With what you currently pay for rent you may be able to pay for a mortgage and start building your equity. Today’s historically low mortgage rates make it an especially great time to stop renting and buy a home. Read on to learn why now is the best time to buy a house.
Historically Low Mortgage Rates
Mortgage rates are extremely low right now, meaning you pay less interest on your mortgage and can afford to buy more. But how does it work if rates go up in the next year? Buying a home right now allows you to lock in the current low rate for the entirety of your loan.
Closing Costs? Might Be Cheaper Than You Imagine
One of the most common myths about buying a home is that you need a lot of money to get started. But that is not necessarily true. While you should definitely keep your closing costs in mind, many programs and grants are designed specifically to help you. Some of these programs are national and others vary by state. Reach out to one of our mortgage bankers to learn which programs you qualify for.
At Resource Financial Services, when you find your home through our home search platform and purchase with one of our recommended real estate agents, you also get a cash reward of 0.5% of the value of the property you are purchasing!
A Mortgage Loan Option That Fits Your Needs
There are also a wide variety of mortgage loan options available. Veterans and military personnel, for example, can take advantage of the VA loan program, which not only requires no down payment and no credit score, it also offers great mortgage rates. Another great program is the USDA loan, created especially for homebuyers looking to purchase in rural or suburban areas; it offers low-interest rates, no money down, and 100% financing. If you have a low income or low credit score, you might qualify for the FHA loan. With so many options available, our mortgage bankers will help you find the loan that best fits your needs. Your mortgage payment might be lower than your
Work From Home Advantage
With many people currently working from home and the accelerating trend of companies now switching to full-time work-from-home, you might find yourself with a much broader area in which to look for a home than you previously considered. Expanding your search area allows you to consider smaller towns, suburbs, rural areas, and even cities where properties are not as expensive, allowing you to get more home for your money.
When you purchase a home and pay your mortgage you are building equity. Each month you pay off more and more of your mortgage, and once you finish your payments the house is an asset that you own. Over time your home will also likely increase in value, helping to build your equity even more. You can also boost your home’s value by keeping up with maintenance and making upgrades. Additionally, while you are paying for your mortgage you can get a tax break on mortgage interest, which is more cash in your pocket that you can use to pay off your mortgage or to invest in your property!
With all these benefits, this is certainly a great time to buy a home. Start by finding your dream home on our home search platform or reaching out to one of mortgage bankers that can help guide you through the journey!
At Resource Financial Services, we love making people’s dreams of home ownership a reality. Visit us online today at rfsmortgage.com to get started. Then contact a Resource Financial Services mortgage banker at 877.797.4545 to discuss your mortgage options and your financial goals. Let us walk you through the process and welcome you home to a better mortgage.