Dianne Garibay Realtor Powered by Keller Williams Realty, City View

Dianne Garibay Realtor Powered by Keller Williams Realty, City View My goal is always to accomplish YOUR goal with Speed, Certainty & Resourcefulness. Let me put my 23

So grateful for reviews like this! I'm blessed to have been of service to you, Don & Lily.
11/06/2023

So grateful for reviews like this! I'm blessed to have been of service to you, Don & Lily.

While we enjoyed historically low interest rates for quite some time, those days look to be over for the foreseeable fut...
11/18/2022

While we enjoyed historically low interest rates for quite some time, those days look to be over for the foreseeable future. The Federal Reserve slashed interest rates during the pandemic to allow for refinancing and to ease hardship caused by the disruption to the economy.
Low interest rates mean cheaper loans, and cheaper loans should mean more spending to help financial markets recover. More spending, however, also tends to spur inflation. Therefore, the fed increases interest rates so that borrowing money becomes more expensive for consumers who, in turn spend less. Demand then begins to wane, and inflation, in theory, starts to relent. It sounds crazy, but it's all part of the business cycle, as the chart below indicates (see attachment).
While rising mortgage rates are hurting affordability for all buyers, first-time buyers may be less deterred by higher rates because they're comparing what they're paying in monthly rent to what a monthly mortgage payment would cost.
But what can be done to work with today's 7% mortgage interest rates?
1. ARM (adjustable-rate mortgage loans are currently 5-year fixed. A 5/5 is available at some credit unions, with a 5% fixed initial rate for the first 5 years (60 months), and then can adjust upward or downward every 60 months thereafter, starting with month 61. If this loan product interests you, more information is available with your credit union representatives.
2. USDA (or rural development loan) is a government loan with a zero down payment if you buy in a qualified area. (in San Antonio, these homes are usually outside of 1604.)
3. FHA requires a down payment of 3.5%; however, this loan will include a Mortgage Insurance Premium (MIP) in your monthly payment. (If you can afford a 20% down payment, your monthly payment will not require the MIP.)
4. Some lenders use special down payment programs for teachers, fire fighters & EMS personnel, police & correction officers and veterans.

There are also some loan programs for buyers with low to moderate incomes that offer down payment assistance with no debt-to-income ratio maximum and 640 minimum FICO score. (Income limits vary by county, but in Bexar County, the limit is $106,625 per household.)

It has been my experience that the best months to move can be the “holiday months” of November and December. Buyers usually avoid moving during the holidays, which means less competition and more mover availability during this off-peak period.

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15510 Vance Jackson #101
San Antonio, TX
78249

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