Spring Is the Perfect Time to Purchase a New Home
Historically, the warm months are prime time for people interested in purchasing a new home. With both interest rates and home sales for the month of March relatively low, spring is the perfect time for first-time home buyers to get a home loan milford.
Historically Low Mortgage Rates Save Home Buyers Money
Although interest rates rose slightly, the cost to buy a home is extremely low. For 30-year-fixed-rate mortgages, the national average interest rate is only 3.67 percent.
A year ago, first-time buyers paid 4.27 percent for the same 30-year loan, per Freddie Mac. Lower interest rates help people interested in purchasing a home purchase larger homes since they have to pay less money back, over the life of the loan. Additionally, with a low mortgage rate, potential home buyers will keep more money in their pockets each month providing them with more discretionary income. Early Buyers Control Negotiations With home sells lower than anticipated in the month of March, more homes are on the market for April. As a result, home buyers have a larger selection of homes to choose from while they are out house hunting. With more inventory and lower interest rates, home buyers should leverage their power position and negotiate the price of the home they’d like to buy. Additionally, they can ask the seller to:
- Pay closing costs
- Provide appliances
- Make renovations
In a buyer’s market, home buyers have a lot of leeway in negotiations, but they must negotiate strategically.
Save Money by Securing a Loan through the Local Credit Union Credit unions generally offer a lower interest rate for all of their loans in Milford. Recently, more credit unions are aggressively promoting their mortgage loans, which are extremely competitive. Many first-time home buyers took advantage of the low mortgage rates credit unions offered in March. Credit unions are offering incentives for people who secure a loan in Milford with them, such as no private mortgage insurance premiums. These incentives make purchasing a home more affordable for people who want to live the American Dream. With a lot of houses on the market and interest rates still extremely low, spring is the best time to buy a new home. Whether home buyers are interested in purchasing their first home or they want a second home, credit unions offer favorable rates that will help home buyers keep their mortgage payments low.