Buying a home is one of the most significant milestones in someone’s life and is often critical to establishing financial stability. With inflation and interest rates on the rise, it has become increasingly difficult to buy a new home and keep up with expenses on existing homes. As a result, the national discussion surrounding home affordability has come back to the fore.
In the second quarter of 2022, 80% of metro markets saw “double-digit annual price appreciation in median single-family existing-home sale prices (70% in the previous quarter).” According to analysis featured in Bloomberg, “Families spent about 24% of their incomes on mortgage payments in the second quarter, up from 19% in the previous three months and 17% last year.” The median national home price is now over $400,000 for the first time.
One way that prospective homeowners are often enticed to bring down the cost of their mortgage is via the purchasing of mortgage points (also known as mortgage discount points), which lower the amount of interest that is required to be paid over the duration of the loan.
To continue reading the rest of the article, please click on the source link below:
https://www.forbes.com/sites/forbesfinancecouncil/2022/09/16/mortgage-points-a-solution-to-home-affordability/?sh=2b60c7695d70
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
