Despite months of unrest, it’s still a good time to live in Florida. At least, that’s what our housing market has indicated. There was still momentum in July, with more pending sales, higher prices and more listings than compared to a year ago at the same time.
According to the latest housing data put out by Florida Realtors Research Department, the sales of single-family homes has risen by 11.7 percent over July of 2019. Pending sales are up by 21.7 percent. On top of the 23.2 percent increase in pending sales in June, it appears that the wave will continue through the end of summer and maybe even beyond that. Why is this happening?
Rates Are Great!
Rates are the answer. Today’s 30-year fixed rates fell to 2.91% which is down from only last week when we were talking about the unprecedented rates then. 15-year fixed rates fell to 2.46%. And you may even be able to get a refinance for below 3%. With the struggling economy and the Federal Reserve’s intervention, we have seen some of the lowest rates in history. And even though they may fluctuate a bit daily right now, it may be the best time for those who can afford it to jump.
This Could be Your Time
Stephen McWilliam, President of Florida State Mortgage Group in Fort Lauderdale share, “If you’ve been considering buying or refinancing here in Florida, this could be the time to do it. Many economists are saying that these rates should stay low into 2021 but there is never a guarantee in this landscape.“
Ways to Spiff Up Your Mortgage Profile
If you’re not sure about being able to qualify, you should seek some advice from a qualified mortgage broker in Florida. They can pre-qualify you or tell you where your weak spots are. These are some ways that you may need to brush up your mortgage worthiness:
- Paying down high-interest revolving credit and other debt and making sure that your credit score is all it needs to be. You’ll want a credit score of 700 for more conventional loans although there are other programs that may be available to you if you don’t meet that number. But the higher the better.
- Make sure there are no dings on your credit report. If there are, contact the reporting agency and the creditor and clear that up now before you go to apply for a loan.
- Save up for a higher down payment, if possible. To get the best rates, you want to be in the best financial position. Although there are some programs where a 20% down payment isn’t necessary, the more you have toward a down payment, the better it will reflect on you. If you are a veteran, this is a great time to look at your options under a VA loan.
- Lower your debt-to-income ratio. This is the amount of your payments each month against your gross monthly income and most lenders want to see a rate of 36% or less. This will be different if you’re considering an FHA or VA loan. But if you can pay down some of your outstanding debt or pay off some credit cards, it is to your benefit when loan shopping.
Buying a Home or Refinancing Your Mortgage in Fort Lauderdale
If you’re looking to buy or refinance in Florida right now, they will be happy to assist you. At Florida State Mortgage Group, they serve borrowers in Ft. Lauderdale and throughout the state of Florida. Call them at (954) 359-3000 to see how they can help.