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    Why Now Is a Good Time to Get a San Antonio Mortgage

    mortgage app1. Mortgage Rates Are Low But Will Increase

    San Antonio mortgage trends reveal that the median home value of a San Antonio home is $155,500. Home values have gone up 1 percent over the past year and Zillow predicts they’ll continue to rise through 2016. Although home prices aren’t as low as they were a few years back, they’re still nowhere close to the prices they reached in 2006, which saw a median home value of $215,000.

    WalletHub announced that San Antonio remains the third strongest housing market in the country, trailing behind Boston and Oklahoma City. Researchers looked at a variety of factors, including places with high home equity and healthy housing recovery.

    “San Antonio continues to experience excellent population and job growth, along with a well-established level of job stability,” added Ledro Uriegas, vice president of mortgage operations at Randolph-Brooks Federal Credit Union. “The city of San Antonio has a diverse and vibrant culture, still providing a small town feel despite its unprecedented population expansion. San Antonio is also considered a hub for two major industries — military and medical services — both great for those seeking employment, as well as a variety of medical care options.”

    2. Credit Unions Offer Better Mortgage Rates

    To get the best mortgage rates, you’ll need to turn to local credit unions. They can provide competitive rates and more personable service as you begin your house hunt. “Since credit unions are member owned versus stockholder owned like most other financial institutions, credit unions have an imperative to give as much back to their membership as possible,” Uriegas said. “Every aspect of operations is designed with member benefit in mind.”

    RBFCU, for example, is a Texas-based financial institution that offers a variety of mortgage products that can meet your specific needs. RBFCU offers 15-, 20- and 30-year mortgage loans with adjustable and fixed rates. They also provide title insurance and home appraisal services.

    With credit unions offering more competitive services and rates, they have grown to dominate a larger slice of the mortgage market. Credit union mortgages comprised 8.3 percent of the market in 2014, compared to 1.9 percent in 2005, according to the Credit Union National Association. Part of the appeal in credit unions is their personable service. On this, Uriegas said some credit unions might even “offer in-house servicing for their mortgages, providing the security that your loan can stay with the same institution throughout its duration.”

    3. The Mortgage Market Looks Positive

    As the seventh most populated city in the U.S., San Antonio is a tourist destination with many attractions. Between the River Walk and historical landmarks, a San Antonio mortgage has long-term value as the city attracts more tourists and residents. Lenders are also optimistic about the mortgage market. A Fannie Mae survey found that mortgage lenders feel positive about purchase demand.

    Of course, you should pay attention to more than prices and mortgage rates as you shop homes. San Antonio has a rich culture and a lot to offer. The city offers a thriving downtown art scene, top-notch restaurants and entertainment.

    “San Antonio is a very large city … so it’s critical for a homebuyer to consider which part of town is most desirable for them in regard to employment locations, highway access, school districts and commute,” Uriegas said. Be sure to evaluate which neighborhoods speak to your lifestyle, and then research competitive mortgage rates at local lenders that can offer you the best lending options for your next home.

     

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