“Over the past year, mortgage rates have fallen more than a full percentage point.”
Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them:
- Refinance: If you already own a home, you may want to decide if you’re going to refinance. It’s one way to lock in a lower monthly payment and save substantially over time, but it also means paying upfront closing costs too. You have to answer the question: Should I refinance my home?
- Move-up or Downsize: Another option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs – something that’s truly a perfect fit for your family.
- Become a First-Time Homebuyer: There are many financial and non-financial benefits to owning a home, and the most important thing is to first decide when the time is right for you. You have to determine that on your own, but know that now is a great time to buy if you’re considering it. Just take a look at the cost of renting vs. buying
Why 2019 Was a Great Year for Homeownership
Last year at this time, mortgage rates were 4.63% (substantially higher than they are today). If you’re one who waited for a better time to make a move, market conditions have improved significantly. Today’s low mortgage rates combined with increasing wages are making homes much more affordable than they were just one year ago, so it’s a great time to get more for your money and consider a new home.
The chart below shows how much you would save based on today’s rates, compared to what you would have paid if you purchased a house exactly one year ago, depending on how much you finance.Bottom Line
If you’ve been waiting since last year to make your move into homeownership, or to find a house that better meets your needs, today’s low mortgage rates may be just what you need to get the process going. Let’s get together to discuss how you can benefit from the current rates.
To view original article, visit Keeping Current Matters.
Homebuyers Shouldn’t Worry About 2008 All Over Again
A recession, if it were to occur, does not mean we will experience another housing crash.
5 Reasons To Sell Your House This Spring!
Looking for a reason to sell your house? Here are 5 reasons to sell this spring.
Open House! Sunday, March 24, 2019
Spacious 5 bedroom, 3 bath expanded Cape in prime location. Mint condition home features full basement, oversized 2 car garage, fenced yard and professional landscaping. Many recent upgrades!
20 Tips for Preparing Your House for Sale This Spring
Check out this infographic for tips on how to prepare your home to ensure you get the best price for your home!
Don’t Let Your Luck Run Out! Buy a Home This Spring
Take advantage of more inventory coming to market in the Spring to find your dream home!
Homeownership is a Cornerstone of the American Dream
Going forward…It appears the homeownership rate will continue to increase.