LIVE THE DREAM! Consumers are more easily living the American Dream of owning a home because of the incredibly low mortgage rates. Today, most buyers can get a much lower rate than their parents or grandparents got on their first home.
In a recent housing survey, FNMA released information about consumers' thoughts on the current market. Almost two-thirds would rather buy than rent and believe that now is a good time to buy. Half of the respondents expect rent and home prices will go up.
Top Ten reasons to move the dream to reality: 1.It’s cheaper than renting in most cases 2.Avoid rental increases in the future 3.Equity build-up with amortization of each payment going to principal 4.A home is a forced savings account 5.Appreciation increases your equity and your overall investment 6.Mortgage interest and property tax deductions 7.Home equity interest deduction 8.A place you can call your own 9.A place to share with friends and family 10.Capital gains exclusion on profit
Buyers need the confidence that they can afford a home and proof for the sellers when they’re ready to submit a contract. If a buyer has steady reliable income, a good record of paying their bills, money saved for a down payment and are prepared to pay the mortgage each month, the next step is to get pre- approved by a trusted mortgage professional.
Take a look at the Rent vs. Own to see what the real cost of owning a home for your price range.