Mortgage interest rates are low now and whether you are a buyer or a seller, this is good news!
If you are a buyer:
You will spend thousands less over the life of your home mortgage on a home purchased now versus a time of higher interest rates. If you are shopping for a home and have a down payment ready to go, this is an ideal time to act. Look at one of the online amortization calculators to see how much interest you will save over the life of your mortgage, then talk to a mortgage banker and a real estate agent to take advantage of these historically low interest rates.
If you are a seller:
Your home is more affordable now. You can ask a fair price for your home and buyers will save on the interest rates, making your home a better deal for them. If you have been thinking about selling your home, but a lower home valuation has made you wait, this may be a good time to get a better price. Speak to a mortgage banker and a real estate agent to see how they can help you sell your existing home and get you into an affordable new home.
Article by Christina Hammond and Alan Kennedy, prepared to work together to help you sell or buy a new home.