We Have Good News and More Good News
Knowing when to buy a home is a lot like trying to get a good weekend reservation at The Smoke House. Timing is everything with both!
And while we may not be able to tell you when to try and score a table for a nice, decadent dinner, we CAN tell you that right now is the perfect time to buy a new house, right before the interest rates decrease and before the investor community enters the market. Keep in mind that just because you get a mortgage at today’s rate, you will likely be able to refinance in the next year or two after the Fed has cut rates!
We want to invest in your future as much as U do, so check out the wide variety of loan types we offer:
- Fixed Rate Mortgages: We’ll get you ready and steady with a principal and interest rate that never, ever changes.
- Adjustable-Rate Mortgages: Free yourself up a little with an ARM that helps you qualify for a higher loan amount, lower initial interest rate, and even a 40-year term.
- Self-Employed Home Loans (Bank Statement Lending Program): Go in business for yourself when you qualify for this loan based on a 24-month average of deposits using your personal or business account.
- First-Time Homebuyers Program: We love helping out with big financial firsts, so we have loans for first-time buyers that require minimal down payments and loan fees.
- Post Foreclosure, Short Sale, and BK Mortgage Programs: Time is money, so save both with these loan options.
- Interest Only Mortgages: Does paying interest only during the initial stage of your loan pique your interest? We have you covered.
- VA Loans: If you’re a veteran, you’ve earned our appreciation and up to 100% financing for qualified individuals.
Buying Property as an Investment
Most of the wealth in this country has been a direct result of purchasing real estate. But if you are not in the market, you don’t get to benefit from it. If you’re interested in building wealth, keep reading!
Example 1: Build Wealth with your Primary Residence:
If you buy a million-dollar home, and if it doesn’t go up much for the first 5 years, you might get a bit discouraged. But then, in the 7 th year, it goes up by 35%, which puts your home value at $1.35 million. Also, during that time, you have paid off $50K of the principal balance. After 7 years, you could potentially add $400K to your net worth! These are real numbers, but there are no guarantees. Our Mortgage partners have seen this scenario time and time again. In order to benefit from the market, you have to get into the market.
Example 2: Build Wealth with an Investment Property
If you already own the home you are living in, you might want to consider buying an investment property. This is much more risky — but if you keep enough reserves (such as 12 months plus of your monthly expenses), you might choose to invest further. If you have a million in the market, and it goes up 35% in 7 years, that’s great! How about if you have $5 million in the market? Now that $400K increase in net worth could be as high as $2 million in 7 to 10 years.
UMe Pro Tip:There are no guarantees with investing — so be smart, run the numbers, and always have a contingency or backup plan.
We have loads of options and advice. U have the opportunity! Let’s bring them together for a dream home team-up! Use our handy online payment calculator to get started, then set up a FREE pre-qualification appointment with one of our Mortgage Specialists today!
Disclaimer: U matter to Me (all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!
