Is Now the Right Time for You?
The housing market is in under the microscope right now. Everyone is trying to predict when home values will peak and mortgage rates will be at their lowest. Many industry experts think now is the time to maximize the benefits of both home appreciation and low mortgage interest rates!
Home values have been going up at a steady pace. Since 2012, they have doubled! Now is the time to take advantage of this growth. You know what they say, what goes up must come down or at least level off. To that point, home appreciation is projected to shift back toward normal over the next few years. As noted in the latest Home Price Expectation Survey, (HPES) powered by Pulsenomics, the experts are saying that in 2020 and beyond, the annual appreciation rate will be closer to 3.2% as opposed to the 4.1% now seen in 2019.
Mortgage Rates are now the lowest they have been since 2016. With mortgage interest rates at the lowest they have been in three years, it is a good time for everyone involved with the real estate market. A lower interest rate means a lower monthly payment and the ability to afford more home for your money.
If you bought a home more than 2 or 3 years back and thought you didn’t want to move because you would never get that low rate again, now you can move up to a bigger home and still get a super low rate.
It is also a great time to consider a refinance. If you already own a home and don’t want to move, you should contact a loan officer to review your current rate and term to see what opportunities are out there for you. Many homeowners are refinancing into a lower mortgage interest rate and shortening the term of their loans. There is a significant advantage to paying your mortgage off sooner!
Contact us at meploans.com to apply online or request a free consultation with a professional loan officer.