You’ve always wanted a place of your own… you are ready to settle down in one spot for a while, have a decent, steady job and pretty good credit. Maybe you’ve been thinking about it for a long, long time and are wondering when is a good time.
This year could be the time for you to make your move into homeownership and here are 5 reasons why:
1. Rents continue to rise
You hate throwing your money away on rent and it just keeps going up out of your control. With a fixed rate mortgage, you will know what your payments will be: steady. No fear of a rent increase each year.
2. Interest rates are still very low
Interest rates make a huge difference in the monthly mortgage payment you will have and they are in the single digits which is amazing! Each time you pay your mortgage down, you are essentially paying yourself back and building equity in your home. Sure, it takes years. But, that rent money goes one place forever: to the landlord.
3. Tax benefits
Mortgage interest paid is tax deductible, as are your property taxes.
4. Homes are appreciating
Gone are the days of the bargains in a buyer’s market. However, home prices have risen steadily and it should make you feel good about buying an asset that is appreciating. Home prices and price fluctuations in Wisconsin are usually moderate, not extremes like on the coasts. Makes for a more stable investment.
5. Downpayment assistance is available
It is difficult to save for 20% down, especially with rents rising and having a tight monthly budget already. The good news is you do NOT need to put down 20%. There are assistance programs such as Fannie Mae and Freddie Mac’s Home Possible Advantage Program which allows for as little as 3% downpayment as long as the credit score is 620 or higher. If you do not put 20% down, you’ll need mortgage insurance for a while and those fees are down as well.
There’s lots working in your favor this year! So get busy and get searching for a new home. And then get in touch with a First Weber agent in your area of Wisconsin to help you through the whole homebuying process.
First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin, Southwest Wisconsin, Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com
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