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Buying a Home in 2021

Here are some things to consider before you take the leap.

Photography by Leanna Joy Photography

Originally published in Bozeman Life

2020 was unique for many reasons and we were affected in many ways. The Bozeman Housing Market is no exception and navigating buying a house in this new landscape requires an experienced lender.

Mortgage rates fell to record lows last year, but strong demand increased home prices in many areas across the country. Experts predict interest rates will rise a bit from 2020 rates but remain at historically low levels, continuing to make home buying an attractive option. Interest rates play a sizable role in determining the amount of a monthly mortgage payment. The lower the rate, the more you can save over the life of your loan.

There’s more to finding a good lender than choosing the lowest rate. Lenders have also been impacted by the record demand for homes and current circumstances may make getting a meeting with your mortgage lender more challenging. Find a local lender you trust, who shares your communication preferences. 

The Gallatin Valley is an area with intense competition for homes. Patience and preparedness are essential in this market. With properties selling quickly, it is more critical than ever to position yourself as a qualified buyer. Getting prequalified for a loan is one way to prepare and can give you an edge when bidding against other buyers.  To get prequalified, you need to apply with a mortgage lender. Knowing how much you’re qualified to borrow, along with your household budget is essential for determining how much house you can afford.

A Few Tips -

Financial readiness is important.  Get your paperwork organized and be prepared to provide details about your income and employment status, debt, assets, credit health, and finances. 

Your lender can help you determine a monthly payment you are comfortable with, potentially for 30 years. A good lender can help with making sure you have accounted for all potential expenses, including long-term costs, such as “do you need a lawnmower”.  

With so many types of home loans available, it’s nice to have an objective & knowledgeable partner to help you find the one that’s best for you. Your lender should also be familiar with programs that may help with closing costs or your down payment.

Do you have questions about buying your own piece of Montana? Give our local team a call today.

Opportunity Mortgage, a division of Opportunity Bank of Montana, is a leading residential mortgage lender in Montana. NMLS #412554. Member FDIC. Equal Housing Lender.

Before you begin scrolling home buying apps and picturing your pup in that perfect fenced yard, be sure that your finances are in order and you have thoroughly prepared before the process begins.

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