You Can Be a Homeowner

Friday, November 22 at 11:40 AM
Category: Personal Finance

Is now the right time for you to buy a home? Historically low interest rates, extensive inventory and low prices are all reasons why now is a great time to buy. Here are a few of the factors to consider when making the decision to buy:

  • Low Interest Rates -- One of the most compelling reasons to purchase a home is that interest rates are at historic lows. Now is the time to take advantage of today’s virtually unprecedented low rates.
  • Tax Deductions -- Mortgage interest payments and tax payments can be deducted from your taxes. This can add up to substantial savings over the life of the loan. Consult a tax professional for details.
  • Building Equity -- Low interest rates and low home prices allow buyers to start building equity almost immediately.
  • Pride of Ownership -- Owning a home brings a sense of pride and accomplishment to homeowners. It also provides a sense of comfort and stability.

Getting preapproved is one of the best ways to see what price range you will be qualified for.  Preapprovals will also factor in your estimated property taxes, homeowner’s insurance and private mortgage insurance (PMI), if applicable, which will add to the principal and interest payment. These items are very important to factor in for monthly budgeting even if you do not plan on including them in your monthly payment.

Contact your local Arvest mortgage lender if you would like to get preapproved to purchase a home.

Tags: Financial Education, Home Loans, Mortgage
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