Happy Leap Day! It only happens once every 4 years – how will you take advantage of the extra day? We’re looking at all the ways we can share a little more information with home buyers today, because we’re seeing all kinds of good news on the housing market. Low prices, low interest rates and great mortgage programs all point to one thing: it’s a buyer’s market.
Low Home Prices
You’ve probably seen the headlines: housing prices continue to fall in many markets. While it’s not something most homeowners want to hear (especially those thinking about selling), it’s great news for buyers. Just like the stock market cliché, it’s good to buy low. Want to know where the best buys are? Check out the Top 20 Most Affordable US Cities. That article is a little old, but it covers many cities where AmeriFirst has offices, and there are a lot of great areas listed.
Low Interest Rates
Online ads and billboards all over the place scream at you about low rates, and some of these are misleading. Watch this short video for more about that Low Advertised Interest Rate: Fact or Fiction? With that said, we really are sitting among historically low interest rates right now. Once again, it’s great news for buyers. Low interest rates mean lower monthly payments. As the video states though, be wary of advertised ultra-low rates – you may end up paying high fees.
Great Mortgage Programs
Whether it’s a low-down payment option, a no-down payment mortgage or a home improvemnt loan, home buyers today have all kinds of great mortgage options when it comes to financing their home. For instance, did you know you can buy a house outside of the city with no down payment required? Imagine a house with a little bit of land and you don’t need to have thousands of dollars ahead of time. That’s what the USDA Rural Development program aims to do. Or what about buying a fixer-upper for a low price and rolling the cost of a new kitchen, roof repairs and all new paint & flooring right into the same mortgage payment, amortized over the 30-year loan…that option’s called the FHA 203k.
So it’s time to take the leap and march into the spring home buying season (See what I did there? Leap … march…). Get started with the free eBook “The Essential Guide to Buying Your First Home“. The free guide walks you through more details on things like down payments, interest rates and credit scores. Get your free copy today.