Home sales will accelerate, and the new President-Elect Donald Trump will occupy the Oval Office. Those are two predictions we can make with confidence about 2017. As for mortgage rates, who knows? They were low throughout 2016, spiked higher after the election, but are still low by historical standards. They could remain low in 2017, or rise. Here are a few suggestions to have an awesome mortgage experience in 2017:

You can make a small down payment — or none at all: Lenders say they often dispel the mistaken idea that homebuyers have to make down payments of at least 20 percent. In fact, some loan programs allow qualified people to buy homes with no down payment at all. Other loan programs allow down payments as small as 3 percent or 3.5 percent.

1. With FHA, you can get a loan with imperfect credit: Federal Housing Administration-insured loans are appealing because they’re widely available to borrowers with imperfect credit. You need a credit score of 580 or higher to get an FHA-insured mortgage with a down payment as low as 3.5 percent. If your credit score is between 560 and 579, you need to make a down payment of at least 10 percent to get an FHA mortgage.
2. Keep some savings in reserve: Mortgage lenders don’t want you to deplete your savings on the down payment and closing costs. They want you to have “reserves” — cash, or assets that can be sold quickly, so you can take care of unexpected expenses without missing house payments
3. You can save by refinancing into a 15-year loan: Even though mortgage rates are likely to rise in 2017, some homeowners will have reason to refinance. There are various refi triggers, even after interest rates have risen above record lows: Divorce, recovering from a low credit score, to get rid of mortgage insurance, finally having positive equity, to cash out some equity, to save money in the long term by refinancing into a 15-year loan.
4. Borrow what you can afford to repay: When people buy homes, they often “stretch” to make their initial monthly payments, on the theory that their incomes will go up over time, making house payments easier to cover. A conservative rule of thumb is that all of your monthly debt obligations, including the house payment, shouldn’t exceed 36 percent of your income before taxes.
5. Ask about a no-closing-cost mortgage: A typical mortgage has thousands of dollars in fees and other closing costs. But you might want to accept a higher interest rate in exchange for the lender paying some or all of the closing costs.

As a Full-Service mortgage lending organization, we live and breathe in the mortgage space. What?s in it for you? Possibilities and options. We truly believe that educating our clients it?s the clear path to ensure they are best prepared to meet their financing needs that fit their lifestyle. You will have many questions. We have all the answers.

We look forward to having the privilege of helping you with all of your mortgage needs. Call Us or visit us at www.homewaymortgage.com!