Now is A Good Time To Buy A Home
You can obtain a loan from either a Mortgage Broker or a Mortgage Lender. Lender is a financial institution that makes loans available directly to the borrower, Brokers connect borrowers to lenders were they have the ability to offer competitive rates and loan products. A direct lender offers mortgages, including commercial banks that offer a slew of services and mortgage banks. If you decide to obtain a mortgage through a direct lender instead of a mortgage broker, you will need to apply individually to each lender. This can be a time-consuming and frustrating process. The primary benefit of a mortgage broker is that they can shop with many lenders and get a variety of quotes, rates and loan programs
The percentage of respondents who said now is a good time to buy a home decreased 5 percentage points compared to November to a net of 24 percent, and is down 8 percentage points compared to the same period last year. The net share who reported it is a good time to sell shot up earlier in 2017 and is now 21 points higher than the same time in 2016, but was unchanged in December from the November net of 34 percent.
The net share of respondents who expect home prices to rise over the upcoming 12 months declined from 46 percent to 44 percent, and among those expecting further appreciation, the average expectation for an annual gain (not an index component) declined from 3.7 percent to 3.3 percent.
Americans also expressed a weakened sense of job security. Those who say they are not concerned about losing their job decreased 6 percentage points, but was still the majority sentiment at a net of 68 percent. The net share of consumers who said mortgage rates will go down over the next 12 months fell 1 percentage point in December, to a negative net of 52 percent. Finally, the net share reporting that their income is significantly higher than it was 12 months ago rose 2 percentage points to 16 percent.
“Consumers remained cautious in their housing outlook at the end of 2017, as tax reform discussions continued. In December, mirroring the other major consumer sentiment benchmarks, the HPSI reflected this caution and declined slightly,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Entering 2018,housing affordability remains a persistent challenge, particularly in rental markets, where consumer expectations for price increases over the next 12 months reached a new survey high.”