The decision to buy a new home is a huge one, and it is possible that you’ve been sitting on the fence for quite awhile now.
Although we always encourage veterans to give the home buying process a lot of thought, it also hurts us to see someone let an opportunity go to waste.
Waiting too long to buy a house can sometimes put you in a bad position.
For example, you could wait so long that the house you want increases in price. Right now, the market is ripe for you to pick out a house.
Lock In a Lower Home Price
With the current housing trend, you can only expect to watch the prices rise. Waiting to make your move could mean that you have to spend thousands more on a house.
Although home prices are rising everywhere, this is an especially big concern in the more desirable parts of the Phoenix area. Both new and older homes in areas that are experiencing rapid population growth are going for higher prices every day. If you have your eye on a certain location, then consider how much more a house could cost there in the next few years.
Start Building Equity Now
Equity is the amount of your home that is considered yours once the debt is taken into consideration. There are two ways to build equity for a new home.
Your equity increases when the house goes up in value. Since home prices are rising, buying today puts you on the winning side of that equation. The other way to build equity is to reduce your debt. The payments that you start making this year go toward your debt, which means that you will have more equity in your home by the end of the year.
Take Advantage of Stable Interest Rates
Home mortgage loan interest rates fluctuate from time to time. When you consider the cost of a house, even a point of interest extra can result in you spending much more money on your payments over the years.
Currently, the interest rates in Arizona are stabilized to one of the lowest points that they have been at for years. While we wish we could say that they will stay that way, the truth is that they will eventually rise. If you’ve been waiting to buy a new home until the interest rates go down, then we have to tell you that the time couldn’t be better for locking down a low rate.
Capitalize on Higher VA Loan Limits
As a veteran, you can also benefit from VA loans that currently offer you higher limits on a home than you could get in the past. Being able to secure the financing for the home that you truly want means that you can also benefit from being able to use your military benefits. VA loan limits can also go down, so this is an opportunity that you don’t want to waste.
There is no time like the present for making a decision that brings greater happiness to your life. Buying a new home does take time, so get started today to build a brighter financial future for tomorrow.