Well, this is your time to do it with the interest rates being the lowest they’ve been in years. You’ll kick yourself if you don’t buy now! In case you’re wondering what does it mean because the interest are lower, this means more  buying power for you and more money in your pocket. 

Let me give you an example, say you’re buying a house for $200,000 with an interest rate of 5% this would make your monthly payment $1073.64  now let’s use a lower interest rate for a purchase price of $200,000 with an interest of 2.5% your monthly payment will be $790.24. That’s about a difference of $280 a month! 

Ok so that still hasn’t convinced you well let’s go with another example say that after your debt to income has been calculated and you can afford to pay $1500 a month, at an interest rate of 5% you can purchase a home for around $280,000, which is great, right, but if your interest rate is 2.5% you can purchase a home for $380,000!! That’s a hundred thousand dollars more that you can buy your new home or even start your investment portfolio! 

This opportunity to have an interest rate this low won’t last so stop thinking about it and do like Nike says “Just do it”. 

If the lowest interest rates in history doesn’t convince you maybe the following reasons for buying a home will help:

1. You own your home so you can do whatever you want to the property without having to get permission to hang a picture or paint a room.
2. Your mortgage will be either cheaper than renting or you’ll have a larger house than what you’re paying for your rental home or apartment.
3. Your mortgage payment will stay the same, unlike rent which could go up as your landlord sees fit.
4.  You can deduct your mortgage interest payments and property taxes on your income tax so that’s saving you money and hopefully helps with getting a check back in April.
5. You’re building equity in your home, “What’s equity you may ask?” Well equity is the appraised value in your home above the amount you owe the lender. Here’s an example, your loan amount is $200,000 but the appraised value is $240,000, your equity is $40,000! That’s like having $40,000 in the bank!
6. The last thing I can say is IT’S YOUR HOUSE, IT’S YOUR HOUSE and no one can tell you what to do!!