Shopping for a new home at this overlooked time of year?
You might be in for a good surprise. The time for a great mortgage is now. The average rate on a 30-year fixed loan last months was 4.4%. And that may be as good as you're going to get, according to the Mortgage Bankers Association. It forecasts that rates will slowly rise to just over 5% by the end of next year.
Some other perks when shopping for a home at the end of the year: sellers are motivated and they will work with you, less competition from other buyers,you have a large inventory to chose from, lenders, agents have more time to work with you.
Owning your own home gives you more freedom and the opportunity to create a living environment exactly how you want it. There's no consulting with landlords to see if you can do something to the home or who will pay for the change.
Homeownership provides a sense of stability and security. Instead of wondering when the landlord might decide to sell the home, you are in control of that decision. What it comes down to is how long you plan on staying in a particular home and area and what you can afford. Owning your home weds you to a property which some people feel limits them. However, many others see a home as their life and the legacy they'll leave behind... a place where they raise children, enjoy company, experience life's ups and downs, and eventually pass on their home to loved ones.
Homeownership provides a sense of stability and security. Instead of wondering when the landlord might decide to sell the home, you are in control of that decision. What it comes down to is how long you plan on staying in a particular home and area and what you can afford. Owning your home weds you to a property which some people feel limits them. However, many others see a home as their life and the legacy they'll leave behind... a place where they raise children, enjoy company, experience life's ups and downs, and eventually pass on their home to loved ones.
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