frequently it’s less expensive to pay the mortgage, association fee, taxes, and utilities than it is to pay rent!
Chicago, IL (PRWEB) November 20, 2014
Peoples Home Equity is awaiting the results of existing home sales this morning.
Existing home sales show the overall health and expansion of the real estate market and to a certain extent the participation of first-time home buyers.
As shown on TradingEconomics.com, in September 2014 existing home sales increased to an annual pace of 5.17 million, which is the highest reading since September 2013. For October, lenders are expecting a decline in sales down to 5 million. An annual pace of 5 million units would be just a bit higher than sales were in May. An expected decline is not surprising as sales always fall during fall and winter months. However, lenders like Peoples Home Equity always look to see how deep the fall will be. Peoples Home Equity is expecting 2014 to be seasonally strong in terms of home sales. This assumption is already evident given Wednesday’s weekly mortgage applications survey reporting that purchase mortgage activity greatly outperformed refinance activity for the week ending on November 14th.
Given the expectations for higher purchase activity, first-time homebuyers should be prepared. The relatively low rate of national unemployment at 5.8% means more and more Americans every week are reaching a credit score that enables them to be approved for a home loan. To compete with the increased number of pre-approved buyers, and also cash buyers, prospects must also be pre-approved for a mortgage. Consider using Peoples Home Equity as the lender. If unsure whether or not a home loan is an affordable choice, please note that frequently it’s less expensive to pay the mortgage, association fee, taxes, and utilities than it is to pay rent! One can easily find out how much a monthly mortgage will cost by visiting PeoplesHomeEquity.com and click on “Monthly Payment Calculator” under the “Calculator” field.
Contact a Peoples Home Equity loan officer today at: 262-563-4026