Two myths holding back Boston condo for sale buyers, Surging mortgage rates and record-high home prices are no longer sidelining potential buyers.
Instead, house hunters are “losing patience” and moving forward with their goal of owning a home, Bank of America’s Matt Vernon told Yahoo Finance Live.
“The dream of homeownership is alive and well,” said Vernon, head of consumer lending at Bank of America.
As of October, more than a third of prospective homebuyers are no longer willing to wait for home prices and interest rates to fall to buy a home, up from 15% in April, according to Bank of America’s Homebuyers Insight Report.
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To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.As indicated in the chart above, 52.4% of approved mortgages had a credit score of 600-749.
Whether buying your first Beacon Hill condo buyer or moving up to your Boston Seaport District luxury condo dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.