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Reasons For Buying GA Homes In 2015

March 12, 2015

From Loan Officer Shellie Sexton

From Loan Officer Shellie Sexton

The economy always changes, so it may be tough determining when is the right time to buy. Although you cannot forecast the future, you may rely on some factors to make an educated decision.

Below are some reasons for buying GA homes in 2015.

Renting Is More Costly Than Owning

With rents continuing to increase, most find it more beneficial to purchase. Property owners can usually deduct mortgage interest, property taxes, and other expenses on their tax return. This may result in a significant difference depending on your tax bracket and other itemized deductions. Secondly, you have the opportunity to earn equity sometimes right away or with some time, so it is really an investment in your future rather than solely a living expense. When you analyze the monthly cost plus the other financial figures, buying is usually the clear option.

Mortgage Changes

There are some beneficial news for FHA borrowers. The monthly PMI rate for mortgages insured by FHA has been lowered by half of a percent. On a loan amount of $100,000, the PMI lowers from $112.50/mo to $41.67/mo. On a $400,000 home loan, it amounts to a $167 difference.

Interest Rates Are Still Low

Home loan interest rates are still at an all time low. Many borrowers are finding fixed rates under 4 percent. Interest rates will have a dramatic impact on home ownership expenses, so it must be a factor. By getting a low interest rate, you spend less on a home or can purchase a larger house. Rates continually change, so you should move sooner rather than later to take advantage of this.

Real Estate Values Are Going Up

In case you missed it, the bottom of the market has come and gone in most regions. In fact, real estate values are bouncing back nicely in many regions. Why is this important for buyers? This increases the ability to gain equity in a shorter time frame. Purchasing now means taking advantage of market prices that are still fairly low with the potential for additional appreciation.

Help With Buying Real Estate in GA

All real estate markets are different. Even connecting cities could have completely distinct home values. Therefore, it is important that you use a knowledgeable and local broker to help you through the process. He/she may also provide additional reasons for buying GA homes in 2015. Guaranty Mortgage can offer guidance on your home loan alternatives and a complimentary mortgage pre-approval . You may reach us at 770-614-7425 and ask for a loan professional to help you.

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