Stop Waiting, Start Savingadmin
Every year, households across the country make the decision to rent for another year or take the leap into homeownership.
They will consider their budget, their desire to move, commute times, and many other factors. However, there is a financial advantage to owning a home that is often forgotten when making this decision – the significant wealth one can build through equity while owning a home.
The typical gain in home equity has increased significantly over the last five years. According to a recent report, the average homeowner gained $17,000 in equity in just the last year alone.
As you make your plans for the rest of the year, be sure to consider the equity benefits of home price appreciation as you weigh the financial advantages of buying over renting. When you do, you may find this is the perfect time to jump into homeownership.
If you’re ready to buy your first home for a great rate, let me know. I’ll take the time to guide you through it.
Are you already a homeowner and just on the fence about refinancing?
Even though Mortgage Rates are slightly higher than their all-time lows, it may still be very favorable to refinance. In many cases, you can significantly reduce your interest rate, monthly payment and even take off your costly mortgage insurance.
It might be tempting to play the market and see if interest rates come back down to the all-time lows we saw at this time last year. But even if the rates eventually do go back to those historic lows, you will have already missed out on banking significant savings by refinancing today. It would likely take several years before a potential lower rate in the future would catch up to the savings you could start seeing right away.
There is no guarantee that rates will move lower, like I always say you have the choice between the rate today or the rate tomorrow. We can’t predict the future, but we can see what we can do with what we have today. Odds are you could benefit in some way from refinancing today.
It’s time to stop waiting and start saving, reach out to us if you want me to run the numbers to see how much you could save with a refinance or if you are curious to see what you qualify for when it comes to purchasing a new home.