Is this a good time to commit to a new manufactured home? The manufactured housing industry is currently experiencing long build times of 10-18 months. Supply shortages and prices continue to fluctuate. Worse, interest rates are rising rapidly. Should I move forward to get my dream home now, or wait it out?
MARRY THE HOUSE, DATE THE RATE!
What does that mean? It means buy the house you want now, so you can begin enjoying everything you love about it. But committing to the house does NOT mean you have to commit forever to the financing that is available now. As time goes by, your home becomes more valuable, worth more, and more. A 30-year mortgage rarely lasts 30 years. You can always change your financing to more favorable terms later, should better rates and products become available. Homeowners re-finance, or use a Home Equity Line of Credit (HELOC), to take advantage of equity build-up. They use the cash for investments, college funds, pay down debt, vacation, buy a boat or car etc. Smart homeowners watch for a better financing opportunity, and make the move when the time is right.
And if rates only get worse, you will be really glad you married the beautiful DeTray’s Custom Home you love when you did!
Lora Whitemarsh, DeTray’s Custom Housing Consultant