Conditions in the housing market are continuing to improve. Mortgage rates are at historic lows, home prices are becoming affordable once again, and in a lot of places, it’s cheaper to buy than rent. With banks working hard to move foreclosures off their books, more buyers are taking advantage of the improved housing market.
One of the biggest hurdles for most buyers is financing. After a willy-nilly lending environment helped create the housing crisis we have all heard about these past few years, financing is understandably hard to secure. Banks want to be sure their borrowers are credit-worthy, but more importantly, can afford the mortgage they’re applying for.
The House Financial Services Subcommittee on Financial Institutions and Consumer Credit recently held a hearing about mortgage lending rules being considered by the Consumer Financial Protection Bureau. Some groups believe these rules could hinder the housing market recovery, and they are calling for regulators to write “qualified mortgage” rules that will allow creditworthy consumers to get mortgages, protect consumers against risky loan products, offer lenders a safe harbor from litigation, and promote mortgage liquidity. All of these would greatly improve market conditions and the economy at large.
Real estate experts and members of the Federal Reserve have said that the state of the nation’s economic recovery relies heavily on a housing recovery, and considering it is an election year, decisions surrounding financing and the housing market will be interesting to say the least.
Now is a great time to consider purchasing a Stephenville home. We are a local team of real estate experts who would love to help you find the Stephenville home of your dreams! Please let us know if we can show you around this amazing community that offers a little something for everyone. It would be our pleasure to meet you!