With the market looking so advantageous, there’s never been a better reason to make a home purchase. Even if you’re facing financial hindrances, such as the inability to make a down payment, there are options available for you that can turn buying a home into a reality. Here’s a quick look at the top three reasons to go ahead and buy now!
The Rates Really are Low … Really Low!!
When it comes to low interest rates on mortgage loans, you probably won’t see them as favorable as they are now for very much longer. In fact, the market will likely see rates hike during 2017 through 2020, with rates after being at a steady 6 to 9 percent interest for several years. There are more than a few factors affecting interest rates, with the 2016 Presidential Election and the country steadily coming out of a recession being two primary influencers.
What Type of Help is Available for Down Payments?
Sure, you might have a steady income and enough dispensable money leftover to make a mortgage payment, but even a $100,000 loan will likely require a 10 to 20 percent down payment. That means you’ll need to save up $10,000 to $20,000 (cash) to secure a mortgage. What happens if you can’t seem to save this amount of money, though? Fortunately, there are lower-down payment options to take advantage of. Lenders at Mercer Savings Bank will help you narrow down your options so you get a mortgage loan that makes sense for you.
If you can’t qualify for the lower down payment program, you will need to put together your own down payment budget plan. This plan should be realistic, even if it takes five years to come up with a down payment. By following this plan, you will not only make owning a home a reality, but you’ll also be disciplining yourself to follow a financial road that leads to happiness and satisfaction.
The number one thing to remember: A market in favor of home buyers is a market that is meant to be taken advantage of, so buy now!