Buy, Upgrade, Or Refinance Your Home

Unless you just bought or refinanced your home within the past few months, you’re paying too much for it.  You’re paying more in interest right now than you need to be.  If you haven’t bought a home and you’re planning to, the market has never been better, and if you currently have a mortgage that you’re paying off, you could be doing so at a better rate.  There are numerous options available to you in this market, but of these, the following three are the most basic.

1. Buy a home.  It’s a buyer’s market right now.  During the real estate bubble, many individuals bought homes that they couldn’t afford.  When the market crashed, it was because these individuals defaulted on their mortgages.  This led to a high number of foreclosures and short sales, and as a result, there are a lot of nice, livable homes being offered at far less than what they are worth.  While it’s unfortunate that some people have had to lose their homes, you can benefit from this situation and help get the economy moving again by purchasing one of these houses.

2. Upgrade your home.  Interest rates are at an all-time low, and if you currently own a home, chances are the interest rate on your mortgage is several percentage points higher than the market.  If you’re able to make payments just fine, you might want to consider upgrading to a larger or nicer home at a higher price but with a lower interest rate.  Your monthly payments would stay the same, but you would be in a better house thanks to the amazing interest rates available right now.

3. Refinance your home.  Low interest rates also make it possible to refinance your existing home mortgage under more favorable terms.  Whether you’re able to afford your current mortgage payments or not, you have the opportunity to obtain a better rate and a longer or shorter payback timeline depending on your needs.  Rates have never been better.

These are the three most basic options available in our current economic situation.  Now is the time to act!