The housing market is still going strong, but a lot of potential buyers are still uncertain and waiting on the sidelines, wondering if now is the right time to buy. Fortunately, there is a convergence of favorable market forces—not the least of which is historically low mortgage rates—and 2016 is a great year to buy a home.
According to the home financing experts at Premium Mortgage Corporation in New York and Vermont, here are a few reasons you should take the plunge into home ownership now:
- Historically Low Interest Rates: This summer, mortgage rates in the U.S. fell to their lowest point since 2013, which significantly brings down the long-term cost of buying a home, even as prices keep rising.
- Rising Rents: Rising property values usually hit renters first. According to Trulia, renting is more expensive than buying in most markets across the country, even if you factor in the costs of insurance, property taxes, and closing.
- Property Values Are Going Up: Prices have been steadily rising for the last year, a trend that's expected to continue. While inventory in some markets may be somewhat limited, buying a home now could be a relatively long-term investment.
- Tax Benefits: Not only is buying a home an excellent investment for the future, it can also lower your tax liability. The vast majority of homeowners are eligible to deduct all of their interest payments, which allows you to write off a significant portion of your housing expenses.
For 16 years, homeowners throughout New York State and Vermont have relied on Premium Mortgage Corporation for help securing the home financing they need. With offices in Barre, Vermont, and Rochester, Buffalo, and Syracuse, New York, they’ll be able to provide the guidance you need when you decide to apply for home loan. Visit their website to see their full list of services and use their free online mortgage calculator, or call your nearest office to find out about products and current mortgage rates.
Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
NMLS# 3254 | Equal Housing Lender
Licensed Mortgage Banker NYSDFS