Check out this month's home book

An APP for Affordability

Posted October 23, 2016 in Real Estate Trends

Michael Pattulo, Clark County WA real estate agent

One of the biggest challenges home buyers face today isfinding an affordably priced home amid ever-rising land prices and construction costs. Fast-rising home prices can create a divide between what the average buyer can afford and the price of a home.

Affordability is worsened by two other considerations. One is when there is limited wage growth; the second consideration is the threat of rising interest rates. By my calculations, a 1% increase in interest reduces a buyers’ purchasing power by up to 13%.

A common result of such considerations by a buyer is to purchase a lower-priced home to obtain more affordable mortgage payments. If you are a seller, you may be seeing offers with an attached letter stating a qualification listing of less than your asking price, because the buyer only qualifies for that amount.

This is not very effective in today’s market and is why Peak Mortgage created the PeakApproveMe App. At Peak Mortgage, we believe this app will be the trend within the lending industry. Why? It’s because the market is moving quickly in regards to homes that are available and what both buyers and sellers expect.

In an instant, you can update your profile with Peak Mortgage and request an update based upon a home’s pricing during any hour or day. There are also many options in regards to selecting closing cost options that directly affect the affordability issues that I can help.

The key to buying your home or potentially even selling a home is to know the market and partnering with a knowledgeable lender. I understand as does Peak Mortgage, buyer-financing preferences and trends in the marketplace. Working with the app and a lender that can simplify, yet offer powerful financing solutions, is critical for today’s successful and affordable home purchases.

Call me today to discuss the affordability solution found in the PeakApproveMe App, available financing options, and helping get you as a buyer into your home.

We lend where we live,

Michael Pattullo
MLO# 229675
Mortgage Advisor
Peak Mortgage