1. Interest Rates Are Projected To Rise
The U.S. Federal Reserve raised the interest rate it charges banks. The Mortgage Banks Association projects that 30-year mortgage interest rates will rise above 5 percent this year.
2. Home Prices are Rising
Average home prices are increasing about 4.5 percent nationally, a trend that is expected to continue for several years.
3. Competition Is Increasing
Many people put off buying a home during the Recession, but that pent-up demand is now entering the market and will compete for your dream house.
4. Owning a Home Create Family Wealth
In recent studies, the Federal Reserve found that the average homeowner’s net worth is 30 times greater than a renter.
5. Buy Low, Sell High
Home ownership can create family wealth if you follow good investment principles: Buy at the lowest price possible, and hold on to your investment until you can sell it at a higher price. Today’s real estate is selling “low” compared to where it will be in coming years – It's time to buy!
We offer a variety of mortgage products and services, including programs for first time home buyers:
- Fixed and Adjustable Rate Mortgages
- Refinance Mortgages
- FHA, USDA and VA Mortgages
- Jumbo Loans
- PHFA Loans
- Construction to Permanent Mortgage
- FHA 203K
Erie Federal Credit Union is here to help you with your mortgage needs! Whether you're looking to purchase your first home, or want to refinance your existing mortgage, Erie FCU has an extensive selection of services and products designed to meet your financial needs.
We offer competitive rates, low fees and a variety of terms! Come into our office or give us a call and let the Erie FCU team show you how we can help make your mortgage financing more affordable.
Ask how you can receive a FREE pre-approval TODAY!