask questions and remain steadfast in your goals.” By using these tips, you can feel more prepared to navigate the homebuying process and understand how to take advantage of the resources available to support your journey. To learn more about the homebuying process, available resources and programs and to connect with a home lending professional, visit Chase. com/Home.