{"id":6768,"date":"2017-11-13T18:39:43","date_gmt":"2017-11-13T23:39:43","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6768"},"modified":"2020-07-13T22:35:25","modified_gmt":"2020-07-13T22:35:25","slug":"buy-a-house","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/buy-a-house\/","title":{"rendered":"8 Reasons Now is the Time to Buy a House"},"content":{"rendered":"<p>Are you currently renting?\u00a0 Is\u00a0your lease coming up for renewal?\u00a0\u00a0Before you extend your lease for another year or two, why not consider exploring the possibility of buying instead of continuing to pay someone else&#8217;s mortgage?\u00a0 First of all, we are not going to say everyone should buy\u00a0a house.\u00a0 Not everyone wants to.\u00a0 But there are many advantages to homeownership.\u00a0 On top of the normal benefits to homeownership, this is quite the time to buy!\u00a0 A few reasons to become a homeowner now rather than later include the following.<\/p>\n<h2>8 Reasons to Buy Now Instead of Renting<\/h2>\n<figure id=\"attachment_6776\" aria-describedby=\"caption-attachment-6776\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-6776\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/11\/viewer-300x200.jpg\" alt=\"buy a house\" width=\"300\" height=\"200\" \/><figcaption id=\"caption-attachment-6776\" class=\"wp-caption-text\">Look into your future. Does it include buying a home?<\/figcaption><\/figure>\n<ol>\n<li>Home prices are expected to rise<\/li>\n<li>Interest rates are expected to rise<\/li>\n<li>Flexible and affordable financing available<\/li>\n<li>Potential income tax deductions for interest, <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/12\/31\/is-pmi-still-a-tax-deduction\/\">PMI<\/a>, taxes, &amp; fees<\/li>\n<li>Do what you want with your home (subject to HOA, legal rules)<\/li>\n<li>Long term fixed P&amp;I payments = predictability &amp; easier to budget<\/li>\n<li>Building long term equity versus none as a renter<\/li>\n<li>Protect against inflation<\/li>\n<\/ol>\n<h4>Home Prices Expected to Rise<\/h4>\n<p>In many cases, renters are surprised to learn that the monthly mortgage payment to buy a house may be less than they pay for rent.\u00a0 However, since home prices are increasing,\u00a0this translates to potentially more equity or <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/04\/01\/how-to-get-into-real-estate\/\">personal wealth<\/a> for you, the buyer.\u00a0\u00a0As a recent article mentions on Realtor.com, &#8220;<a href=\"https:\/\/www.realtor.com\/news\/trends\/cities-best-price-appreciation\/?utm_medium=Email&amp;utm_source=ExactTarget&amp;utm_campaign=%20mnw_nr\">After all, your home is your biggest investment and most significant asset<\/a>.&#8221;, so why not buy now to take advantage of increased equity?\u00a0 While there is no guarantee that real estate will appreciate, historically it has and has been the largest asset for many who choose to buy.\u00a0 Furthermore, your landlord is keenly aware of this.<\/p>\n<p>First time buyers are affected most by a rise in purchase price and values.\u00a0 The reason is this raises the entry price level of <a href=\"https:\/\/www.homes.com\/\">homes<\/a>.\u00a0 In any real estate market,\u00a0a <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/07\/06\/first-time-home-buyer\/\">first time buyer<\/a> median price at $200,000 compared to $150,000 really knocks a lot of buyers out.\u00a0 For the most part, prices are not going down.\u00a0 Therefore, home buyers have more advantages in purchasing now versus later.<\/p>\n<p>Interesting to note, if housing is expected to rise, it is not only houses that are for sale &#8230;. you can expect the same from rentals as well. So it only makes sense to lock in a monthly payment that you can be comfortable with and have control over in the coming years.<\/p>\n<p>[av_button_big label=&#8217;Even First Time Buyers Can Invest in Real Estate&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2017\/04\/01\/how-to-get-into-real-estate\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;][\/av_button_big]<\/p>\n<h4>Interest Rates are Expected to Rise<\/h4>\n<p>Currently rates are near all-time lows which helps home affordability which helps many buy a house.\u00a0 According to a recent article from <a href=\"https:\/\/www.housingwire.com\/articles\/41750-black-knight-housing-affordability-strong-despite-rising-prices?utm_medium=Email&amp;utm_source=ExactTarget&amp;utm_campaign=%20mnw_nr\">Housing Wire<\/a>, &#8220;<a href=\"https:\/\/www.zillow.com\/\">Home prices<\/a> continue to increase, yet affordability actually improved since July.&#8221;.\u00a0 At this time, the consensus is that the Federal Reserve\u00a0expects to raise their rate in December as well as maybe 3 times in 2018.\u00a0\u00a0The Federal Reserve&#8217;s interest rate is not the same as a mortgage interest rate but has a direct impact on what you may expect to pay when you borrow money.