Interest rates are a hot topic these days, and it seems like they’re constantly on our minds. We were ecstatic not too long ago when rates were as low as 2.5%, but now we find ourselves grumbling about rates in the sixes. It’s important to keep things in perspective, though. Even in the sixes, mortgage rates are historically low. Our parents, for example, remind us of the days when they were paying a whopping 18% in mortgage rates back in 1981.
The good news is that you have options to navigate the current rate environment. One option is to consider buying the rate down. This means paying extra upfront to lower your interest rate. It may require some cash out of pocket, but if you plan to stay in your home for an extended period, it can be a smart move. Another creative approach is to negotiate with the seller to cover the cost of buying the rate down. To explore these options further, it’s crucial to consult with a knowledgeable mortgage professional who can provide guidance tailored to your situation.
If you’re in need of a reliable mortgage broker, I have a network of exceptional lenders who can assist you in getting your pre-approval in order.
Don’t hesitate to reach out for a referral and start your journey towards securing the best possible mortgage terms for your home purchase.
Contact us: Shea Preferred Realty Group
