April 22nd, 2011 7:08 AM by Jodie Ford
We understand that buying a home is a major decision….but we want you to understand the financial aspects of deciding to buy or wait….
Interest Rates Continue to RiseJust in the last six months, interest rates in the Charleston AFB area have increased almost 3/4 of a point, and many industry experts expect this trend to continue throughout the year. If interest rates rise – the COST of buying a home goes up. So you may be spending more if you decide to wait.
Is the 30-Year Mortgage a Thing of the Past?Many experts believe if Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage.
It May Become Harder to Qualify for a MortgageHere are proposed changes:
Loans would still be available to purchasers who don’t qualify under the new rules, but they will most likely have higher rates and cost more.
Rents Are Expected to IncreaseThe supply of Charleston AFB rentals is decreasing, while demand continues to increase. That will lead to an increase in rental costs throughout the year.
Bottom LineIf you are still undecided as to when to buy a home, you need to consider the potential mortgage changes in your decision. If you delay, you may end up spending more.
*Information provided by the KCM Group
About Military Homes of Charleston: Military Homes of Charleston is part of the Exit Realty Charleston Group and is a full-service real estate team based in Charleston, SC. We understand the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.
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