Financing a home for the first time might seem impossible at this economic juncture – but there are a number of great resources available to anyone looking for them. The number one thing to remember when you consider buying instead of renting your home is that housing is an investment. Renting is just a drain on your finances with no return.
Still think now’s a horrible time to look into getting your first house? Here are three facts that will blow your mind:
1. Expensive payments are dwindling.
2. Home prices are dropping.
3. Interest rates are staying low.
The credit crisis has affected everyone. Most noticeably, it’s made qualifying for loans more difficult. But there’s a silver lining also. With the housing market responding to these factors, many real estate prices have been driven down. Therefore, it’s a great time to make a smart financial commitment. Getting assistance from a first time buyer incentive program is an important step in t he right direction.
Not only is the housing market experiencing a dip in real estate prices, but the interest rates are also at unusually low levels. This means that first time buyers can lock in reduced interest rates. Making the decision to become a first time buyer is paramount before the incentives disappear.
For more information about first time buyer incentives, visit http://www.midlandmortgagecorp.com/mortgage-applications/overview