| Need Assistance? 1-866-597-HALO 1-866-597-4256 |
Home Purchase Loan...
| With the current state of the Real Estate market, now is a good time to be a home buyer. There is an abundance of homes for sale, many of which are selling below market value. Now, more than ever, owning a home makes a lot more sense than paying rent. Especially because you now may be able to obtain a mortgage with about the same monthly payments that you are paying towards rent. The key is to act now, while interest rates are still desirable. Contact us today to get pre-approved or to get your questions answered. |
| Need Assistance? 1-866-597-HALO 1-866-597-4256 |
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| • Refinance • Purchase Real Estate • Lower your bills • consolidate debt • Get cash out • Credit improvement • Expand your business |
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Should I Buy a Home Now?
In reality it is a pretty good time to buy a home. It is not a great time to sell
a home. If you can wait, it would be wise to wait until the home prices in
your area have leveled out. You do not want your home value to decrease
rapidly due to the negative effects of the economy.
It is also important to consider how long you will be in the home that you
are about to purchase. If the market continues to drop and you end up
moving and selling in a year, you may have been wiser to wait a bit longer.
You could end up selling your home for less that you paid for it. This
would leave additional money to continue to pay on.
However if you plan on being in the house for several years, you will have
time to wait for the housing market to begin to increase in value again. This
means that the risk you take in purchasing your home is a lot less than if
you were moving very quickly.
In order to gauge if the market is soft in your area, you should look at a
few factors. You should look at the average time a home is on the market.
You should also compare the current home prices with the prices that
similar homes were being sold for a year ago. Ask a few real estate agents
their opinions on the current housing market as well. In a soft market
housing prices will have dropped, as well as sales, so the houses will be
on the market for a much longer period of time.
Is Home Ownership a Good Idea?
There are many advantages to homeownership and in many circumstances
it is the smart choice. Often, it is a matter of timing. There are points in the
life cycle that owning a home makes more sense than at others.
For those just starting out in life, buying a home may be premature, as it is
harder to move when there is a house to sell first. Therefore, it may be
smarter to wait to buy a home until other life decisions have been made,
such as career choices, the area that one wants to live, and whether one
wants to marry and start a family.
When such life choices are settled, then many of the benefits of
homeownership are more useful. Instead of paying rent, the homeowner is
building equity. Because that is a process that takes place over time, its
value isn’t fully realized unless it is in a place that a person intends to stay
for a while. There are a variety of tax advantages attached to
homeownership, as well. Furthermore, if you take your time and choose
well, and have the added advantage of savings and good credit, owning
can work out to be less expensive than renting. Typically, though,
accumulating enough savings and building reliable credit are achieved at a
later point in the life cycle, rather than being available to those just starting
out.
Homeownership is a smart choice when you have reached a more stable
plateau in your life. You’ve decided on a life path and are taking the steps
you need to achieve it. You have accumulated enough savings or have
reached a point where your income is secure, and the risk of defaulting on
a loan and seriously damaging your credit rating is minimal. At that point,
the benefits to homeownership outweigh the disadvantages, and you are
ready to start shopping for the right loan and home for you.
Making the decision to buy a home is a serious one, and should be made
according to the facts, rather than an idealized vision of how life should be.
Achieving the American Dream of homeownership is certainly a
worthwhile goal, but keeping that dream and being able to have the time
and energy to enjoy it after you achieve it is just as important as reaching
that goal.
In reality it is a pretty good time to buy a home. It is not a great time to sell
a home. If you can wait, it would be wise to wait until the home prices in
your area have leveled out. You do not want your home value to decrease
rapidly due to the negative effects of the economy.
It is also important to consider how long you will be in the home that you
are about to purchase. If the market continues to drop and you end up
moving and selling in a year, you may have been wiser to wait a bit longer.
You could end up selling your home for less that you paid for it. This
would leave additional money to continue to pay on.
However if you plan on being in the house for several years, you will have
time to wait for the housing market to begin to increase in value again. This
means that the risk you take in purchasing your home is a lot less than if
you were moving very quickly.
In order to gauge if the market is soft in your area, you should look at a
few factors. You should look at the average time a home is on the market.
You should also compare the current home prices with the prices that
similar homes were being sold for a year ago. Ask a few real estate agents
their opinions on the current housing market as well. In a soft market
housing prices will have dropped, as well as sales, so the houses will be
on the market for a much longer period of time.
Is Home Ownership a Good Idea?
There are many advantages to homeownership and in many circumstances
it is the smart choice. Often, it is a matter of timing. There are points in the
life cycle that owning a home makes more sense than at others.
For those just starting out in life, buying a home may be premature, as it is
harder to move when there is a house to sell first. Therefore, it may be
smarter to wait to buy a home until other life decisions have been made,
such as career choices, the area that one wants to live, and whether one
wants to marry and start a family.
When such life choices are settled, then many of the benefits of
homeownership are more useful. Instead of paying rent, the homeowner is
building equity. Because that is a process that takes place over time, its
value isn’t fully realized unless it is in a place that a person intends to stay
for a while. There are a variety of tax advantages attached to
homeownership, as well. Furthermore, if you take your time and choose
well, and have the added advantage of savings and good credit, owning
can work out to be less expensive than renting. Typically, though,
accumulating enough savings and building reliable credit are achieved at a
later point in the life cycle, rather than being available to those just starting
out.
Homeownership is a smart choice when you have reached a more stable
plateau in your life. You’ve decided on a life path and are taking the steps
you need to achieve it. You have accumulated enough savings or have
reached a point where your income is secure, and the risk of defaulting on
a loan and seriously damaging your credit rating is minimal. At that point,
the benefits to homeownership outweigh the disadvantages, and you are
ready to start shopping for the right loan and home for you.
Making the decision to buy a home is a serious one, and should be made
according to the facts, rather than an idealized vision of how life should be.
Achieving the American Dream of homeownership is certainly a
worthwhile goal, but keeping that dream and being able to have the time
and energy to enjoy it after you achieve it is just as important as reaching
that goal.