The thought of buying a home nowadays is pretty scary because the housing market has been so darned volatile in the past year. Who wants to really take a chance after so many ARM mortgages were issued leaving many facing foreclosure? Not to mention those innocent individuals who paid their fixed-rate mortgage religiously every month yet found themselves underwater, because foreclosures around them drove their property value so low that their mortgages went underwater – owing more than what the house was worth.
Yep, there’s no doubt that anyone who is thinking of buying a home for the first time is probably thinking twice. But according to a recent blog by MoneyRates‘ Richard Barrington, all of the volatility has created a good environment to buy your first home or refinance. And you know what? This actually makes good common sense.
Mortgage rates have lowered significantly over the last year, and though they’re not as low as they were earlier this year, you can still catch some great fixed, 30-year rates. Not to mention, President Obama has created the $8,000 tax credit for first-time home buyers, meaning that you can save even more if you’re buying your first home.
This is why if you’ve been thinking about buying or refinancing, it’s time to get in while the gettin’s good! You know the low rates and tax credit aren’t going to last forever. You might as well take advantage of the good deals while you can.
If you’re a first time home buyer or thinking about refinancing your home – browse Go Banking Rates for more information on mortgage loans so you can have a better understanding when you make that big decision.