It may seem you are being prudent in waiting to purchase a home, but in fact, you may be hurting yourself financially. Often when you wait to see if rates will decrease, they do the opposite. Which means that if you were to wait to buy a home, it would take additional funds to purchase it in the future. Projected rates for a $250,000 home in the next quarter are 4% which is $35.75 a month more than if you purchased a home now, and it is projected to be as much as $79.39 a month in the fourth quarter of 2020.
Lock in a Lower Rate Now
It’s easy to see how waiting to purchase a home can be detrimental to your financial well-being with the forecasted rates. You may not feel you are financially sound enough to buy a home, but if you wait until rates hit 5%, you are going to have less income to save and invest. Acting now ensures that you will be able to get a rate below 4%. You may be nervous, especially if you are a first-time home buyer, but locking in a lower rate now means you will save more money over the long run. When compared to rent costs, the savings can be significant.
Contact Me
If you are in the greater Tampa Bay Area and are considering buying your first home, or a new home, call me at 813-915-6649 or email me at [email protected]. With years of experience watching interest rate trends and knowing when the best time to buy is, there is no other choice than Jonathan. He can give you solid advice on mortgage rates, mortgage applications, and the mortgage approval process. Don’t wait until interest rates peak, contact Jonathan today!
