When is the right time to buy your first home? The answer is different for everyone, but “as soon as you’re ready” is one common answer. Here are seven reasons why now is a great time to become a homeowner.
- Pay less than you might expect. Think you need a lot of cash to buy a home? Think again! You may qualify for a down payment as low as 10%, 3% or even 0%.
- Save money over renting. In most parts of the U.S., owning a home becomes cheaper than renting after just two or three years of ownership.
- Buy before home prices go up. Although home prices do not rise every year, they have historically risen most years. The sooner you buy, the better your chance of paying less and benefiting from future home value increases.
- Lock in a great mortgage rate. Mortgage rates are currently near historic lows1. By buying now, you can lock in the savings of a low rate for as long as 30 years.
- Stop paying yearly rent increases. With a standard fixed-rate mortgage, the principal and interest portion of your monthly mortgage payment will never increase for as long as you have your mortgage!
- Start building wealth now. The sooner you buy your home, the sooner you can stop paying your landlord and start paying yourself by building equity in your home.
- Enjoy the pride and freedom of ownership. Homeownership means having a place that’s truly your own and having more flexibility to live the way you choose.
If you or someone you know is interested in buying a first home (or second, third or fourth), contact us to learn about today’s options and take the first steps toward buying.
1 Based on the 30-year fixed-rate mortgage average as of September 12, 2019. Source: https://fred.stlouisfed.org/graph/?g=NUh