It has been a long time since our economy was doing so well. As everything starts to get back to the way it should be, have you thought about what you will do now that you don’t have to worry as much?
As you know, fuel prices have drastically reduced recently. This drop in price can save you $550 per year in just fuel! Do you have plans for that money?
It was expected that spending would increase as the economy got better and the fuel prices dropped. Spending has leveled out, and it may be because some are tackling their debt instead of spending what they are saving. Paying off debt can be a huge relief, and also can get you prepared for a home purchase.
Home interest rates are also down, making it a great time to buy. There are also a lot of lower down payment opportunities available that make it easier to buy now rather than later. It might be worth it for you to start building a savings for a down payment on a home. A home is a great investment to your future, even as far as retirement, as you can see here in one of my previous posts.
The more you save now, the more you save later. If you are able to save and provide a down payment of 20%, you will not have to pay PMI (Primary Mortgage Insurance). This can save you a couple hundred dollars a month on your mortgage! If you are unable to put that much down, as low as 3% will do, and you will still probably have a cheaper mortgage than you pay for rent. If you need assistance or a recommendation for a great mortgage advisor, please contact me.
When you are ready to sell or buy a home, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.