Now Is The Best Time To Buy A Home

Nov. 17, 2009 - PRLog -- In this economy people keep asking the same question - "Is now the best time to buy?"

Well there are many different factors in play when asking if it is the absolute best time to buy but it is definitely a great time to buy a home right now. You should use a mortgage calculator to see what your mortgage payment would have been on a $200,000 home at a 7% interest rate and compare it to $150,000 at 5% interest.

Those are the numbers you are dealing with when you talk about real estate being down because there are incredible deals out there right now. Most people would love to just get rid of the mortgage right now because they can't afford it anymore.

As you know a lot of people have lost their jobs recently is it's very sad to hear about. However, if they do loose their job they will probably soon get foreclosed on by the bank for not making their mortgage payment. At that point the bank will try selling the home to get their money back which means they don't care about the homes value as long as they get what they are owed.

More tips? Free info and free mortgage calculators to help you make the right decision.

http://www.thefreemortgagecalculator.com/

So if your home is worth $200,000 and the bank is owed $140,000 then anything the bank receives over $140,000 goes to the owner of the home. So the bank doesn't care about anything over the amount that they are owed which probably helps you understand why foreclosures go for so cheap most of the time.

I could understand why people are hesitating to buy a home right now if interest rates were going up to offset the price of homes going down but they aren't. Current interest rates are at an all time low as well. So what are people waiting for? Free homes?

I have seen so many foreclosures out there at low prices and then you can buy your first home with an interest rate of 5% AND get an Obama tax credit of $8000. I just can't figure out why people are waiting to get an even better deal.

Check out the current interest rates on my website.

http://www.thefreemortgagecalculator.com/interest_rates.html

So if you buy a home today and you get a mortgage for about $100,000 and then real estate goes down even more. Now your home is worth $80,000 or even $60,000 and you think you made the worst decision ever right? Wrong. Look at real estate as you look at a stock market graph which looks similar to a stair case. Also think about when your parents bought a home for so much cheaper back in the day when bread was a nickel.

Then think about what your home will be worth when your kids are your age and you are now your parents age. You got the home when real estate was down 40% and when interest rates were at an all time low. IS there a better deal than that? You know that your home will go far beyond the price you're buying it for because you know that history repeats itself.

I would highly recommend buying a home right now because I can't think of anything else to ask for. Lower interest rate? Lower price? How about a tax credit for $8000?

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I have a free mortgage calculator on my website with free information about your mortgage payment. I have tips and information about buying a home, real estate investing tips and tips on how to get approved for your mortgage.