Record Breaking Lows are a Great Opportunity
Experts agree that interest rates probably have gone as low as they will go. In other words, homes today as are as low right now as they may ever be again in history.
That is certainly something of which to take note.
The rate you ultimately end up paying on a new or current home loan is determined by more than just the current interest rate. Loan officers will also take into consideration your credit score and the amount you wish to borrow. However, even if your credit score is lower than you would like, low interest rates are still a very real and likely possibility.
Advantages of Buying a Home Now
Buying a new home now locks in the incredible interest rates that will save you money for years to come. If you have been waiting for the market to bottom out, now is the time to take the leap of faith to financing a home.
Purchasing a home with record low interest rates allow you to make an investment and build equity in that investment even quicker. Whether you choose to stay in your new home long term or sell it in a few years when the real estate tide turns in the favor of sellers, you will certainly make a wise investment in buying now. Rates are actually so low that you can save $100 to $200 per month on your monthly mortgage payments.
Build a Home Now for a Firm Financial Foundation Later
Building a new home does not need to be out of your equation of owning a new home either. Not only are you receiving incredible interest rates, there are a few other things to consider that makes building a new home a great choice.
Few will argue that the housing economy has struggled for the last few years. As a result, builders have taken a hit and are now drastically slashing prices. This can be used to your advantage as you seek out someone to build your dream home for a fraction of the price it was just a couple of short years ago.
If you decide to build a bigger and better house or just pocket the money you save, the choice is yours. The point is, however, you have a choice get exactly what you need and want if you choose to build a new house.
Refinancing a Current Home Loan
If buying a new home is not in your immediate future plans but having some extra money in your pocket is, consider refinancing your current home loan might be an ideal solution. Refinancing a loan is a great way to draw on extra funds from your loan.
When you refinance with the current rock bottom interest rates, your payments on the new loan naturally go down since the lower interest requires a smaller amount you ultimately borrow.
The historical low interest rates that we are witnessing today create an excellent opportunity for anyone who wants to buy a home or build a home. It also is a great time to refinance your current home loan. The current interest rates are not expected to stay this low for long. Now is the time to make your home owner dreams a reality.
