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Looking beyond interest rates...

Looking beyond interest rates


You can plug all sorts of numbers into a mortgage calculator, but math won't always tell you if you're ready to buy a home. No matter what interest rates are at the moment, regardless of economists' predictions of home prices, you have to ask yourself if now is the time for you to buy a home. There are a lot of personal factors to take into consideration — job security, family plans, other financial goals — and only you can measure how those aspects fit into the homebuying picture.


 


As far as interest rates and home prices go, yes, they're both on the rise across the nation. We're also heading into peak homebuying season, which will have an effect on prices and inventory, but just because you didn't get a house last year when houses were less expensive doesn't mean you missed your chance at homeownership.


 


"I think it is still a great time to consider a home purchase," said TJ Freeborn, a mortgage expert at Discover Home Loans. "What I always encourage people to keep in perspective is, yes, rates may be a little bit higher than they may have been in the recent term, but if you look at the market over the last 10 or 15 years, rates are still near historic lows." (Credit.com)


 


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