Economists at Fannie Mae and other agencies expect an increase mortgage rates and home prices in 2022 due to higher inflation, a tightening of monetary policy, and low home inventory.
In the chart below, we can see how you can save money just by securing a lower rate picture. If you are considering buying in 2022, use mortgage calculator to see how acting earlier can make a difference in monthly payments. Before making any move in your home search, it is better to consult several mortgage professionals (both brokers and bankers) so you understand your budget and can focus on home options. Downpayment can definitely be less than 20%. While this means a lower amount of cash in hand to make a move, it is implying paying PMI insurance on a monthly basis. It is not necessarily a bad decision and can actually be a huge advantage because of home appreciation. So each calculation has to be strategic and it is always best to consult a professional. Comments are closed.
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