There's No Better Time to Buy a Home.
Take Advantage of this Window of Opportunity!
In today’s turbulent economic climate, making a major purchase—such as a home—probably doesn’t strike many as a great idea. But as counterintuitive as it may seem, now might actually be a perfect time to make the move to homeownership. Here’s why:
- The economy has led many people to postpone their decision to buy a home due to fear of what the future might bring. But for those who are able to recognize the incredible home-buying opportunity in front of them, the fact that fewer people are interested in purchasing homes means less competition, lower prices and a greater chance of avoiding any unwanted bidding wars.
- While homebuyers are currently benefiting from a lack of market competition, those currently interested in renting are facing a very different situation. Home foreclosures and uncertainty about the economy have caused many people to flee to apartments or other rental properties. As any economist will tell you, this increase in demand for rental units can only mean one thing: an increase in price. Many renters are now finding that the cost difference between their monthly rent and a projected monthly mortgage payment is actually very small.
- In terms of prices, keep in mind that when buying a home you must consider not only the price of the home itself, but also the interest you’ll pay on your mortgage during the years following your home purchase. Mortgage interest rates are currently hovering at all-time lows, but will likely increase in the future. Taking advantage of the low mortgage rates now—rather than waiting another year or two for a more stable economic environment— could lead to thousands of dollars saved in interest payments over the life of your loan.
When you are ready to purchase your dream home—whether that time is now or many years in the future—remember to check out the exceptional mortgage products available to you at National Iron Bank. We offer a variety of home financing solutions, all featuring competitive rates, low closing costs and flexible terms. Plus, our team of friendly, knowledgeable mortgage professionals is here to guide you throughout the home-buying process and answer any questions you may have.
To learn more about mortgages from National Iron Bank, simply call or stop by our branch.