You may have seen, but mortgage rates are about as low as they can get right now. You can buy a house and save money right now over what you may have been looking at a year ago, or even a month ago. There really haven’t been too many better opportunities for buying a home in recent memory, and you should jump on it.
According to Freddie Mac, the nationwide fixed rate on a 30-year loan just dropped to 3.6%, which is a full 2 percent lower than was forecast for this time. To show you the math, that works out to savings of $300 every month on a $350,000 loan with 10% down after the lower rates are calculated in.
“It’s a great time to buy right now, and buyers are making smart decisions getting into great loans right now,” said Ryan Kelley, CEO of The Home Loan Expert, LLC. “You can get a lot more house for your money and use those savings to make home improvements, buy a car, pay off credit cards, there are a lot of ways to use these low rates to your advantage and start to build wealth.”
One important factor to consider is the start of the school year. Traditionally, once school starts, parents are loath to move their children immediately and uproot their lives. Home demand tends to slow at that time, making homes more affordable for buyers.
The bottom line is, if you are comfortable with the rate and terms of the loan, and are in a good position financially, you may not get a better market to buy a home and stop throwing money away on rent. Most industry leaders don’t expect rates to be this low again for years.
It’s a great time to buy because you can start to build wealth by owning property. With a shortage of homes, the value will continue to rise, making your investment worth more than you just paid for it.
You can build equity and value just by owning instead of renting, and it may not cost you much more, if any, on your monthly payments.
If you see this as your time to buy, make sure that you have a solid income and your credit is right. You can find out how much of a loan is available for you with our 5-Minute Pre-Approval App and start house hunting.
If you’re ready to buy a home, call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, and Nashville at (615) 810-8555. You can always apply online with our 5-Minute Loan Approval at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?