If you’ve been watching the news headlines, you’ve seen the crazy rollercoaster ride it’s been in the stock market. The current Coronavirus pandemic has many businesses and families wondering how the economy will be affected going forward. While there are many scary reports relating to health concerns and the economy, one of the benefits is that low interest rates are available.
The Fed announced that they were cutting rates. Even though the Fed rates don’t have a direct impact on the mortgage rates, there is often a connection in how the rates move based on the Fed decisions. For example, the Fed’s decision to cut rates can impact the economy, then these economic factors play a role in the interest rates available for home mortgages.
How You Can Benefit from Low Interest Rates
When you consider how much interest costs add up over the lifetime of your mortgage, it makes sense to lock in low interest rates whenever possible. Even a small drop in interest rates can be helpful by reducing your monthly mortgage payment. Or, low interest rates can be leveraged to strengthen your buying power since a larger amount of your payments will be going to the principal of the loan.
Low interest rates can be leveraged in two ways to support your family financial goals:
- Buy a Home: Spring season is here, making it a great time to explore new homes in the market. The combination of new inventory and low interest rates can be the perfect solution to help you find the right, affordable home for your family.
- Refinancing: If moving isn’t the right solution for your family right now, then you might explore options to refinance your current home. Lock in a lower interest rate to reduce your monthly payment. One option you might consider is refinancing for the low interest rates, then continue making the same mortgage payment every month. The extra payment can help to pay your loan off faster.
Buying a Family Home in Times of Uncertainty
Right now, more than ever, it is important that you have a safe, comfortable home to share with your family. If you need a little more space for comfort, or you are ready to upgrade to your dream home. We know what to do.
We promise a personalized experience and unique recommendations from a team you can trust. Our goal is to offer a full-service real estate solution that will help with your long-term financial goals. Having a place to live is an essential aspect of life. Regardless of the things that are happening in the world around you.
If you have interest in benefiting from the low interest rates that are available, contact us at DUFFY Realty. We have years of experience in the Atlanta real estate market. And will help you in finding the right property for your family. Call (678) 318-1700.
