Are you a renter who is trying to decide whether it’s time to become a first-time homeowner?
Well, sitting on the proverbial white picket fence may seriously get pricklier if you wait much longer, because 2016 is projected to be a pivotal year.
Let’s consider the cost of renting vs. buying… and the cost of waiting too long for the simple joys of wheeling your trash can and fetching your mail at the end of your own driveway.
Due to the economic meltdown of 2008 that we know all too well, the ‘powers that be’ who regulate our national economy have been keeping home loan interest rates at an all-time historical low for several years to stimulate the economy. In the not-so-sexy chart below, you’ll see that rates haven’t been this low in 45 years! How long can they stay this low? Pretty much, there’s nowhere to go but up. All the buzz is that unemployment is way down and the economy is on the mend, so lenders have begun to raise rates this year and it’s projected to continue for a long while.