Just over a decade ago, it was not exactly the right time for everyone to get a mortgage. It’s interesting how people were still jumping at the chance, including myself. Now is the time to get a mortgage, and while you don’t want to rush into the decision, you definitely need to realize that interest rates won’t always be this low. Have you used a mortgage calculator to mess around with different interest rates. Securing a mortgage at the right time can save you thousands of dollars.
The thousands of dollars you save could turn into thousands more if put into your retirement fund. It’s something else the way compound interest works, and it’s a good point to make when you’re talking about the biggest purchase you’ll probably make in your lifetime. Have you ever had a mortgage before?
It is true that many people end up having more than just one mortgage throughout their lives, so you might make this purchase decision again in the future. However, each time you do enter into a mortgage agreement, it needs to be advantageous to you and your financial situation. Hey, it would be great if we could all pay cash for homes and not have to pay any interest. You have to do what you have to do, but it needs to be a good deal nonetheless. Just make sure that you are getting the best deal in the area you are. The mortgages in Indianapolis are going to completely different from the mortgages in say, California.
When you hear words like historically low mortgage rates, it kind of grabs your attention, right? If you don’t believe the hype, look at the mortgage rates of the past. You will then see that today truly is a good buying opportunity if the time is right for you. What would not be good, however, is if you force yourself into a mortgage just because you’re trying to speed things up and take advantage of lower interest rates.
Have you already been preparing yourself to buy a home? If not, take your time and start preparing now if the time is right. The interest rates might trickle up just a bit before you end up taking out a mortgage, but you’re still realizing the big buying opportunity. And, it’s not a guarantee that interest rates will be on the rise at that time anyway.
It’s been a buying opportunity for a few years now. However, over the course of that time period, interest rates have risen. They haven’t risen by enough to make the market even look average though. In other words, historically low interest rates stand, and you have time to get yourself ready to buy. You will of course have to consider individual markets when looking at real estate and find the right deal.
The same goes for refinancing of course. Maybe you took out a mortgage years ago and don’t exactly have the best interest rate. You could refinance your mortgage now and lock in a good rate. Have you looked at rates and compared them to what you have now? It’s worth a look!
How much house can you afford? What is your credit rating? Where are you planning on buying a home? What do your finances look like? I’m asking these questions because you need to consider where you stand and where you want to be. Is it time to buy a home or refinance your current mortgage?
Only you can answer that question, and you will know when you’ve found a good deal. It’s time for you to start looking at your options to see what your next step is now. Taking out a mortgage requires time, and if the time for you is now, then get going.