Many people are wondering if they should buy their home this year or not?So i wanted to tell people some suggestions and advice regarding becoming a home owner.Before i begin,let me tell the answer to your question – YES.You should become a home owner this year because this is the right time to do so.And i do not think there would be more better situations for people to become a home owner than the situation today.
Tax credits,lowered house prices,lowered mortgage rates…what more does a borrower want ?
People who are going to become a home owner have the following advantages this year:
=>get a tax credit from the federal government – it is termed as the federal first time home buyer tax credit,
=>get reduced mortgage rates – the 30 year fixed rate mortgages are the best and the rates have also become low,
=>get tax credits from the state government – remember that this would depend on the state you live.For example,California is giving the tax credits currently,
=>The house prices have declined,
=>The government might introduce more programs like these to stimulate the housing market – so you are very lucky !
Fixed rate mortgage or adjustable rate mortgage in 2009:
Many borrowers ask me if they should opt for a adjustable rate mortgage since they observe very low rates than the fixed rate loans.No.This is the biggest mistake down by the borrowers.These rates would look very very tempting but the rates would increase later and cause trouble.So opt for the fixed rate mortgage loans.
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