If 2025 is your year to buy a new home, now is the time to make sure all of your finances are in place so you can immediately make an offer. Many buyers were shut out of the housing market in 2024 because of soaring sticker prices, few choices, and high interest rates. But this year, buyers are looking better.
Lawrence Yun with the National Association of Realtors advised now is the time to start getting your finances in order so you're ready to make an offer when you find the right home: Find a mortgage lender. Look for the mortgage lender who offers the best rates and even consider an adjustable rate mortgage, Yun said. However, be prepared to pay a higher rate for your mortgage. As of last week, the national average for a 30-year-fixed mortgage rate was 6.85% according to 'If you are in the market for a home, you're going to pay a pretty steep interest rate,' economics and political commentator Catherine Rampell explained. 'I wouldn't necessarily count on interest rates to come down a lot in the immediate future.' You should also calculate your down payment, which usually ranges between three to twenty percent of the home's price. Experts caution buyers to stay within their budget
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