“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.
Two Important Impacts of Home Equity
According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year which can make moving up a real possibility.
Home Values Projected to Keep Rising
Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come. Buyer demand is high, inventory is low driving home prices higher.
Why Today’s Options Will Save Homeowners from Foreclosure
Homeowners now have a large amount of equity in their homes and may decide to sell rather than wait for the bank to foreclose.
Real Estate Continues to Show Unprecedented Strength This Year
Home sales continue to amaze industry experts, and there are plenty of buyers in the pipeline ready to enter the market.
How to Prepare for a Bidding War
From pre-approval to making your best offer, here are three tips to make sure you can act quickly and confidently when you find the perfect home.
Do You Need to Know More about Forbearance and Mortgage Relief Options?
Know your options! Call your mortgage provider.