You've probably heard about interest rates dropping, and may be wondering if now is the right time for you to buy a home.
Dave Nellis, with America First Credit Union says, "The best time to buy is when you find the right house for you. Don't wait. Don't play the rate-game. Make a offer if the home meets your needs."
He explains that there are more sellers than buyers in this market, so sellers will offer concessions to sell.
You can use those concessions like paying for closing costs and buying down to a lower rate on the mortgage.
Builders are also offering incentives to purchase newly constructed homes. You can use these incentives just like seller concessions to pay for closing costs and a lower rate.
Dave explained that the rate is also advantageous for borrowers who purchased at 7.00%-7.50% to refinance down to a 6% rate. This could ave hundreds of dollars in monthly payments.
Dave says a fixed-term home equity loan is the best product if you own a home.
The escalation of home prices during, and after, the pandemic means that homeowners have sizeable equity positions.
The rates offered on home equity loans are significantly lower than credit cards.
You can use them for emergencies, debt consolidation, vacations, education, etc. A home equity loan is a powerful financial tool that everyone should have.
You can learn more by visiting your local America First branch. A trusted Sales Advisor will walk you through the process to determine which home equity product is best for your needs.
Dave says, "Payment is the most important thing to consider. If you are comfortable with your payment the rate is secondary. You can always refinance when rates drop. Marry the house, date the rate."
As we gear up for holiday spending, open a new account with America First and receive $100. Also try out their 0% interest for 6 months VISA credit card.
Find more at americafirst.com.
