“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.
Your Friends Are Crazy Wrong If They’re Telling You Not to Buy
The current narrative is that home prices have risen so much so that it is no longer a smart idea to purchase a home. However, homes are more affordable right now than at almost any time in our country’s history, except for the foreclosure years when homes sold at major discounts.
7 Reasons to List Your Home This Holiday Season
Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are seven great reasons not to wait.
Top 4 Home Renovations for Maximum ROI
Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most return on investment.
Homeowners: Your House Must Be Sold TWICE
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. If prices are surging, it is difficult for appraisers to find adequate, comparable sales to defend the selling price when performing the appraisal for the bank.
Access is an Important Factor in Getting Your House SOLD!
In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.
Bubble Alert! Is it Getting Too Easy to Get a Mortgage?
The Mortgage Credit Availability Index, published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years.