Mortgages are more affordable than ever
It used to be the expectation that mortgages rise every year, along with inflation and raised land values. Thanks to a variety of factors, mortgages are actually more affordable than ever! Due to lower interest rates and the rising costs of rent, this may be the best time to buy a home with an affordable mortgage.
Lower Interest Rates = Bigger Wallet
To begin with, interest rates across the board have dropped to historically low levels. Ever since the coronavirus pandemic began in early 2020, there has been a steadily lower rate to help stimulate economic growth. What does this mean for you? Well, the average homebuyer has seen their options greatly improve. Previously, getting a mortgage meant that monthly payments would be inflated by the higher interest amounts that were agreed to as part of the deal. This means that over time, you would have paid far more in interest than you ever would have guessed; and that’s bad news! With the lower rates, less of your money goes to the lender’s pockets, which helps you buy more with less or even increase your buying power. The power to succeed rests in your hands!
Rising Rent Lowers Buying Risk
Historically, one of the biggest obstacles to buying a home versus renting has been the higher initial cost of a down payment; this, coupled with similar or reduced monthly payments meant that renting was the more attractive option for prospective home buyers. Now, thanks to ever-rising rent costs, the attractiveness of the stable mortgage payment has risen dramatically. People are able to more easily afford a home, and rents that continue to climb to levels of unaffordability make the prospect of homeowning better. This is great news! Plus, you are building equity as a homeowner.
Mortgages: Better Than Ever
To sum it all up, the affordable mortgage is now a reality. Thanks to the combination of lower interest rates and increasing rent costs, now is the time. You can own your home today, and with better peace of mind than ever before. Take your next step and become a homeowner; message me for details on available properties! Be sure to check out how to navigate inflation and how it affects real estate too!
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