Should you continue to rent a home in 2017 or is it time to buy? While a variety of factors may sway the buy-versus-rent decision, there’s one that’s tipping the scales toward buying a home in a big way: Historically low mortgage rates. Take a look at average mortgage rates since 1971 and you’ll see that today’s rates are extremely favorable. Low mortgage rates can help families stretch their home buying dollars and lock in a low rate for years to come.
And thanks to the Veterans Affairs Home Mortgage Loan Program, there is hardly ever a bad time for a veteran or eligible service member to purchase a home! With the VA home loan program, eligible borrowers can receive an affordable mortgage and purchase a new home, even when they otherwise might not have been able to do so. With a VA home loan, you could have no down payment, be able to defer payments for two months, get a competitive mortgage rate and pay no private mortgage insurance. Conventional loans and even FHA loans require many additional loan stipulations and requirements that VA borrowers often are able to avoid completely. It’s simply one of the most flexible home loan programs available today.