|
You’ve had your eye on it for months – and now your dream home is up for sale – at an affordable price, too! You would love to buy it, but with all the uncertainty in the housing market, it’s difficult to figure out your best financing moves. How can you save money? Will home prices continue to fall? While it’s difficult to predict the future in any housing market, embracing recent changes in the mortgage industry can help you prepare a home financing strategy now.
New market, new incentives
In the past, mortgage lenders have offered customers incentive programs to save money or receive rewards in exchange for their business. The newest incentive programs take a fresh approach, rewarding buyers with social or environmental benefits such as making donations to charity or planting trees for every loan that closes.
In keeping with the sustainable theme of this year’s Parade of Homes, Columbia Credit Union has launched the Living Green Mortgage to save borrowers up to $1,500 off mortgage costs for homes that are certified for energy efficiency. By offering financial products like the Living Green mortgage, Columbia is ensuring a healthy environment for future generations and rewarding borrowers who share their green values.
Additionally, “The Living Green Mortgage allows buyers to capitalize on the value that green homes create,” said Columbia Credit Union Vice President of Home Loans, Pam Baker.
New standards
Alongside new incentives, stricter lending standards have also emerged to replace the more lenient practices that were common just a few short years ago. “More conservative lending standards really benefit all parties involved,” said Baker. “They ensure that a borrower can truly afford a home so both parties can avoid problems with late payments or foreclosures later.”
According to Baker, lenders have traditionally used three financial factors to assess potential home buyers. To secure financing in today’s market, these factors are more crucial to your success than ever before. “If you can take great credit scores, a reasonable down payment and proof of income to a lender, you’re well positioned to buy in the current market,” stated Baker.
Go for guidance
For most traditional mortgage transactions, support from a trusted professional can ensure your success, but this becomes more crucial in the current market as well. “With all the changes in the mortgage industry, it’s smart to have a knowledgeable home loan officer guide you through the process to avoid any problems,” said Baker.
Columbia’s experienced home loan team will work with you to find the mortgage solution that best fits your needs and help direct you every step of the way. Columbia offers a variety of specialty home lending products, including first -time home buyers, custom construction and no mortgage insurance programs.
New financing strategy
Today’s uncertain housing market calls for a new approach to financing. Take advantage of the new incentives, standards and professional assistance available to plan your home financing strategy. Contact Columbia Credit Union’s Home Loan Group for a wide variety of lending options, favorable rates and experienced home loan officers at 360.891.4128.
 
|
