Show Some Love!

Tweet

Buying A Home: Why Now Is The Right Time To Purchase
2011-09-18

Right now, more than ever is a golden opportunity to purchase a home.

Whether you have been considering purchasing a home or sitting on the sideline just waiting. Now is the time, stop waiting and start looking.

Before it used to take two incomes to qualify for a home, but today more and more people are able to afford their own home. Low to middle income home buyers are able now to live the American dream.

Reasons Why

There as several reasons and many golden opportunities right now. Here are a few:

#1
Home prices are low. The banks have so many foreclosures on their books that they are discounting homes (sometimes deep discounts) to get them off their books. The banks loss=your gain. There is some real golden nuggets out there, speak to your Realtor on what nuggets are available in your area.

#2
Mortgage rates are at their historical lows. You can get a interest rate in the low single digits.

#3
Tax write off. Interest on the mortgage, property taxes and mortgage insurance, if you make less than $100,000. We are not tax consultants so please speak with your tax consultant to see if you qualify.

#4
A lot times what you are paying in rent right now or even a few dollars more is your total mortgage payment that you could be pay on your own home.

#5
The minimum down payment is low as 3.5% of the purchase price. A lot of home buyers do not know, that if you are a first time home buyer or have not owned a home in the last 3 years (you are considered a first time home buyer) that they may qualify for “special” loan programs where the down payment is less or there may be down payment assistance available. *availability and certain restrictions apply. Consult your loan officer/Realtor.

Low home prices + very low mortgage rates = low mortgage payment. Also a lower mortgage payment = qualifying for a higher priced home.

Any increase in either the home price, mortgage rate or both is going to cost you money. In some instances it could cost you 10′s of 1,000′s of $$$ dollars or even reduce the amount you qualify significantly. Take out a mortgage calculator and play around with the numbers and you will quickly see that waiting is not in your best interest. No pun intended

Remember it does not cost you anything to see where you stand in the market place today. You need to get pre-qualified/pre-approved for a mortgage before even starting to look at homes.

And you should especially speak to a loan office should you have any blemishes on your credit so that you know exactly what you need to do to start fixing it so that you will be able to get approved for a mortgage loan. You don’t want to wait till the last minute and then find out that you do not qualify and it’s going to take time to improve your credit which could end of costing you thousands of dollars.