#10 In the Series of 10 - ARE YOU BUYING? NOW’S A GOOD TIME - Benefits For Buying At The End Of The Year

November 17, 2006

With mortgage interest rates still hovering around the 6 percent (for 30-year fixed rate) the end of the year is a great time for renters to become homeowners, growing families to move to more accommodating homes, and the Baby Boomers to find homes that fit their evolving lifestyles. Besides the low interest rates, there are additional benefits for purchasing by the end of the year.

Here is the Final in the series of 10: Gaining Equity. The amount the property has in current value - compared to what is owed to the bank. In the beginning, most of your payment goes toward paying interest on the loan. But gradually a larger portion of your monthly payment goes toward paying off your principal balance - meaning you are building up equity or a savings in your home. Another factor in helping you build equity is appreciation. As the value of your home increases so does your equity. It’s a great time to buy real estate in San Diego.

** Coming Soon ** House Hunting Tips - San Diego

Posted in All Things San Diego, Real Estate