One of the biggest accomplishments we have as adults is obtaining home ownership. As parents, we work hard to provide the best for our kids and that includes a roof over their heads. With the ongoing Covid pandemic, some people are hesitant about obtaining a mortgage. Mortgage rates are at an all-time low, so this is the perfect time to jump in the market. For me, this could be the perfect time to think about refinancing my home. According to Fannie Mae, the market is expected to have a strong showing heading into 2021 with the release of the vaccine. This should make many people more comfortable when buying a home. For some of us, the thought of refinancing is very appealing and something to think about.
Refinancing
Would you save a lot of money or is it even worth it? You can enter your information into a Mortgage Calculator and get an idea of what you’re looking at. You would need to have all your information on hand so you know where you would stand. For the old mortgage, know your how much was your home and the down payment you put down. The original loan amount, APR, terms and time left remaining on your home is also needed. Afterwards, you enter the new loan amount and terms along with the latest APR. You can also add the refinancing closing costs and other information. Throughout the pandemic, my wife and I worked even more seeing we were considered essential workers. We also saved a lot of money by not going anywhere and spending money on things we normally would have.
Is It a Good Time to Buy Your First Home?
If you have excellent credit, should you consider purchasing your first home now? According to Bloomberg, prices are expected to rise around the spring 2021 which means you may want to buy now. Before that, make sure your job has been steady and possibly consult with someone on how business is looking. You don’t want to make home ownership a burden because many people are looking at the option of renting. If renting isn’t an option and you really want your own, check out these 4 things to consider when buying your first home. If you’re looking for some advice, I’ll say go ahead and do it if you are able to. The perks of owning you own home outweigh renting.
Final Verdict
As stated before, this is the perfect time to purchase you a home or even refinance. Before you do all that, research as much as possible because this is a huge decision. If you’re refinancing, see how much money you can save in the long run. With the extra money saved, you could possibly put more money to your home and pay it off quicker. When buying your first home, consult with people you know that own their own place and see where you should go. Check out Mortgage Calculators to see things like your home loan limit, minimum income requirement and rates for your area. If you feel this is the right time, contact a lender and get the process started.
