Surely you’ve heard the news. Interest rates on Home Loans are historically lower than they’ve ever been before! Now truly is a great time to buy. With rates low & inventory high, Buyers have a great opportunity to achieve the “American Dream”.
Interest rates are currently in the 3’s & 4’s. Mortgage payments are often less than a normal rental payment. Combined with the tax deduction and the interest write-off, buying a home makes more sense than renting. See chart below that shows how you actually save more money within the first few years of home ownership vs. renting.
The chart below shows a cost comparison for a renter and a homeowner over a 7 year period. The renter starts out paying $800 per month with annual increases of 5%.
The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000. After 6 years, the homeowner’s payment is lower than the renter’s monthly payment. With the tax savings of homeownership, the homeowner’s payment is less than the rental payment after 3 years.
If you’re not currently in the market for a new home and you’re currently paying rates higher than 5%, then refinancing may be a great opportunity for you to save $$$ monthly. Call or email me today for current rate information. I would be happy to refer you to a reputable lender.
Click here to open the PDF flyer: RATES ARE GREAT