Is Now A Good Time To Buy A Home
Q: Is now a good time to buy a home? Meredith, Clifton, NJ
A: A recent gallup poll revealed that a record low percentage of Americans (both among homeowners and renters) thought that now was a good time to buy a home? This pessimism shows that the coronavirus blues have set in in many places understandably. Any big purchase like a home should be made with a focus on your individual financial goals and personal financial situation. Putting aside investment property for a moment, mortgage rates are at all time lows which makes now one of the best times to buy or refinance an owner-occupied home at a fixed interest rate. Every 1 point drop in interest rates increases your buying power by almost 10% and if you buy or refinance now, today’s historically low mortgage rates will result in a substantial reduction in the overall mortgage interest you’ll pay over the life of your mortgage loan. Thanks for your question, Meredith.
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