As we reach the end of 2023, it’s time to think about what lies ahead, particularly for the mortgage industry. Is 2024 a good year to apply for home loans in Phoenix? What are the chances that you will find a great deal?
Business Insider recently published an article about mortgage trends in 2024, and part of it says, ” mortgage rates have dropped quite a bit in recent months, and they’re likely to continue trending down in 2024.” Other online financial publications have similar assessments. In other words, the chances that a downtrend in mortgage rates will continue next year are high.
Numbers suggest that 2024 will be an optimistic year for the mortgage industry, particularly for borrowers looking to buy a new home. But the question is, are you ready to apply for home loans in Phoenix in 2024? Have you gathered all the requirements for applications? Here are some tips to help you find a great mortgage deal:
Evaluate your credit score. Before considering a loan application, make sure your credit score is healthy. It is one of the criteria that will influence your eligibility, the amount you can borrow, and the interest rate. The healthier your credit score, the better your chances are.
Understand each of the loan options available for you. Doing so will offer you flexibility and help you identify which lenders can provide better deals among your prospects. If you are working with a mortgage broker, ask questions about fixed-rate mortgages, adjustable-rate mortgages, and government-backed mortgages, among other options.
Set a realistic budget – one that won’t cripple your finances/cash flow. The key here is to find out how much house you can afford and stick to it. Of course, discuss it thoroughly with your mortgage broker, including how much downpayment to set aside for it. Note that the higher the down payment, the better your chances for favorable deals.
To conclude, as some industry experts say, all numbers point to 2024 as a year for better mortgage opportunities. Make sure you are ready if you want to apply for home loans in Phoenix.
For more questions, don’t hesitate to contact a qualified mortgage professional from HomePlus.