“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.
Singles Are Falling For Their Dream Home First!
“The primary reason for buying a home amongst singles was the desire to own a home of their own.”
84% of Americans Believe Buying a Home is a Good Financial Decision
Majority of Americans strongly agree that homeownership helps create safe, secure, and stable environments.
Thinking of Selling? You Should Act NOW!
“The best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.”
3 Questions to Ask Before You Buy Your Dream Home?
“The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.”
The Cost of Waiting to Buy a Home
Waiting to buy a Home can lead to it becoming more expensive. Why wait? Buy now!
Careful…Don’t Get Caught in the Rental Trap!
There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.