The challenge of affordable housing in Northeast Florida

For many homebuyers, the current real estate environment is unlike anything they have experienced.  

Demand is outpacing supply, causing prices to skyrocket. Interest rates have already risen, with additional hikes expected. And large corporations continue to buy properties, forcing individuals and families to act fast on any opportunity.  

Naturally, that can lead to more questions than answers. Is now the right time to buy? Would I be better off waiting? What does all of this mean for my family?  

As VyStar Credit Union’s chief lending officer, one of my most important responsibilities is to ensure our team has solutions for our members. That’s why we continue to upgrade and enhance our robust slate of products, which are designed to meet the specific needs of every individual. 

Here are some options to keep in mind when navigating today’s housing marketing: 

Consider an adjustable-rate mortgage 

Gone are the days of shuddering when considering an adjustable-rate mortgage, also known as an ARM. In fact, many of VyStar’s ARMs can lend you the helping hand you need in this economy. At VyStar, we offer a unique 5/5 ARM. Here’s how it works: The first five years are a fixed rate, then the rate adjusts every five years according to an index. This can be an especially good option for individuals who plan to be in their home for up to 10 years. We also offer more traditional 7-year and 10-year ARMs.  

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