Are You in the Home of Your Dreams?
MARCH 2020 UPDATE:
The Federal Reserve cut the Fed Funds rate to near zero (.25%). This affects the interest rates banks use to borrow money to each other, which in turn lowers short-term and variable interest rates (think credit card and Home Equity Loan interest rates) and impacts interest rates on savings accounts, CDs, etc.
We’ve kicked off a new year and Village Bank is here to help you reach your 2020 goals of buying your dream home. A new year (and a new decade) means new goals, and you might want to get an early start on those goals if they include buying a house.
The average rate on the common 30-year fixed mortgage remains low in the beginning weeks of 2020, according to Mortgage News Daily. Low rates lead to high buyer sentiment and buyers believing it is a good time to buy. A “good time to buy” attitude means Minnesotans are jumping on the already low supply of affordable homes, according to Realtor.com.
If you want to get into the home of your dreams, these conditions say, “don’t miss out! Start looking sooner rather than later.” Open houses will be full of potential home buyers. The mortgage season typically heats up as the temperatures do in April. If rates remain low, spring will come early for the home-buying market—as early as January and February!
When you find the home of your dreams, our Villagers, Brett and Colette, want to help you make it a reality.
*All applicants are subject to a credit check, debt to income verification and the property value must meet the bank's loan to value guidelines.