Since 1995, I’ve worked in the Mortgage and Real Estate industries. The most ill-informed statement I continue to hear from potential homebuyers is:
“Mortgage Rates are Low – It’s the best time to buy a House”
Not only is this a misinformed statement – but it’s also just simply untrue!!! Most often this is an ideology that is perpetuated by the collusion of mortgage and real estate brokers. Since they only make money when you purchase a home.
If you’re buying a home as your primary residence, then there should be one main reason motivating you. Simply put, it is because you can afford the expense of becoming a homeowner and you can afford your mortgage payments.
Contrary to popular belief mortgage rates are probably one of the least important factors to determine if home ownership is right for you. It is unfortunate that a lot of potential homebuyers are believed into thinking that rates are so important. True, we all want to get a competitive rate, however if you are buying a home just because the rates are low you may be headed for trouble.
The primary factor to consider if you are going to buy a home is that you can afford your mortgage payments. Even if you buy a home when the rates are higher you can always refinance your mortgage when the rates go down by using the VA Interest Rate Reduction Program (VA IRRL) giving you a lower monthly payment.
The more accurate way of assessing mortgage rates is:
“Mortgage rates are low – Now is the time to refinance your Mortgage”
The Veterans Homebuyers Network as always, is here to help you realize the American Dream of Home Ownership.
Make 2021 the year of home ownership – for more information – please call 917-960-4260.
We will leave NO soldier behind.