Mortgage interest rates are historically low these days, currently at 3% in 2021. According to the Federal Reserve, they plan to keep interest rates low until 2023. Unfortunately, the current financial forecast tells a different story.
Overall trends indicate that rates are more likely to increase by the end of the summer rather than go down. Some experts expect to see modest increases, while others are less hopeful.
Nobody can tell what the future will look like, but if you haven’t taken advantage of low mortgage interest in Pompano Beach, FL, now is the time to start.
The following strategies are ways that homeowners can take advantage of these reduced interest rates to secure loans with lower interest rates and meet their financial goals. Contact Ace Mortgage so we can help you get the process started.
Buy a New Home
If you have dreamed about living here, now is the time to turn that dream into a reality. North of Ft Lauderdale, this city is known for its popular amenities, convenient beach access, and creative art district.
With so much to offer, it’s no surprise the livability score is above the national average. Residents can watch the sunrise at the pier, enjoy evening strolls along Harbor’s Edge Park, or dress up for annual events like the Pompano Beach Fine Food & Wine Celebration.
With the historic low mortgage interest in Pompano Beach, FL, now may be a good time to buy a home in this friendly city. If you buy your dream home now, you are more likely to secure one of the lowest mortgage rates this country has seen in years.
Did you purchase your current home when interest rates were high?
You certainly aren’t alone, but now you may have a solution. If you purchased your home in Pompano Beach, where the cost of living is higher than the national average, you may be paying a mini fortune for your mortgage. Every homeowner knows the greater the home value, the higher the mortgage rate.
Now is a good time to think about refinancing your mortgage and reduce your monthly payment, as your new mortgage will likely be lower than your existing payment. If you can save by even one percent less than your current rate, that puts a significant amount of money back in your wallet.
Wherever you live in this beautiful city, whether it be a modest condo or a luxurious beach house, you can take advantage of our economy’s current low mortgage interest in Pompano Beach, Fl.
Enjoy your dream home without high interests.
Take Care of Other Expenses
Like many Americans, you likely pay more on your monthly mortgage rate to pay it off completely and have one less bill to worry about in the future. That’s a wise and responsible decision.
On the other hand, if you purchase a new home, second home, or refinance your mortgage while mortgage rates are low, there’s a strong possibility that you’ll lower the time needed to pay off your loan.
Taking that into consideration, you can continue to pay as much as possible on your new, reduced monthly mortgage, or use the extra money for other expenses.
For most people, their mortgage is their largest investment – but unfortunately, it’s not their only investment. Many homeowners have other loans and high bills to pay off, such as:
- Car loans
- Student loans (for themselves or their children)
- Credit card bills
- Contribution toward retirement savings
If you have the extra money to take care of other expenses, you may want to rethink investing so much into your mortgage. The Federal Reserve is doing us all a favor by lowering interest rates to stimulate the economy.
If you need to borrow money, current costs are lower than they have been in years. Take advantage of this low mortgage interest in Pompano Beach, FL while you still can.
Contact Ace Mortgage to get started on meeting your financial goals. Don’t wait, because before you know it, interest rates will gradually increase.
Why Ace Mortgage
At Ace Mortgage, we won’t let you navigate the mortgage market on your own. Our friendly staff has a reputation for quality mortgage loan services throughout South Florida. Contact Ace Mortgage today for more information on our services.