Buy Now Before It’s Too Late or Too Expensive
I know everyone is always saying it’s a great time to buy regardless of the market. And that’s true to an extent. But if you have been on the fence or you’ve been thinking about it now truly is the time to do it. One of my favorite blogs has given 4 financial reasons to buy now and they hit it on the mark.
Interest rates are increasing
Rates have gone up almost 3/4 of a point in the last 6 months and are expected to continue to rise.
The 30 year mortgage may disappear
Several experts believe if Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may bet the end of the 30 year mortgage.
Qualified mortgage requirements could be more stringent
Proposed changes include:
1. Elimination of certain mortgage types
2. Minimum of 20% down payment
3. Minimum 690 FICO score
4. Lowering of ratio of income to both the mortgage payment and the overall debt to 28% and 36%
Rents are expected to increase
Supply and demand. The demand is increasing while the supply is decreasing.
There is a lot of inventory on the market right now. Jump in before it’s too late or the cost is just too high.
