Mortgage rates are going to stay low—at least for the time being—and that means if you’ve been dragging your feet while thinking about buying, now may be the perfect time to get moving on your Grand Junction home search.
What’s Happening on the Grand Junction Real Estate Market?
Right now, prices are beginning to climb. Typically summer is the most active home-buying season, so it makes sense that you’ll see a slight increase in prices.
But this year, summer is a little different because mortgage rates are staying low (in fact, they’re at their lowest level in three years).
The average rate for a 30-year mortgage is hovering around 3.6 percent. However, credit scores matter more now than they have in recent years; that’s because lenders are worried about high risk (particularly because they’re not going to make massive profits off each home loan they write).
Naturally, mortgage rates vary around the country. According to Realtor.com, they’re lowest in Oklahoma, Rhode Island and Wyoming. They’re highest in New Jersey, Florida and Connecticut.
Better Credit Scores = Better Mortgage Rates
Homebuyers with higher credit scores get offered better mortgage rates, so if you’re thinking about buying a home in Grand Junction, make sure your credit report passes muster.
You’re entitled to a free copy of your credit report each year (the Fair Credit Reporting Act says so), which you can get from AnnualCreditReport.com. That’s the only website authorized for free reports by the U.S. government. Other services, such as Credit Karma, are free and allow you to see weekly fluctuations in your credit scores.
So what can you do?
- Pay down your debt as much as possible.
- Build savings for a down payment unless you qualify for a VA loan or another zero-down loan.
- Avoid making any major purchases for at least a few months before you apply for a mortgage loan.
- Call and dispute items that may not belong to you on your credit report. Statistics show that as many as one in five Americans has errors on his or her credit report.
Are You Buying a Home in Grand Junction?
If you’re thinking about buying a home in Grand Junction, Fruita or any of the surrounding communities, we’d love to help you.
Call us at 970-765-4135 or get in touch with us online to tell us what you want from your next house. We’ll help you find it.
In the meantime, feel free to browse our:
- Grand Junction real estate listings
- Fruita real estate listings
- Palisade real estate listings
- Redlands real estate listings
- Clifton real estate listings
- Glade Park real estate listings
- Loma real estate listings
- Whitewater real estate listings