Thousands of people are looking into getting a mortgage in Pittsburgh, but a significant number of these people are stalled in the decision making process as a result of uncertainty regarding the housing market. Many people are struggling with the decision to buy a home or property now, or wait until the market “bottoms out.” However, the fact of the matter is that the market may have already gone as low as it’s going to go, or it may take several more years in this economic climate for rates to go lower and opportunities to improve. The following are 4 reasons why you should get a Pittsburgh mortgage now.
1.) Rates are at Historic Lows
If you’re considering getting a mortgage in Pittsburgh, you probably already know that rates are at all-time historic lows, and have been hovering there for several months with little change. Even if rates were to go lower, it won’t likely happen soon, and if it does the difference may not be as significant as you think it might. The flip side to this coin is that rates could very easily go up, as the country continues to show signs of economic stability and improvement. Buying while rates are this low is an opportunity that not every gets to seize.
Despite popular misconception, Pennsylvania’s housing market wasn’t hit by the crash of 2007-2008 like so many other states were. In fact, many segments of the state’s housing market have held steady and even improved. This means that properties have held their value, but rates are still at historic lows. If there is any more clear indicator that now is the time to buy for most people, it’s an obscure one no doubt.
3.) Proper Investment Attitude
When markets are performing well, people have a tendency to invest – especially when items like property and housing are at their highest value. However, when prices and values drop, most people run away from the market. Financial gurus like Robert Kiyosaki have long said that when markets drop, that is not the time to run away – it is the time to invest. While this might not be true for everyone, it is sound advice in general. Because the value of many homes are at their at their lowest, have not changed or have even improved in the state of Pennsylvania and specifically concerning mortgages in Pittsburgh, when the market recovers, the value of these properties will increase, and those who buy now will in many cases realize a significant gain.
4.) Faster Amortization
In simple terms, buying now means that you’ll be paid off that much sooner. If you wait for another year or two to see if the market continues to slide and take interest rates with it, but then that doesn’t actually happen, you’ll deal with three nasty consequences as a result:
4.1) You’ll be buying property at a much higher cost than you would if you bought today
4.2) Likely rate increases will mean that over the life of the loan you’ll pay thousands of dollars more
4.3) You’ll be a year or two behind in payments, which could total anywhere from $25,000 to $35,000 or even more for an average home
Now is the best time to get a mortgage in Pittsburgh, and those who wait will probably be disappointed and that much further behind when they do finally decide to take action. Don’t make this mistake – call the number at the top of your screen now for an immediate free consultation and quote, or fill out our simple online application form. The sooner you get started, the sooner you’ll lock in your rate, and the sooner you’ll have your new property paid off. Call us now.