When it comes to mortgages, Mark knows that a rate in the sixes looks pretty good. Today’s lower rates mean it’s definitely time to start checking out what’s hot on the market. A better rate can mean significant upgrades to your financial picture, especially for new home buyers or those looking to divorce an old 7%+ rate. Check out Mark’s mortgage calculator to see what a difference the rate makes.
When is it time to swipe right…
If you’re a first-time home buyer with an eye on a particularly attractive house, the lower interest rates make buying now a much better option than a month ago. The challenge will be timing– as rates go down, there will be more competition as more people jump back in the buying market. So, if you love it, we say buy it before prices jump up. You can always divorce the rate if a better one comes along, but you can’t refinance the price of the home. And Mark offers his clients a no lender fee auto-refi if the rates go even lower later (you’re eligible for a refi after you make 6 monthly payments).
Or wait for something better?
If you’re not in a hurry to buy, you may want to wait for a month or two to watch the interest rate trends. There is a pretty good chance that rates will continue to be lowered after September. If you have a rate above 7%, seriously consider refinancing now. If it’s in the 6’s, hold steady. Mark will keep you posted on the best time to buy that meets your financial goals.
Either way, be ready!
Whether you are a first time buyer, a seasoned investor, or refinancing, Mark has some important do’s and don’ts (especially when it comes to credit) to ensure a drama-free mortgage process.