Here are three great reasons to consider buying a home today instead of waiting.
1. Mortgage Interest Rates are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4% over the last couple months. According to Freddie Mac, mortgage interest rates have increased over the last few weeks. The Federal Reserve has recently raised its key interest rate by 0.25 percentage. An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
2. Either Way, You are Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either yours or your landlord’s. As an owner, your mortgage payment is a form of monthly scheduled savings that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
3. It's Time to Move on With Your Life
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Contact The LUXE Group Global today at 386-299-4043 to explore your home buying options.