Buying a House This Year? This Should Be Your 1st Step!In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale.
Dont Wait Move Up To Your Dream Home Now
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates have stayed near historic lows. Sellers should realize that waiting to make the move when mortgage rates are projected to increase probably doesn't make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
Here is a chart detailing this point:
According toFreddie Mac,the current 30-year fixed rate iscurrently around 3.75%.With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%(in this example, by $10,000).Freddie Macpredictsthat mortgage rates will be closer to 4.7% by this time next year.
Act now to get the most house for your hard-earned money.
John Faber has lived in West Michigan his entire life and with strong family ties in the area, he takes his clients' needs to heart and treats them like family when helping them buy or sell a home. J....
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Some Highlights:Interest rates are projected to increase steadily throughout 2019, but buyers will still be able to lock in a rate lower than their parents or grandparents did when they bought
One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. If the thought of paying for your home over the course of 30-years seems daunting, here