Experts say that now may be a good time to buy a home, due to reduced competition and lower home prices. Meanwhile, learn more about the rising cost of utilities.
Pros and cons of buying a home during a recession
As the housing market slows, many prospective buyers wonder if now is a good time to purchase a home. Experts say that conditions may be right for buyers to act since there is less competition within the market and home prices are lower.
Average utility bills rise
Utility bills climbed steadily in 2022 amid historic inflation, with the average American family spending over $5,600 annually on these costs. Experts predict that prices will continue to rise.
Largest mortgage lenders in the U.S.
The most recent roster of the biggest and most active mortgage lenders in the U.S. shows that non-bank lenders are growing aggressively, while some traditional banks are losing interest in mortgage origination.
APR vs interest rate: Understand the difference
Both annual percentage rates (APRs) and interest rates relate to the cost of financing, but these figures differ in key ways. An interest rate only tells you how much interest is charged on a loan, and the APR includes many of the other fees you’ll pay.
Making sense of owner financing
Owner financing, or a purchase-money mortgage, is when the owner of the home owns the debt instead of a bank or other lender. For buyers, advantages include a faster closing time and potentially lower closing costs, but these upsides often come at the expense of a higher interest rate and short loan term.