As the housing market continues to recover from every economic recession, many people are once again becoming interested in getting a mortgage and buying a house. If you’ve been thinking about buying your own home, then now is a great time to do it.
But, not many people manage to secure a mortgage when they first start looking into it. So, why should you consider buying your very own house now? Here are six reasons you should consider buying a house now in shaftesbury green conway sc instead of waiting to save for a down payment and an affordable mortgage rate.
You Will Feel Confident in Your Finances
Buying a house is expensive, so, understandably, many people are hesitant to do it. But by buying now, you will feel confident in your finances instead of taking on more debt or paying more for rent.
When you buy a home, you will be able to make monthly payments and fix the place up in the meantime. Ultimately, when you buy a home, you will be able to feel confident in your ability to financially support yourself and your family.
Interest Rates Are Still Low
Even with the recent increase in interest rates, mortgage rates are still much lower than they used to be. If you’re looking to buy a house now and can afford a 10-year fixed-rate mortgage – 30 years fixed-rate mortgage, as an example – you should do it now before the interest rates rise even more. Interest rates could hit 6 percent in the next years which would make borrowing money much more expensive.
Home Sales Are Up
According to a recent report, home sales are up from their low point in the past years. And, according to another report, mortgage rates are also at historical lows. These two factors mean that you have a better chance of not only getting a mortgage and buying a house now, but that you’ll be able to get a lower interest rate than if you waited for a few years.
There Is a Demand for Housing
There is a demand for housing. This means that the prices of homes will continue to rise as the economy continues to improve. The average home has increased by 80 percent since the recession.
Home Values Are Finally on the Rise
One of the biggest reasons to buy a house now is that home values are finally on the rise. Home prices have increased by 6.7 percent in just one year, and they’re expected to grow even more in the coming months. If you don’t act now, it might be years before you see similar increases again.
Your Credit Score Is Important
Lastly, when you apply for a mortgage, your credit score is one of the most important things lenders look at. They want to ensure that you have a good enough credit score to make monthly payments on time and that you’re not going to default on the loan
The higher your credit score, the better your chances of being approved to get your house. But, if you’ve been working on your credit score and it has improved, now is the time to apply for a mortgage.