At Palm State, when we say “magic,” we mean mortgage hunters will find more than smoke and mirrors in the 2015 home-buyer and mortgage seeker climate.

There are economic, solid reasons, not just magic, that the 2015 Orlando area is buzzing with energetic optimism right now. This blog will explore job statistics, population growth, fuel savings, and Florida’s great mortgage options as four of the magic causes behind optimism in today’s home mortgage industry.

Palm State Mortgage sees 2015 as a great year to become a homeowner in our recovering, revitalized economy. Here are four major reasons for encouraging you to become a homeowner:

1. The Magic of Jobs on the Rise

Economically, the entire state of Florida, and especially, the central Florida area, has been adding jobs, increasing visitors, enhancing manufacturing and building housing.

Paul Brinkman reported some startling employment statistics today (Jan.23, 2015,) in the Orlando Sentinel. He stated, “Orange County’s jobless rate fell below five percent for the first time since the Great Recession to 4.9 percent, according to state data released Friday. That is down from 5.3 percent in November.”

By the way, a rate of five percent or below is considered “normal” by many economists. By the way, We saw the unemployment rate drop in December to 5.6 percent, down from 5.8 percent in November.

Likewise, we can note that Florida businesses added 11,500 private-sector jobs in December.

With more people at work, and more businesses hiring workers, we see a trend of ongoing low jobless rates in the Sunshine State. Even as it becomes more expensive to rent a home, more people with good jobs are considering the option of a home mortgage.

 

2.  Multiple Magic:  A Growing Population

Many people who visit Florida on vacation become full or part-time residents. The allure of natural beauty, good climate, and internationally acclaimed attractions has brought many a visitor, and some of them choose to stay!

Perhaps there is something to be said for what Disney calls, “The Happiest Place On Earth,” and the borders extend across our state.

With Palm State Mortgage, a ontract looks good! Home Mortgage Chris McCarty, director of the University of Florida’s Bureau of Economic and Business Research, stated, “Last year the Sunshine State added a net total of 712 new residents daily — 260,000 in all.”

This certainly explains why we are now the third most populous state in the country.

Thus our revitalized, growing populace increases not only tourism and the hospitality trade, but also retail, medical and manufacturing businesses.

 

3.  Percentage Magic:  Great Mortgage Options

Recently, mortgage-finance giants Fannie Mae and Freddie Mac revealed plans to accept mortgages with down payments as low as 3 percent.

Palm State Mortgage has also seen down payments now at 3.5 percent of the purchase price through FHA.

Likewise, during the first week of January, FHA dropped the amount buyers are required to pay for mortgage insurance.

Happily, for house hunters, interest rates continue at 30 year lows.

Meanwhile, we must mention that many builders and real estate agents are reporting greater inventories.Shopping for your home mortgage might not be quite as much fun as shopping for  your home, but Palm State Mortgage can guide you though the process.

 4.  Gas Powered Magic!

Today’s surprisingly cheaper gas rates also mean Floridians have more available income. We have heard that quite a few are using this little windfall to save for their down payment on a good home mortgage situation. If you are learning to budget for a house, the current fuel savings can be significant–almost magic!

Put all the above mentioned influences together, and some experts believe, “As 2015 begins, some analysts expect Florida’s overall economy to grow this year by 4.1 percent — a third greater than the nation’s rate and one of the fastest growth rates in the U.S.”

Every loan applicant brings a unique credit history with them, so Palm State Mortgage hesitates to make generalizations about attainable interest rates on a home mortgage. What we do promise, is that we will explore various lenders and help you discover the best possible loan situation at the best rates for your personal financial picture. That is not magic, it’s our personal pledge.