‘Tis the season to buy a home. Although most people buy when they are good and ready, there are a whole host of reasons people buy when they do. Perhaps interest rates are at an all-time low, housing prices have dropped, there is a first home buyer incentive in place – or it’s spring.
The spring factor
Historically mortgage season is a time when people take out more home loans compared to any other time throughout the year. Mortgage season, typically is during spring each year and is usually for those in the market for a new home.
Get prepared for the mortgage season:
- Do you homework by seeing what properties are available and how much they are selling for in the area that you are interested in. By doing this, you can better determine if mortgage season really is a good time for you buy or if you should wait when the market may be better.
- Be prepared by having your mortgage pre-approved so if you find somewhere you are ready to go. Also get all of the required documentation ready to get your application moving faster as you can imagine during mortgage season most lenders will be busy.
- Compare home loans online to find a mortgage that offers a lower interest rate, lower fees and that will suit your budget.
Winter, summer, autumn or spring, regardless of the season if you do your research you will be able to find the best time to buy, mortgage season or not.
Need to crunch the numbers before you consider delving down the home owner path? Use the RateCity mortgage repayment calculator to work out your monthly costs.