As the DC Metro area reopens, we plan to see a fast increase in home purchases. According to Freddie Mac’s Primary Mortgage Market Survey Rates, a 30-year fixed rate mortgage has stayed below 3.30% for four consecutive weeks for the week ending May 21. Freddie’s analysts have said, “Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.”
Given the average interest rates currently, your money can go a lot further in the DC Metro area. For those of you renting, now may be the time to consider using that monthly payment to buy a Montgomery County or Northern Virginia home.
Here is what you can currently get in a DC Metro home for a monthly payment of $1,000 – $3,000*.
- $1,000 month: $287,500 sales price
- (based on a $230,000 loan amount and a 3.25% interest rate)
- $1500/month: $430,000 sales price
- (based on a $344,000 loan amount and a 3.25% interest rate)
- $2000/month: $575,000 sales price
- (based on a $460,000 loan amount and a 3.25% interest rate)
- $2500/month: $685,000 sales price
- (based on a $548,000 loan amount and a 3.625% interest rate)
- $3,000/month: $822,500 sales price
- (based on a $658,000 loan amount and a 3.625% interest rate)
How does the mortgage payment process work during Coronavirus?
The Estridge Group partners at Prosperity Home Mortgage are working remotely and are ready to meet your home financing needs for both purchasing and refinancing a DC Metro home. They have made it so that the entire home financing process can be accomplished remotely via their online portal or mobile app. That includes the property appraisal process, which is now conducted through drive-by appraisals so that homeowners are not in direct contact with appraisers.
What should I do to prepare for buying a Montgomery County or Northern Virginia home?
Start by contacting a trusted and highly recommended Realtor in the DC Metro area. They will help you determine your goals and objectives in buying a home, provide market and industry knowledge, and of course, help you find you the home you’ve been dreaming about. Then, you’ll want to contact a trusted home mortgage company that you can discuss your home financing options with. They can help you determine a purchase price, loan program, down payment, and monthly payment similar to those mentioned above. Your mortgage consultant will provide you with a list of documents needed for your loan process so you can begin to gather that material before we begin the home buying process.
Have more questions?
Please feel free to browse through our website, look at our listings, and learn about the Northern Virginia, Montgomery County, and Washington, D.C. neighborhoods through our website. But the best thing you can do at a time like this when we all have a lot of questions is to pick up the phone and give us a call. Even if you’re just looking, now is a great time to gather information and find out more about the home buying process. We can’t wait to hear from you.
*These examples are provided for educational and illustrative purposes only. The monthly payment amounts do not include homeowners insurance or property taxes. Your actual payment will be higher. For more information, please visit https://www.phmloans.com/.