If you’re contemplating building a new home or dreaming of a whole-house remodel, current low mortgage rates could make financing your dream a reality.
This summer, 30-year, fixed-rate mortgages hit a record low, and rates only slightly edged up by the end of July to 3.33 percent, according to Bankrate. Mortgage rates fluctuate daily, but experts say the global pandemic is one of the reasons for the current low rates.
Many homeowners are taking advantage of these near-historic low rates by buying or refinancing, all while putting themselves in a better financial position. Because of the current economic environment, though, lenders want to make sure those who apply for mortgages qualify with stable jobs and solid credit scores.
Low rates could mean better deals on other loan products, too, such as building or home improvement loans. No matter what type of project you’re considering, it’s worth researching what lenders are offering and seeing how that fits within your budget. You may be surprised to discover low rates allow you to do more home projects with less money.
Here at Central Construction Group, a Central Indiana home builder, we are committed to excellence and safety in building your dream home or completing your renovation, especially during the COVID-19 pandemic.
Here are three reasons why now is the time to take advantage of low rates and start planning your new home build or remodel:
1. Lock in low rates
Homeowners can take advantage of low rates by locking them in now and getting on the builder’s schedule. A complete renovation could take several months, depending on many factors. Contractors known for quality workmanship could be booked and you may need to wait to get on their schedule. Take this time to complete the contract agreement, do the design work and make material selections.
2. Plan for fall or winter
Since a home building or renovation project won’t begin immediately after you call, that actually works to your advantage. As summer draws to a close, fall and winter are great times to schedule a build or renovation. It’s usually a time when home builders’ schedules start to lighten up, and you may find end-of-the-season discounts for certain materials.
3. Take advantage of economic slowdown
With many homeowners working from home, now may be the best time to start the remodeling conversation and begin the pre-planning process to lock in your place on the home builder’s schedule. And if you’ve been spending a lot of time at home, you likely already have a better idea of your needs for home layout and organization.
With 10 years of experience as one of the best home builders and home renovation companies in Central Indiana, you can rest assured you will get professional, quality results, and our references prove it. Call us today at 317-213-6246.