Mortgage and real estate news this week

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In the post-pandemic housing market, demand and prices are skyrocketing while supply is contracting. Now is the time to learn strategies for snagging the home you want, as well as less traditional options like giant mortgages.

Compete as a buyer in a seller’s market

With low housing supply and high demand, many potential buyers find it difficult to buy a home. Since many buyers are willing to make cash offers and forgo appraisals, it’s important to act quickly and bid aggressively while being careful not to overpay. If you prefer to buy a home at a more leisurely pace, it may be wise to wait until the current market calms down.

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Jumbo mortgages are increasingly popular

As home prices soar, more buyers are turning to jumbo loans, especially since some jumbo mortgages now have lower interest rates than conventional loans. If you’re interested in a jumbo loan, consider going to a major bank or a specialist mortgage broker. You should also work on improving your credit score, saving for a large down payment, and lowering your debt-to-income ratio (DTI).

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Financing a condominium

Condominiums offer many advantages over traditional single-family homes, including less maintenance hassles and a more affordable price. However, the convenience of a condo comes at the expense of a more complicated mortgage application process. Your closing costs could be higher and your closing times longer, and expect to have to provide more documents.

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Buy a vacation home

Buying a vacation home is becoming an increasingly attractive option for professionals and those with a favorite getaway spot. You will need to consider whether you will be using your vacation home as your primary residence, second home or investment property, which will impact the credit score, DTI ratio and down payment you will need to purchase the home.

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VA Loan Refinance

Eligible military personnel, veterans, and surviving spouses can benefit greatly from refinancing into a VA loan. These loans have no mortgage insurance requirements, low upfront costs, competitive interest rates and other benefits. To get started you will need a certificate of eligibility and usually a credit score of 620 or higher.

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