According to Bankrate.com, it is unlikely that mortgage rates will get any lower, so there are a few housing decisions you may want to make that could end up saving you money.
“Interest rates are so low that consumers should take advantage of these rates, if they can afford to, to help them save money on planned purchases,” said CredAbility regional president Jessica Cecere.
One key area the source advises prospective homebuyers to take advantage of are affordable fixed-rate mortgages. For those buyers who were previously locked out of the market, the coupling of low mortgage rates and home prices could be their answer to affordable homeownership.
The source adds that purchasing a home doesn’t mean you have to move. Due to the high rate of foreclosures throughout the country, demand in the rental market has spiked to significant levels, which would make renting out a property easier than in past years.
Additionally, Bankrate.com recommends refinancing your home loan into a lower, more affordable rate. If you purchased a home at the housing market’s peak, it could leave you paying much more every month than necessary. Taking a moment to examine a home mortgage rate calculator could result in thousands of dollars in savings every year.
Getting your personal finances under control is the first step to qualifying for a home loan. Freedom Mortgage offers some of the latest advice on comprehending a fluid housing market from improving your home value to tips on comparing mortgage loan rates.
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