Buying a home for the first time is not only the smart thing to do in 2017 but it’s an important part of what most would consider the “American dream”! Let’s setup the scenario for a second. We are on the cusp of the end of the first quarter of the year already! We have officially elected a new President and the economy appears to have rebounded. You’re finally working a job that doesn’t require a Ramen noodle lifestyle only (love Ramen by the way). Your apartment is feeling cramped and you are looking for that next big purchase! With the right financial preparation and tools, purchasing a home can be the beginning of long-term wealth building, with your mortgage payment possibly lower than what you are currently paying for rent. With a fixed-rate mortgage, your payment will not go up which isn’t true with rent which seems to go up a little each year.
Check out the top 3 reasons to become a first time home buyer in 2017!
1. Mortgage Rates are still very good
Currently mortgage rates are still sitting at about 4%. Although they are not as low as they have been in previous months they are still historically low with rates going up to as high as 10% in 2006. Locking yourself into a low rate now would definitely be beneficial!
2. Down payments are low
Currently down payments are ranging from 1%-3% which is obtainable on most budgets. There are even first time home buyer credits that can assist you with your down payment or take care of your down payment completely. FHA, VA and USDA loans often have no-money-down options as well.
3. Decorate your home exactly the way you want!
Owning your home gives you the flexibility of decorating however you want. Maybe making that one room entirely purple like you imagined as a kid, or a complete gallery wall of family photos! Buying your own home allows you that flexibility which renting does not.
These are just the top 3 reasons to become a first time home buyer in 2017 but there are many more. To find the perfect neighborhood and view move-in ready homes, please visit our Find A Home web page.
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