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Home Buying in an Appreciating Real Estate Market

April 5, 2022

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Home Buying in an Appreciating Real Estate Market

It’s no secret that home prices have been rising at historically high rates since the start of 2020. Housing prices have increased at a rate of 16.1% Year over Year, raising the median home price to $388,965. Coupled with rising interest rates, the monthly mortgage payment for a home has raised 6% since just January of this year. But don’t let these numbers scare you - homeowners are still purchasing homes at the highest rate in almost 15 years!

There are a number of factors that bleed into whether or not someone can afford a home, but one of the most important comes down to financial health. At UMortgage, our mission is to spread financial education across the nation, making sure buyers and renters alike have the tools and knowledge they need to set themselves up for financial success and get on the path to homeownership. 

With increasingly high home prices, historical inflation rates, along with a number of other economic factors, now is one of the most important times to brush up on your financial education and prepare yourself for the future. Public school education has long fallen short in preparing consumers for the real world - from filing taxes, purchasing a home, to the basics of financial planning - and left over a third of Americans lacking confidence in their financial future. Fortunately, UMortgage is here to change that. 

Setting Goals to Financial Success

Although economic factors are pricing some homebuyers out of the market, a third of consumers can afford to purchase a home - and that means you can, too! Building on your financial knowledge can help you set the groundwork to fight against high home prices and set yourself up for success in today’s housing market. So, how do you get there? By putting the power of financial literacy in your hands to set clear, achievable goals for homeownership. 

One of the first steps in setting your goals for homeownership is starting with a UMortgage Loan Originator. Free of cost, they can offer you individualized advice for your current financial situation, and how far you might be from already achieving your goal! If you find out that you’re not able to afford a home right now, that doesn’t mean you can’t improve your finances. Whether it’s your credit score or income requirements, there are a number of ways to improve your financial health to achieve your dream of homeownership - and UMortgage Loan Originators have the tools to get you there!

UMortgage Financial Literacy Week

No matter what is holding you back from homeownership, UMortgage’s Financial Literacy Week had a class to cover it! From March 28 - April 3, we brought on top knowledge experts from student loan agencies, experienced career coaches, and investment professionals to give you the financial education you need to reach your goals. Throughout the week, we hosted sessions covering the basics of financial health, student loans, cryptocurrency and blockchain, and so much more! All these sessions are available here, to watch on our YouTube channel. If you’re interested in empowering yourself through financial literacy, you’re invited to download our USafe App, powered by FinLocker, for credit monitoring, finance management, and more! Available now on the App Store and Google Play Store. Use code: ZIV5J5R5.

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