David Hall, President and CEO of Hall Financial and a leading mortgage expert, joined WXYZ Channel 7 to discuss helpful tips for homebuyers entering the housing market.
Hall discusses the importance of getting a very strong pre-approval. A pre-approval will allow you to see what you can afford while also positioning yourself as a legitimate buyer. Having a creative and ambitious real estate agent to help you in your homebuying process is more essential than ever.
David Hall First-time homebuyer tips:
- You don’t need to put 20% down
- Historically, we have been taught that you have to put 20% down when purchasing a home. In today’s market, you might not have the funds to put 20% down on a home, and that is OK. The national average of a down payment is around 12%! This allows you to save money and put that towards other expenses or investments.
- Adjustable-Rate Mortgages (ARM) are becoming more popular
- More and more people are opting for the ARM, which has jumped from 2% to 10% of the market in the last four months. This can be a better option for those who don’t see themselves staying in their house for more than 5-6 years and can lock them in for a lower rate.
Hall Financial is available 7-days a week to answer all your mortgage and refinance related questions. For more information click the chat to talk to a mortgage expert or call us at 866-Call-Hall.