2021 – The Year for HomeownersJanuary 7, 2021 8:00 am Alex Noga
Low Interest Rates, Big Savings
2020 may have been the year of the pandemic, but 2021 is the year for current and prospective homeowners. Whether you’re looking to relocate, buy your first home or refinance, there is no better time than now.
The period of COVID-19 has presented some new and hopeful opportunities in the housing market. While you may be uncertain on buying a home in today’s economic climate, consider what the financial experts are saying.
There are many factors to consider before buying a home, but one major change to notice in today’s housing market are the interest rates. Experts say mortgage rates are at an all-time low. Currently, the average rate on a 30-year fixed-rate mortgage is in the low 3%, which has not been seen since 2012. Many people are noticing this trend and taking advantage of this money-saving opportunity. This also creates a greater competition for buyers.
“My advice for buyers is to go in with an aggressive offer,” says Igor Babamovski, vice president of residential mortgage lending at Telhio Credit Union. “You are competing with a lot of other buyers and if you like the home, make a really strong offer because the price will be even higher on the next one.”
The current housing market is also good for homeowners who want to refinance. These record-low interest rates can save you thousands of dollars over the lifetime of your loan. So if you’re looking to refinance, do so in 2021.
“My advice to people that have not yet looked into refinancing is, what are you waiting for? Rates won’t go much lower since the Federal Funds Rate is already nearly 0%, and while I don’t believe rates will go up any time soon, once they go up, they will go up quickly. Right now is a really good time to look into it,” says Babamovski.
So here are some key takeaways that you should consider for 2021:
- If you are looking to buy a house, do it while the interest rates are at an all-time low.
- If you find a house you love, be aggressive on your offer because competition is high.
- If you have a mortgage, look in to refinancing to save yourself more money.
Start 2021 off right and save big bucks with Telhio Credit Union. Talk to our team of mortgage lenders to discuss the perfect options for you. Learn more at telhio.org/mortgages.
This is a mutli-part sponsored series presented with paid support by Telhio Credit Union.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 9 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. NMLS #251831