Ever since the crash of the housing market, a lot of things have changed in คอนโด ราคาถูก the real estate world. The rules that were followed in the past are no more considered, and the past also did not see what is being implemented today. Though the real estate market has nearly recovered, there is still a lot of uncertainty associated with it. The old adages such as avail a fixed rate mortgage or refinance when convenient apply no more. According to industry experts, if you want to succeed in the real estate market in 2014, you will need a new perspective and a new wisdom to guide you.
Here is what the real estate professionals advise you to be aware of.
Interest Rates
Past: Interest rates are increasing so act quickly
Present: Interest rates are not changing that rapidly... you can take your time
In every era, interest rates will either increase or decrease; you know there is no other possibility to this. What you do not know is the fact by how much they will increase or decrease. This is actually something that varies with time and market conditions. There are so many people who avoid any delays and proceed quickly to becoming homeowner, only because they fear the rates may rise later on. However, before you purchase any house, you should thoroughly evaluate the scenario. Is the house you are interested in worth a debt of 30 years? Maybe it is not, and until you ponder more you can never realize this.
Consider other factors as well such as your affordability, the type of mortgage loan which you should avail, and only then make a decision.
Mortgage Refinancing
Past: Refinance right now
Present: Evaluate the costs and then refinance
There are so many people who think refinancing is a good choice. Want to know our opinion? It may be a good option, but not every time. Before you refinance, you should be sure that the new mortgage results in a shorter loan terms, allows you to enjoy a reduced interest rate, decreases your monthly payments and incurs closing costs which you can afford.
If all the four above mentioned facts are true, you should definitely refinance. If three of them are positive, refinance may help you. If the number of true statements is less than three, you are better off with not refinancing and should just do with your current mortgage only.
There are many online calculators available that can help you in figuring this out; make good use of them.
Homeownership
Past: Real estate is a great investment always
Present: Not so anymore... at times, renting may be better
Considering your personality and situation, is home ownership really worth it? Not always. There are instances when renting might actually be a better choice. What if you did buy a home and could not afford the mortgages? You will just burden yourself, and had you considered everything properly before, you might have not even made that decision.
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