Housing hasn’t been this affordable in decades, and mortgage rates are near historic lows. We interview an expert who says now’s the time to buy, and offer advice on how to get ready.
I’ve wanted to buy my first home for a while, but when my landlord told me that my rent was going up to $900 a month, I got serious about it.
So I researched the estimated value of the house I rent now ($160,000) on my local property appraiser website. Then I plugged the number into Zillow’s Mortgage Calculator. If I owned this house, my total monthly payment would be $817. In other words, I could pay my mortgage, property taxes, and homeowners insurance for $83 less than what I pay in rent each month.
I’m not alone in thinking it’s time to buy. In the video below, Money Talks News Founder Stacy Johnson talks to a real estate professor who says if you’ve been sitting on the sidelines, now’s the time to get in the game. Check it out, then read on for a checklist to get you started…
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This professor isn’t the only bearer of good news: Check out this recent article from MSN for more encouraging statistics. And this one: Why Now Is a Good Time to Buy a Home.
But get informed before you do anything. Last year, the mortgage website Zillow surveyed prospective home buyers for a study on mortgages. They gave the wrong answers to basic mortgage questions 46 percent of the time – and 44 percent admitted they don’t understand the mortgage process. So if you’re confused, you’re clearly not alone. Here are some steps to take.
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Read: “Housing Has Bottomed – It’s Time to Buy” by MoneyTalks News