As the new year is now well underway, there are plenty of real estate trends and changes to watch out for in 2014. As a loan officer serving the Greater Boston area, many clients have asked me about the latest news and how it affects them. Here’s a quick rundown of 2014’s changes and how to take advantage of them.
1. Rising Rates
ACTION: Act Sooner, Not Later
If you’re planning to get a mortgage in the near future, you’re better off securing one sooner rather than later. Rates might not be this low for a long time, so it’s best to lock in an affordable one while you still can. If you can still refinance at a lower rate to save money, do it now–you may not be able to in 2015.
2. New Rules
The Consumer Financial Protection Bureau put new rules into effect on January 10, 2014. The rules give mortgage consumers new rights, but also create more restrictions to protect homebuyers from unsound loans.
ACTION: Protect Your Credit
The CFPB’s new regulations might make it harder for you to get the mortgage you want. Be sure to protect your credit and keep a good record of all your finances, as it will be more difficult to secure a mortgage with bad credit or incomplete information.
3. Increasing Inventory
As the housing market continues to recover, more and more homeowners–those who have been weathering the storm–will emerge and place their home for sale.
ACTION: Find Your Dream House
With more properties on the market, you can feel free to be more selective and shop around a bit. As inventory increases, your chances of finding the perfect house also improve.
Are you considering getting a mortgage in 2014? Feel free to reach out to me with any questions or comments.