Today I'd like to briefly explain why now is a great time to buy a home. There are a lot of great reasons to become a homeowner, but these are four of the best that I can come up with.
1. Interest rates are low: Interest rates aren't always going to be this low. If you buy a home right now, while we have historically low interest rates, you stand to save thousands and thousands of dollars over the lifetime of your loan.
2. Mortgage Insurance Premium Rates are down as well: If you can't afford to put 20% down on a home, then you will be happy to hear that you won't have to pay so much for mortgage insurance. Thanks to our pal Obama, the rates declined from 1.35% to .85%. This is also making mortgages more affordable, so weight: bold;">even if you can't quite afford a down payment, now is still a good time to buy.
3. Home prices continue to rise: If you buy a home now, you can ride the wave of appreciation and make a lot of money off of your home investment. Home prices in the area have increased by 5% in the last year. That is a very healthy amount of appreciation!
4. Rent prices are continuing to rise: You can probably find a cheaper place to live by purchasing a home right now than you can when you rent.Plus, the money you pay will be a direct investment into your wealth.There's no reason to rent right now!
As always, please don't hesitate to contact me if you're looking to buy a home in Northwest Indiana!