Contributed by Andrew Leff, SVP
National Business Development Executive, Bank of America
With the Congressional Budget Office predicting a modest 2.3 percent growth rate for U.S. GDP in 2017 and unemployment expected to remain relatively low for the foreseeable future, the overall economic outlook remains stable if not positive.
Atlanta housing data and other local expert views echo a cautiously optimistic picture of the Atlanta housing market. The Atlanta Case-Schiller Index shows that home prices in the area remain consistently on the rise from past years.
While a stable economic outlook is always welcome, history tells us that in times of increasing strength for the overall economy, interest rates often rise too. We understand the natural concern that consumers have about higher interest – particularly those looking to buy a home soon – but it’s also important to maintain a broad perspective. Previous generations of homebuyers purchased homes at significantly higher rates than what we enjoy today. To capitalize on this current rate environment, Bank of America offers EA Homes’ buyers the opportunity to lock in their interest rates for up to six months.
Regardless of interest rates, the main challenge faced by most first-time homebuyers remains saving for a down payment. Luckily, homebuyers concerned about affordability have numerous ways to find assistance. Along the lines of Edward Andrews Homes’ One Step Ahead program, Bank of America has the programs and resources to help you make your next home a reality. For example, our Down Payment Resource Center guides homebuyers to down payment and closing cost assistance programs in various regions to help the buyer find an affordable means for home ownership.
For homeowners concerned with affordability, Bank of America can also help with a wide range of loans suitable for various types of homebuyers – whether they are buying a home for the first-time, moving up to a bigger home, downsizing, or purchasing a second home. Contact the new home specialist Vanessa Hunter or our Bank of America Loan Officer John Silva for more information on financing.