Buying a home in the US is easier for Hispanics

Buying a house in the US is possible, review the interest rates as of July 13. Rates are generally low at the moment. Homeownership Risin...

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  • Buying a house in the US is possible, review the interest rates as of July 13.
  • Rates are generally low at the moment.
  • Homeownership Rising Faster Among Hispanics.

If your dream is to buy a house in the United States, check the interest rates as of July 13, because this could be the time to do so, according to information published on the economic portal of Business Insider.

Home ownership has risen faster among Hispanics than among whites and African Americans in the United States between 2014 and 2020, according to a report from real estate firm Redfin, which was released by EFE.

Mortgage interest rates today Tuesday July 13

Family support and the fact that Latinos are more likely than other groups to get payment assistance are some of the factors that have contributed to the rise in the homeownership rate among Hispanics from 45.4% in 2014 to 50.1% in 2020.

A report from the National Association of Hispanic Real Estate Professionals indicated that in 2020 the number of Hispanic home buyers reached 8.8 million, about 725,000 more than in the previous year. So you can find an average 15-year fixed rate of 2.39% and an average 30-year fixed rate of 3.32%.

Refinancing rates today Tuesday July 13

Last year was the sixth in a row that the Hispanic homeownership rate has risen. “Hispanics in the United States, especially those who are undocumented, tend to have less access to credit and more debt than other racial or ethnic groups, which makes them more dependent on the support of their families to buy a home,” said Sebastián Sandoval Olascoaga , a Redfin economist.

52% of Latinos who have bought a home have lived with family or friends before or for a time, without paying rent, compared to 29% of African Americans and 38% of whites who participated in the survey. The 15-year average fixed rate remained at 2.61% and the 30-year average fixed rate remained at 3.73%.

Study results

Buy house interest rates
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The research found that Latinos are more likely than participants in other groups to have received direct help from their relatives and other family members to pay their rent, the initial deposit on the purchase, or the mortgage.

“That ability to count on family is one of several reasons why the Hispanic homeownership rate continues to rise steadily,” according to Sandoval. Filed Under: Buy Home Rates

Sacrifices

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Redfin noted in his report that Hispanics who buy a home are also more likely than people in other segments of the population to make financial efforts to purchase a home. 44% of Hispanic buyers have worked longer hours, 39% have a second job, and 38% continue to drive an old car.

“For many Hispanics, making social or personal sacrifices is a necessity if they want to buy a home,” said Sandoval. “This is especially true this year when Hispanics have been exposed more than other groups to job loss due to the pandemic.” Filed Under: Buy a Home

Buying a Home: Adjustable Rate Mortgages

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Now your second option will be to get a rate mortgage, an ARM or an adjustable rate mortgage. What is the difference with the fixed ones? That with an ARM the rate will be fixed only for a predetermined period and then it will vary. For example, 7/1 ARM mortgages lock your interest rate for seven years, then the rate will change annually.

If you are considering an ARM, it is important that you consult with your bank or who will grant you the credit about the interest rates or if you can opt for a fixed rate option, which today is an excellent option since they are low in the market real estate. Filed Under: Buying Home Interest Rates

How to get mortgages with low interest rates?

Interest rates
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A low mortgage rate is what everyone dreams of. Well, since they are at historical lows, it is possible to get it. Although you do not have to run right away, because experts assure that the rates to buy or refinance your home will remain low for a longer time due to the effects of the coronavirus on the economy.

On the other hand, if you feel prepared or want to prepare to buy a house in the short term, we share four easy steps with which you can start to organize to get the right mortgage that will take you to the home of your dreams. Filed Under: Buy a Home

Buy a house: First: Create a good ‘reputation’

Interest rates
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To create a ‘good reputation’ you will only need to pay debts and make the payments that correspond to you on time, which will allow you to increase your credit score in view of any bank.

Good credit history will help you when applying for a loan from an external source, as they will verify the possibility of default, which would decrease your chances of getting it since it represents a greater risk for lenders. Filed Under: Buying Home Interest Rates

Buy a house: Second: Save money

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The money saved will be good for the down payment on the house. By offering a higher down payment on your home, you are more likely to get a better mortgage rate.

Also keep in mind that if you don’t have money saved for a down payment, but you have solid credit and a stable income, a government-backed loan may be your best option. Remember that if you choose a conventional or government-backed loan and pay less than 20 percent of the down payment, you will also have to pay for mortgage insurance. Filed Under: Buying Home Interest Rates

Third: Check your DTI index

Buy house
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Before buying a house in the United States, check your DTI index. What is this? It is the amount you pay for your debts each month, divided by your gross monthly income, so it is important that you are aware of what you want to do.

Basically, it is important that you lower your debt-to-income ratio, so you can do two things: evaluate options to increase your income and review the best way to pay off all your debts. Filed Under: Buy a Home

Fourth: Consider a government loan

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Bedroom. Undoubtedly, even if the interest rates in the market are low, through a mortgage backed by the government you can get an even lower interest rate.

Among them, check if you are eligible for a USDA loan (focused on low-moderate income people who shop in rural areas), a VA loan (for military and veterans) or an FHA loan, which were established to achieve that the mortgages are more reasonable, especially for first-time home buyers. If you can apply, you will not only find lower rates, they allow down payments as low as 3.5% of the sale price and for USDA or VA loans no down payments are required. Filed Under: Buy a Home

The post Buying a home in the US is easier for Hispanics appeared first on Hispanic World.

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