Must Have Info For First Time Home Buyers in Center Line
If you happen to be a first time home buyer in Center Line Michigan this should be a very exciting time for you. Michigan Mortgage Solutions is dedicated to making your first home purchase as easy & stress free as possible! Real Estate prices have been on the rise and mortgage rates are still at historic lows. This creates a somewhat limited opportunity for a first time home buyer in Center Line Michigan.
Some first time home buyers are hesitant to move forward and jump into home ownership because they are concerned that a home purchase is no longer affordable. However, rental demand is also higher and mathematically it still makes sense to consider buying a home in Center Line. While this is a valid consideration for anyone looking to purchase a home, there are other factors that must be taken into account as well.
Does it Make Sense to be a First Time Home Buyer in Center Line Michigan?
First off, as mentioned before interest rates are still incredibly low so it’s cheap to borrow money for the first time home buyer in Center Line Michigan. This is important because the Federal Reserve has been manipulating the markets to fight inflation but they also don’t want to kill the housing market and begin another recession. Interest rates are likely headed up and inflation makes everything cost more including rent and real estate.
So, even if rates continue to rise, the mortgage rate at which you can qualify for today may be the lowest you are going to get for a long time. Plus, if this current sellers market continues, home values will also continue to rise. This means waiting to purchase could cost you a lot more.
Let me show you what I mean here using numbers. You can verify my math at BankRate.com or use the mortgage calculator below if you wish.
Becoming a First Time Home Buyer in Center Line Michigan Today…
Loan Amount $175,000.00
Interest Rate 3.5%
Principal & Interest Payment $785.83
Becoming a First Time Home Buyer in Center Line Michigan Later…
Loan Amount $180,000.00
Interest Rate 4.25%
Principal & Interest Payment $885.49
So, as you can see from the example above, buying now provides a lower rate and a more affordable home. The monthly payment is almost $100 less per month. If you think about that extra $100 a month over the term of the mortgage, waiting to buy a home could end up costing you $36,000 more than buying a home today. That’s a lot of money to throw away by waiting and it gets even worse if you decide to rent over buying a home of your own.
If you’re a first time home buyer in Center Line Michigan, we look forward to helping you achieve your dreams of home ownership and so much more.
Your 5-Star Mortgage Experience Includes…
- A no-cost/no-obligation pre-approval…
- Find out how much you can borrow…
- Start house shopping today…
- Answers to all your questions 24/7…
- Access to the lowest rates possible…
- We help buyers with credit issues…
