With the warmer weather quickly approaching, interest in home buying is increasing. Many folks are ready to get outside and start their house shopping. Here are some great reasons you, too, should start looking for your new home!
Reason #1: Ease of Obtaining a loan
Getting a mortgage is much easier than it was a year ago. Borrowers who may have only been approved for an FHA Loan are now becoming eligible for conventional loans. As the lenders lower their requirements for specific loans it gives the borrowers more options with more competitive rates and terms of the loan.
Reason #2: Rental Rates are on the Rise
Due to the high demand for apartments, rent is on the rise. There are not enough new apartment units to meet demand therefore renters are paying upwards to 30% of their income on their rent. On the contrary home owners are paying about 15% of their income on their mortgage. That is usually enough motivation for renters to save up for a down payment and pursue home ownership.
Reason #3: Interest in Home Buying is Increasing
As the confidence in the housing market rises among renters as well as current home owners looking to buy again, the market is becoming full of buyers. The sooner you can get out and start looking the better as this will likely increase competition when buyers begin searching for their new home.
Reason #4: Low Mortgage Rates
If this isn’t motivation to purchase a home we don’t know what is! Currently rates are sitting around 4% for a 30-year fixed but they are expected to rise around 5% by the end of 2015. Granted that is not a huge increase in percentage, it can make a difference when it comes to the amount of your monthly payment.
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