Photo courtesy of BigStock/Kanjana Kawfang
For those of us who don’t show up to a real estate closing with a briefcase full of cash, there’s a critical piece to the property puzzle that shouldn’t be overlooked: the mortgage.
How many homes did you tour? I’m positive you didn’t settle on the first place you looked at. Even if you did, you looked at alternate properties before coming to a decision. I’m less confident that homebuyers spend adequate time shopping for a mortgage that offers the best interest rate and repayment terms. Prospective homebuyers have options, if they know where to look.
Best Advantage Mortgage serves “everybody living in Minnesota looking to buy a home—financing or refinancing,” said Ted Bougie, founder of Best Advantage Mortgage. Bougie launched his new company in August 2020 after years in the business. “I just thought, [with] COVID, I’m going to do this.”
Bougie’s firm has several products at their disposal, which allows them to craft a plan that’s tailored to their client’s needs. Best Advantage Mortgage services conventional, FHA, and USDA loans—walking you through the process and finding the ideal product, best suited for each transaction.
Each of Bougie’s clients may have unique buying situations, but they all have one thing in common: they’re borrowing against the lowest rates in Minnesota. “You’ll always get the best deal with me, you can’t top the process,” Ted says of his working relationships. Ted’s rates are typically less than you’d pay at a bank whose name you might see glowing atop a city skyline. That’s because Ted works with wholesale lenders, directly matching you to the best deal for your situation.
“I think that the market is going change.”
The past twelve months have seen change unlike any other year in recent memory. Even with pandemic-driven uncertainty, the housing market has stayed relatively strong. New data from the Minneapolis Area Realtors and the St. Paul Area Association of Realtors shows more buyers signed purchase agreements in November 2020, than any November since 2004. The same month, the Star Tribune reported median home sale prices hitting an all-time high of $310,000.
The current seller’s market could be poised for change, according to Bougie. “I do think [by] the end of the year it’s going to be a buyer’s market…but that’s just my projection.”
Perhaps, like a lot of people, you were planning a move before COVID swept the world into uncertainty. This sentiment has left a glut of properties poised to flood the market—likely creating a unique opportunity for sellers and buyers alike. But, of course, it’s all about timing.
It may be time to make a plan. “You have to buy [on] your own timeline. But if you can pace yourself, I think the fall is going to be exceptional for buyers,” Bougie advised. And if it happens to fit your timeline, Bougie advised me to “Hang on if you can, to watch the market closely this year.”
Make sure you’re getting the best deal. If you are ready to make a move, Best Advantage Mortgage is ready to help you get into your home—typically, at a lower interest rate. Reach out to Ted Bougie and the team at www.bestadvantagemortgage.com.