The Federal Savings Bank strongly encourages first-time homebuyers to get pre-approved for a mortgage while housing prices remain attractive and interest rates remain at decade low.
Chicago, IL (PRWEB) April 06, 2013
The Federal Savings Bank interpreted today's unemployment report with positive response. Sure the new job numbers were posted as 88,000 versus the 197,000 analysts had been expecting, however, regardless the overall unemployment figure declined from 7.7% in February to 7.6% in March implying both a recovering economy and higher interest rates in the future. First-time homebuyers should seriously understand the implications of the unemployment report.
First-time homebuyers should know that as unemployment declines more jobs are created causing more demand for homes with employment. This increased demand coupled with the lack of current housing inventory will keep the housing market in recovery mode with the probability of higher prices soon. Banks are becoming less stringent on credit standards as more people earn incomes. The Federal Savings Bank strongly encourages first-time homebuyers to get pre-approved for a mortgage while housing prices remain attractive and interest rates remain at decade lows.
Prospective mortgage applicants are often reminded at The Federal Savings Bank that The Federal Reverse has hinted that rates may rise once unemployment reaches 6.5%. With unemployment on the decline it's a realistic scenario that rates may rise soon, especially if the amount of new jobs creates accelerates. For first-time homebuyers the safest moves is to at least get pre-approved for a mortgage and see how much of a home they can afford. For more information visit: TheFederalSavingsBank.com