 |
If you’ve been waiting to buy a house for the right time, the next few months may be the best time to buy. Waiting for both housing prices and interest rates to fall may not be a good strategy for potential homebuyers since analysts don’t expect any more significant declines in these two most important home-buying factors. Here are several reasons you should get into the housing market sooner than later.
The Lowest Housing Prices in Years
Nobody knows when the housing market will hit complete bottom, but prices are at their lowest in several years and may soon start inching back up again. So buying now or in the near future may be the right time. An abundance of bargain-priced housing is now available because of the recent foreclosures and falling prices.
Interest Rates are expected to Go Up
As the economic recovery gains momentum, interest rates are expected to increase, making mortgages more expensive. Even a half-percent increase in mortgage interest can add a hundred dollars or more to your monthly payments, depending on the amount of your loan.
Low Down Payment Mortgages Available
Low-down-payment financing through FHA-insured mortgages is available as an additional inducement to buy a house now. Down payment minimum requirements also fluctuate and may increase as the market heats up, so potential buyers with less cash to consummate a deal may be well-advised to buy now.
If you would like to speak with an industry expert about your ability to secure financing for a purchase, refinance or simply to see if you would qualify to do so, please contact Glenn Dooley or one of our many licensed mortgage professions at MAC5 Mortgage. Glenn can be reached at gdooley@mac5m.com or at 720-407-6338. You can also inquire for more information on our contact us page and/or fill out an online application. By doing so, you will be able to receive an no cost, no obligation review of your credit profile and we will be happy to demonstrate our team's ability to earn your business.
