B4 • Friday, November 11, 2022
THE GARDEN ISLAND
TIPS FOR HOMEBUYERS BRANDPOINT
For generations, homeownership has been synonymous with the idea of achieving the American Dream. This has certainly been true for many Hispanic Americans, who have used their homes to establish roots in their communities for their families. More than 8.8 million Latino families now own homes across the U.S., according to a recent report from the National Association of Hispanic Real Estate Professionals. The Latino homeownership rate is now more than 48 percent, a number that has been on the rise for the last several years. Homebuying experts say that many more Latinos are interested in buying homes but have pushed off the decision because they’re unsure if they can afford it or because they would like more education about the process. AmeriSave Mortgage Corp., one of the nation’s fastest-growing home loan providers, offers the following five tips for first-time homebuyers. w Understand what your legal residency status enables you to do. You’re not required to be a U.S. citizen to qualify for a home loan. Anyone with permanent status — including certain nonU.S. citizen buyers — is eligible for a home loan. The
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5 tips for getting ready to buy your first home
Any funds you use for this purpose must be in a bank account for at least 60 days prior to underwriting, so make sure you deposit any cash that you receive from working side jobs, from gifts, etc., before starting the mortgage process. Many cities and counties across the U.S. also offer down payment assistance programs, which are intended to help first-time homeowners. Research these programs online as a first step. w Do your research and partner with a qualified and experienced loan originator. Purchasing a home is the biggest financial decision most people will ever make, so it’s important to have trust in and be comfortable with your mortgage lender. You can verify your lender is authorized to do business in your state through the free Nationwide Multistate Licensing System Consumer AccessSM page. If English is not your preferred lanBRANDPOINT / CONTRIBUTED guage, many mortgage lenders, including AmeriSave A qualified, experienced lender can make buying a home much simpler and less stressful. Mortgage, have Spancash tips, talk with your em- ish-speaking loan best resource to determine comes and lower credit come. Any income you rewhat you can do is the com- scores. Online calculators port to a lender must be ployer about ensuring those originators who can guide you through the entire proverifiable taxable income. tips are appropriately reprehensive guide published can provide a general estiCash income is not considby Fannie Mae. mate of how much home flected on your W2. cess and provide forms you w Calculate what you can you can afford and help you ered part of your earnings, w Don’t forget about the can complete in Spanish. afford. The amount you can estimate your potential The prospect of buying a so if you’re being paid by an down payment. Regardless borrow is determined primonthly mortgage payof how much you plan to home can be daunting. But employer in cash, you borrow, you’ll need to set a qualified, experienced should ask to be paid via marily by your monthly inment. Not sure of your credit score? You can use a their payroll system, either aside funds for a down pay- lender can make the procome and credit score. service like Experian, Equi- in the form of a physical Typically, people with ment and closing costs. cess much simpler and less check or direct deposit. higher incomes and credit Most lenders require 3 perstressful. For more informafax or TransUnion to learn Similarly, if a large portion scores can borrow more where you stand. cent to 5 percent of the total tion, visit www.AmeriSave. of your income comes from purchase price, at minimum. com. than those with lower inw Report verifiable in-
Average long-term mortgage rate back above 7% this week ASSOCIATED PRESS WASHINGTON, D.C. — The average long-term U.S. mortgage rate returned to the 20-year highs of two weeks ago when rates breached 7 percent for the first time since 2002. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate rose to 7.08 percent from 6.95 percent last week. A year ago, the average rate was 2.98 percent. The rate for a 15-year mortgage, popular with those refinancing their homes, climbed to 6.38 percent from 6.29 percent last week. It was 2.27 percent one year ago. Last week, the Federal Reserve raised its short-term lending rate by another 0.75 percentage points, three times its usual margin, for a fourth time this year. Its key rate now stands in a range of 3.75 percent to 4 percent. More increases are likely coming, though there is some hope that the Fed will dial them down as more evidence comes in that prices have peaked. The Labor Department reported Thursday that consumer inflation reached 7.7 percent in October from a year earlier, the smallest year-over-year rise since January. Excluding volatile food and energy prices, “core” inflation rose 6.3 percent in the past 12 months. The numbers were all lower than economists had expected. Thursday’s report raised the possibility the Fed could decide to slow its rate hike, a prospect that sent stock prices jumping as soon as the data was released.