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Investments are all about the returns, financial security and leveraging an asset at a future date in myriad ways if necessary. Every investment can be boiled down to those basic aspects. When you invest in real estate or even if you are planning to buy a property that you would reside in, you ought to look out for the interest rates. There are prevailing trends in the industry, prices rise and seldom fall, remain stagnant, major developments crop up and certain promises pop up from time to time. Beyond all these factorials, you should keep an eye on the interest rates and invest whenever you find them reasonably low.
Right now, interest rates are low and that makes it an ideal time for you to invest.
Before we delve into the advantages, let us place a fact check. You cannot predict when the rates would be revised again. Any economic development that goes against the dozens of reasons that propel a rate cut and you would have the rates of interest soaring again. You don’t want the Reserve bank to raise the basis points which will compel home loan providers or mortgage lenders to raise their rates. Hence, you need to make the most of the present scenario.
Now, let us presume a situation wherein you don’t find the conditions to be ideal for you to invest. If you have to tweak a few things, do so because that would still save you substantially than investing when the rates would be up. Imagine making a higher down payment or investing a bit more time and effort to find the ideal property, which would still save you thousands of bucks over a few years simply because you would be paying less interest.
You may wonder if you would opt for fixed rate mortgage or variable rate mortgage. You can do the math whenever you want and as many times as you like. The lower rates will always make it more rewarding for you. It is also possible that you would find yourself easily eligible despite having some glitches in your credit history or financial profile.
When there is a real estate bubble, even the safest investments shouldn’t be opted for as the industry can go kaput. When the interest rates are low, the property market will only witness a sharp rise in the near future when you would want to be a homeowner already and not a homebuyer.
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