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A 365 Day Difference in Homeownership

12/10/2019

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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:
  1. 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?
  2. 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.
  3. 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
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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.
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Bottom LineIf 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. Reach out to a local real estate professional to discuss how you can benefit from the current rates.

SOURCE KCM
#FirstTimeHomeBuyers #ForBuyers #ForSellers #SimardRealtyGroup #eXpRealty

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  • Home
  • About
    • Contact
    • Testimonials
    • Promo Videos
  • Home Search
    • Financing >
      • Free Home Inspection
    • Mortgage Calculator
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    • New Listings
    • Sold Homes
    • Listings Blog
  • Home Value
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      • Granby area photos
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