The simple answer: If you find a home you like today - do not delay.
While lower interest rates may be on the horizon, there are reasons why you should not wait to purchase.
• When mortgage rates drop, more buyers return to the market, increasing competition.
• Housing appreciation continues to rise year after year. The equity you could earn by purchasing now is far more substantial than waiting out the market.
The key in this market is understanding what you can and are comfortable paying for a monthly mortgage and securing a solid pre-approval so you can offer strong.
The difference in the payment is $249/month, approximately $3,000 a year.
You would be earning approximately $30,000 in equity during the same time.
*This information is for educational purposes only and represents a general illustration of typical mortgage terms and concepts.This does not constitute a commitment to lend. Rates and APR are subject to change. Not all borrowers quality for all programs; they must meet underwriting guidelines and are subject to credit review. Equal Opportunity Lender. All rights reserved. ©2024 NMLS #323907, DRE #00844652