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Purchase a Home Now and Spend less



The housing market remains at all-time, buyer-friendly levels well into 2012. Home values are still near the bottom, and interest rates are at historical lows. The worth you will get for a home now's a lot more than it was just a couple years ago since your dollars go a lot further. Some estimates have home values down between 30-40 percent since 2007, so your money goes further. Foreclosures and shorts sales still abound, and if you can cope with the irritation of the bureaucracy, you can get better still deals there.

If you or someone you know thinks about the problem of buying a home within the next year or two, there are a few points to consider. First, home prices are slowing rising, with increases in August 2012 of approximately 2% (for homes not in foreclosure or short sale). This may not be a substantial increase, but over the lifetime of the borrowed funds, small increases in principal costs can multiply as interest compounds with time. A rise of 4-6% can often mean thousands over the life of the loan. Secondly, we don't expect interest rates to increase quickly, but you desire to be able to secure an interest rate this low for the long term. Avoid any adjustable rate mortgages while rates are in these historic lows, and keep watch for indications of increases. Rising one half a place to some extent on the interest rate can mean a major rise in the total loan cost within the life of the borrowed funds. Third, your rate and payment will depend on your credit history and deposit, and taking a very little time to repair up credit or meet up a payment in advance may bring your rates and payments down some, but could be quickly offset by small increases in home prices or interest rates.

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You will get educated on where you stand and when is the best time to buy by speaking with a lender and starting the pre-approval process. This will let you know what you can expect for rates, how much you can borrow, and what that you can do to enhance those numbers. Getting equipped with a pre-approval usually helps make the entire process go smoother and reduces headaches once a deal is created on the home. If you're able to qualify for good rates now and obtain a great price for any home (and if fits in your budget), now could be the time to act. By buying a house when prices are low AND interest rates are low, you'll come out better in the long run. Smart investors state that money is made in property in the purchase - and getting a good deal and a great rate can help you win long-term as house values increase over time.