A home buyer’s New Year’s Resolution

Whether you’re resolving to go to the gym more or just get the Christmas lights down by Valentine’s Day, the top of the year is full of new commitments. For many, 2022 is the year they are focused on buying a new home. For this particular resolution, there are some simple steps house hunters should take to help make this New Year’s wish a reality.

Those planning on buying a house this year should start with some basic homework. Understanding things like your credit score, household budget and income that can be devoted to a house payment is essential. Making sure you are comfortable with your down payment commitment and monthly mortgage are important in determining how much house you can afford to buy.

Consulting with a trusted real estate agent can further help you navigate the current housing market which continues to tilt in favor of sellers over buyers. Buyers should be prepared to make several offers before landing their dream home. Despite this challenge, those who are making a home purchase a part of their 2022 Resolutions should not be discouraged – just be prepared.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.