If you have been thinking about contacting a number of mortgage providers sometime in the near future, there may be no better time than now. Right now, you can get a 15 year mortgage for less than 3% interest, depending on the mortgage lender that you choose, but what does this mean when it comes to the overall real estate market across the country?
The spring and summer months are always hot months for home sales. More people are out and about, but they also want to move before it gets cold out again. It’s also the perfect time to beef up the curb appeal of your home with some work on the landscaping and flower beds. Couple the attractiveness of the house with the attractiveness of the interest rates right now, and people might just be trying to convince you to sell even when you’re not ready.
No matter what, you have to have a place to live. Your current mortgage is most likely at a higher interest rate than the one being offered right now. This makes it a great time to consider how much of your space you are really using. You can reduce your debt by selling your current home and getting out from under the mortgage you have. Then, you can contact a mortgage company to get a better deal. Try looking for a smaller home with a smaller price tag, or if you need all the space you had in the home you sold, look for something similar and enjoy reduced mortgage payments without changing your lifestyle. If you’re set on staying in your current home, but looking to lower your monthly payment, there’s always the option of refinancing your existing loan.
Then there is the other side of the coin. Perhaps you have been living in a cramped home, waiting for a time when you might be able to afford a bigger space. Reduced interest rates mean that you can get a lot more for your money. You may be able to move into a larger space, change neighborhoods, or just seek out that dream house you weren’t sure you would ever be able to purchase in your lifetime.
Long Term Impact
When interest rates drop this low, it becomes even more of a buyer’s market. They can’t go much lower, so those who have been considering buying a new home are apt to jump on the opportunity as it presents itself. In the end, this means a significant increase in home sales around the country. These low interest rates can’t last forever, so it’s important for home buyers to jump on the opportunity now, as opposed to later when it’s too late. Talk to Anmtg.com today to see what your options are, based on your budget and location. You may be surprised at just how much you can afford, thanks to the low interest rates.