\u00a0 Check out this article explaining <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/12\/31\/why-did-the-mortgage-rates-not-increase-when-the-fed-raised-their-rate\/\">factors that affect long term mortgage rates<\/a>.<\/p>\n<p>[av_button_big label=&#8217;First Time Buyer Admits &#8220;If I had only known this&#8221;&#8216; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2017\/07\/06\/first-time-home-buyer\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;][\/av_button_big]<\/p>\n<h4>Flexible and Affordable Financing Available to Buy a House<\/h4>\n<p>It amazes\u00a0us to hear so often that first time buyers cannot buy a house because they don&#8217;t have a 20% down payment.\u00a0 That is quite the misconception! \u00a0Options available for first time buyers today include so many low to no down payment loan programs.\u00a0 Plus, just because there is\u00a0a low or no\u00a0down payment financing program option, it doesn&#8217;t mean the interest rates are much higher.\u00a0 Conversely, most interest rates for government loans such as <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/08\/11\/va-home-loans\/\">VA<\/a>, <a href=\"http:\/\/teammovemortgage.com\/fha\/\">FHA<\/a>, and <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/09\/27\/usda-guarantee-fee-2018\/\">USDA<\/a> are lower than conventional rates with 20% down.\u00a0 Even when a\u00a0down payment is required by a program, it may even be a <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/09\/21\/gift-letter\/\">gift<\/a>!\u00a0 So the barrier to cross from a renter to a homeowner is about as low as it has been in years!<\/p>\n<p>[av_button_big label=&#8217;USDA No Money Down Program Fees Stay Low &#8216; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2017\/09\/27\/usda-guarantee-fee-2018\/&#8217; link_target=&#8221; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nOctober 1, 2017 &#8211; September 30, 2018 Fees Stay Low<br \/>\n[\/av_button_big]<\/p>\n<h2>Rent Increases Compared to Fixed Mortgage Payments<\/h2>\n<p>According to a recent article in <a href=\"http:\/\/www.mortgagenewsdaily.com\/11082017_housing_affordability.asp?utm_medium=Email&amp;utm_source=ExactTarget&amp;utm_campaign=%20mnw_nr\">Mortgage News Daily<\/a>, &#8220;Most of the 20 largest core-based statistical areas had rent increases, but those with limited new construction and strong local economies tend to have low rental vacancy rates and stronger rent growth&#8221;.<\/p>\n<p>When you <a href=\"https:\/\/en.wikipedia.org\/wiki\/Renting\">rent<\/a>, you are for the most part at the mercy of the landlord, inflation, and the rental market in general.\u00a0 At lease renewal, increases can be from the single to even double digit percentage amounts.\u00a0 Sound familiar?\u00a0 Actually it is pretty uncommon for rent payment to stay the same for back to back years.\u00a0\u00a0On the other hand, buying a home with a fixed interest rate gives you an element of control and a sense of predictability in what you will pay each month for as long as you own the home.\u00a0 Plus, there are additional homeowner benefit and tax benefits as well!<\/p>\n<h2>Is a Rent Early Termination Fee Keeping You From Buying?<\/h2>\n<p>What if you find the right house to buy, but\u00a0you are a ways off from the\u00a0lease renewal?\u00a0 There are sometimes options to buy out of a lease through sellers paying the termination fee.\u00a0 Often, the penalty for early termination of the lease is one month&#8217;s rent.\u00a0 So, keep in mind that with a closing date strategy, it is possible to have the mortgage first payment 1.5 to almost 2 months after closing.\u00a0 This is another added bonus for renters who many have a concern about finances and transitioning easily as a renter to a homebuyer.<\/p>\n<p>[av_button_big label=&#8217;Mortgage Rules Have Changed So Why Are You Still Renting?&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2017\/05\/05\/no-down-payment-mortgage\/&#8217; link_target=&#8221; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;][\/av_button_big]<\/p>\n<h1 style=\"text-align: center;\">Think smart, buy smart, live smart!<\/h1>\n<p>[gravityform id=&#8221;3&#8243; title=&#8221;true&#8221; description=&#8221;true&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you currently renting?\u00a0 Is\u00a0your lease coming up for renewal?\u00a0\u00a0Before you extend your lease for another year or two, why not consider exploring the possibility of buying instead of continuing to pay someone else&#8217;s mortgage?\u00a0 First of all, we are not going to say everyone should buy\u00a0a house.\u00a0 Not everyone wants to.\u00a0 But there are [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,61,40],"tags":[1096,1097,1098,1099,1100,1101],"class_list":["post-6768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-market-updates","category-tips","tag-buy-a-home","tag-buy-a-house","tag-how-long-does-it-take-to-buy-a-house","tag-how-to-buy-a-house","tag-i-want-to-buy-a-house","tag-should-i-buy-a-house"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buy a House Now? 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