With most home purchases nationwide occuring below $400,000 the conventional conforming loan limit does not usually cause any issues. However, beyond that limit, there is now a call for a higher loan limit to assist buyers in the above $400,000 and $750,000 categories. This is excellent news for those looking for that perfect luxury property in New Albany or the surrounding area.
At present, non-conforming mortgages have interest rates generally a little higher than conforming loans, with an action to raise the conforming limit, this would bring down mortgage payments for homeowners and buyers in that $750,000 range. Giving more people access to the historically low rates which we are all enjoying at present.
These historic rates mean that now really is the time to buy that luxury property in New Albany. There are some great properties for sale and buying now really is a great opportunity for the future.
If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417