For mortgage brokers across the country, one of the single most common questions received is regarding the best timing practices for obtaining a mortgage. Potential homebuyers want to know which season, time of year or even month is best for applying for a mortgage or closing on a home, hoping to find the best deals and mortgage rates possible.
At Altius Mortgage and our partners at Mortgage Ogden, we’ll assist you with a wide range of timing-related questions when considering a mortgage loan, especially for your first time. But in reality, the answer often depends on you and your individual circumstances – with the summer in full swing, this two-part blog will examine several conditions that might make this season the optimal one for you to purchase a home and begin the moving process.
At the top of our list is a consideration that relates specifically to this summer, and tracks back to continuously rising market prices in the homebuying world. Believe it or not, the housing economy is still technically recovering from the 2008 economic disaster, and predicting home values to continue to rise – as they have by around 6.5 percent over the last year – is a virtually certain bet at this point.
Along with this trend, interest rates are expected to continue rising as well. If you’re unsure of whether to pull the trigger now or later, doing so now, before prices rise further, can save you thousands on your eventual mortgage, both on the principal home price and your interest payments.
For those potential buyers who have school-aged children, the summer offers a great window for a home purchase and move due to the fact that school is out. This is generally a chief complicating factor for moves during the school year – moving takes some significant commitment, especially for a full family, and even more so if you’re moving a major distance.
In addition to making moving simpler, this format also makes things easier on your kids themselves. If they have to change schools, it allows them time to settle in and get involved in fall school-related activities and meet new friends.
Finally, another big convenience item is how much easier it is to move during the summer than other seasons. Utah residents know full well how quickly a storm can spring up during winter, and there’s nothing worse than trying to manually move large furniture and other home items during a blizzard. Especially if your move involves significant driving and manual lifting and carrying, the summer is usually the best time to get it done.
For more on reasons why you should consider a summer move, or to learn about any of our mortgage loan or refinancing services, speak to the staff at Altius Mortgage today.