It’s no secret that interest rates are on the rise and that has many people thinking twice about purchasing a home. While interest rates certainly play a big role in a monthly payment, higher rates shouldn’t deter you from buying a home. You should consider the cost of your current rental rate and the cost of a mortgage.
One of the driving factors for many home buyers is the fact that they are building equity with each mortgage payment rather than helping someone else build equity in a rental property. Another advantage is the ability to make it your own, whereas most landlord’s limit the things a tenant can do to a property.
Of course, buying a home isn’t always the best choice for some due to different circumstances and timing. There is also something to be said for the flexibility and freedom renting offers. However, if you feel the time is right, don’t let the higher interest rates scare you away. Talk to a lender about the rates available and how much mortgage you qualify for based on your debt-to-income ratio, credit score, and other factors.
If you are ready to be a homeowner, contact a Stutesman Action Realty real estate professional today, 417.667.8400. There are many properties available for all tastes and budgets. Now is the time, the tide has turned, and it is a buyer’s market. Don’t delay!