Why You Want to Buy a Home Before the Year Ends
There’s no place like home for the holidays, and that is especially true if you’re looking to buy! While the holiday season is not a traditionally popular time to buy a home, it is certainly one of the smartest! There are numerous perks to becoming a homeowner, many of which are financial. Buying during the holiday season includes those same financial perks, plus savings and tax deductions with the year-end closely approaching. Here’s why you want to buy before the year ends:
With mortgage interest rates projected to increase in 2016, there is no better time to secure the lowest rate! An increased interest rate means an increase on your monthly mortgage payments or even worse, a rate increase could affect how much you are qualified to borrow. Now is the best time to lock in a low-rate and save thousands in interest over the life of the loan.
A Serious Market
If you’ve been eyeing the house on sale for months, or even if you’re still searching, now is the time to buy! The holiday season is a great time to find a serious seller along with serious savings. If you are working with a seller, it’s likely you will be able to negotiate a fair price due to the lack of competition in the market around this time of year. If you are looking to buy a new construction, builders are often adding a number of incentives and significant savings for closing before the year-end.
Taxes & Savings
Buying a home qualifies you for significant tax deductions and advantages. If you close on your home before December 31st, you will receive return on the purchase of your home and deductions for closing costs paid in your 2015 taxes. But the tax advantages will take you beyond just 2015 as you can take deductions on property taxes and mortgage interest payments for significant return in the following years. The holiday season is also a great time to save on big home purchases such as home appliances and moving services.
The idea of buying a home during the holiday season may seem like an added stress and long process that you’re not ready to take on. With our process, we’ll get you from clear to close in just 8 days.
Because we take care of the underwriting and pre-approvals at the beginning, we’ve shortened the entire loan process. Our Personal Loan Consultant will work with you every step of the way to ensure you have a stress-free experience and peace of mind during the holidays! Yes, you can become a homeowner by the end of 2015!
While many would rather be unwrapping boxes during the holiday season than packing them, there is truly no better time to buy a home. Whether you are plan to move in during the holiday season or after, securing a low interest rate and closing on a home by 2015 is a smart buying decision that will thank you in the new year.