Now that mortgage interest rates are lowering, and with home builders eager to sell, a mortgage lender in Santa Clarita recommends renters consider whether now is the right time to buy.
Officials from American Family Funding, a mortgage lender in Santa Clarita, explained that home builders ““are hoping to move more inventory by sweetening the pot,” by adding “more discounts and free upgrades to attract buyers.”
Combined with the low interest rates available on mortgage loans, this presents a great opportunity for those currently renting condominiums, apartments and houses to become home-owners.
While rent generally goes up every year (or whenever a rental lease is renewed), mortgages are fixed-rate loans. This means that home-owners know ahead of time the amount they will need to pay each month until they refinance or fully repay their home loan.
Fred Arnold, a mortgage lender in Santa Clarita and mortgage professional with American Family Funding, was recently asked how many of his pre-qualified clients ended up paying less per month on their mortgage versus what they paid when they were renting.
“Most of them, without a doubt,” Arnold replied. “In fact, when you take into consideration the pay-down of principal, it’s much less. Not even thinking about the tax advantage or appreciation.”
American Family Funding not only offers information about loan types on their website, they also offer a free mortgage calculator to help prospective home buyers see what they might expect to pay given a total loan amount, length of lending period and interest rate.
Interested parties can find out more about home-ownership benefits, home loans and the particulars of the Santa Clarita housing market by contacting the one of the expert mortgage lenders in Santa Clarita at American Family Funding by telephone at (661) 284-1150.
Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.