Five Great Reasons to Buy Now!

In 2009, people were flocking to buy houses and/or refinance due to historically low interest rates which were hovering around 5%. Today, rates are under 4% for a 30-year fixed-rate loan. Here are five reasons to buy now so you don’t regret it later:

  1. Rents in the SoCal area are some of the highest in the nation. Rent rates have gone up by more than 10% while renter’s incomes have only risen a little over 4%.
  2. Rates are low. Low mortgage rates continue to keep ownership less expensive than renting. Even a small change in interest rates has a significant effect on what you’ll pay each month and over the life of a 30-year mortgage.
  3. Qualifications are easier. During the real estate downturn of the mid-2000s, often only the most qualified applicants could get approved. Post-recession, qualifications have loosened. Buyers who can’t show solid income and a minimum credit score probably won’t be offered a risky interest-only ARM today; however, those with less-than-perfect credit and minimal funds still have options. The Federal Housing Association (FHA) minimums are a 620 credit score and a 3.5 percent down payment.
  4. ruanePrivate mortgage insurance fees are down. Buyers who put less than 20 percent down on their home generally incur a monthly fee in the name of private mortgage insurance (PMI). In January 2015, the government announced lower PMI rates on Federal Housing Administration (FHA) loans, which equates to a savings of about $900 a year.
  5. It’s still one of the best investments out there. In fact, some would say it’s the very best investment out there. Buying a home is a savvy investment. Not only as a comparison between buying and renting, but as a measurable asset, homeownership holds its own—as long as buyers make smart decisions.

Contact the experts at Bill Ruane Re/Max Beach Cities Realty to get started on finding the perfect home for you.

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