If you're looking to buy a home, now may be the perfect time. Not only is June American Housing Month, but experts say mortgage rates are at an all-time low.
Buying a home is probably one of the biggest decisions you will make. Bruce Whitehurst with the Virginia Banker's Association says the housing market is in a good place to make a purchase. "We had the downturn in the housing market that followed the financial crisis of 2008 but the housing market has healed substantially," he said.
For American Housing Month, banks are joining forces to make sure consumers are equipped with the best information to get the loan that fits their needs. Whitehurst says whether you are renting or buying, the process can be overwhelming, it's why VBA has provided a special section of consumer tips on its website.
"One of the most important things banks do is lend money and so our role is to help spread the word, that there are really good loans available now and this is a great time to think about purchasing a home," Whitehurst said.
Experts say before you make any decision on buying a home, do your research and ask lots of questions. While banks are trying to help you, keep in mind crooks are also looking to cash in. There are schemes online, over the phone and some may show up in your mailbox. "Even if it appears to be legitimate, maybe instead of replying to the email or clicking here, just pick up the phone and call. If it is an email from a place where you do business, call the place of business and talk to a person as a opposed to responding to what may be fraudulent," Whitehurst advises. He also says banks have programs for all financial situations. Your best bet is to stop by your local bank and ask for help.