Page 43 - HBIA POH22

complete and your loan is ready to transition to the final long-term financing.
RENOVATION LOANS
In this market, the inventory available may not meet every criteria you’re looking for and you may consider a renovation loan to purchase and make improvements.
If you are looking to purchase a home that may
need some renovation, a conventional renovation loan can be used to attach improvement costs and finance them into the new loan. In this scenario, you would take out a loan to purchase the home, plus the renovation budget to upgrade the home with your identified improvements. Once the home purchase
is closed the funds are available to complete the upgrades with a contractor or in some cases work can be completed yourself. In a competitive market it may be a way to make a dated home a more modern and desirable option.
Renovation loans can also be done through a refinance
www.helenabia.com Facebook/Helena-Building-Industry-Association
of your current property if you already own the home.
ARE MORTGAGE RATES GOING UP?
The market experienced historic lows in the second
half of 2021 and have been ticking up since. It remains to be seen if they will continue to increase throughout 2022. Higher interest rates reduce buying power by increasing the monthly payment, which, in turn, may price some buyers out of the market. The flip side to this is that fewer buyers may result in downward pressure on housing prices. Supply and demand will continue to dictate market prices, but the direction of interest rates will certainly be a factor for many buyers.
If I can be helpful to you during your homebuying process, or, you’d like to discuss available options, please contact me. With a little preparedness and a lot of patience, you can find your home sweet home.
Opportunity Mortgage, A Division of Opportunity Bank of Montana | Member FDIC | Equal Housing Lender | Bank NMLS #412554 | All loans subject to credit and underwriting approval.
• Website design - starting at only $499
• Social Media Management
• Pay- Per- Click - Search Engine Marketing
• SEO services with guaranteed deliverables!
• Text message marketing - coupons, text blast, loyalty programs
• Graphic Design and video production
• Logo design White
• Video marketing on YouTube, Hulu, Roku, and more
• Digital Radio on Pandora and Spotify
• Customer loyalty programs with in store Kiosk
• Discounts on Yext listing services - this is HUGE, ask us why!!
CALL for your Solutions (406) 442-6645 Powered by
43