December 13, 2019
Four Reasons to Buy a Home Now
Homeownership has long been an essential part of the American dream. But it also is likely to be one of the biggest and most difficult financial decisions a person will make in their life. Here are four important reasons why right now may be the ideal time to buy. In addition, be sure to download and share the piece below.
Reason 1: Homeownership is a key to building wealth
According to the Federal Reserve Bank’s 2016 Survey of Consumer Finances, homeowners are—on average—46 times wealthier than renters.*
Reason 2: Enjoy more financial flexibility in retirement
Whether it’s building equity for later in life or to take out a line of credit for home improvements in the meantime, homeownership can give borrowers financial flexibility.
Reason 3: You do not need a 20% down payment
One of the biggest myths first-time home buyers encounter is that a 20% down payment is required. In reality, by taking advantage of PMI, borrowers can lock in historically low interest rates with a down payment as low as 3%.
Reason 4: There's never been a better time
Interest rates, currently down almost 40% from their post-housing bubble high of 6.48% in 2008, are at historic lows.
*Source: federalreserve.gov. https://www.federalreserve.gov/econres/scfindex.htm
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