With increasing interest rates, inflation and low inventory, here are some tips on how you can overcome these obstacles and beat the market!
*If you already own a home:
Why not use some of the increased equity in your current home to pay for a temporary interest rate buydown on the new home? This would allow you to buy now vs. waiting, with less of a jump in your monthly payment. Then, you can refinance the home loan on your new home if/when rates drop. You could also consider paying points or even using an adjustable rate mortgage on the new home as a way of "unfreezing" your housing situation in the current market.
*If you're a first-time homebuyer:
Why not use gift funds, down payment assistance funds, or some of your own down payment funds to pay for a temporary interest-rate buydown on the new home? There are several affordable lending programs that have recently come on the market that may be worth your consideration. Keep in mind that if you wait for interest rates to drop to buy a home you may get priced out of the market... again. That's because all the buyers who have been waiting on the sidelines will Ilkely jump back into the market if interest rates drop. Housing demand and house prices will likely skyrocket, which may negate whatever savings you had hoped to gain by waiting.
For more information and a plan to beat today's market, let us know.
*If you already own a home:
Why not use some of the increased equity in your current home to pay for a temporary interest rate buydown on the new home? This would allow you to buy now vs. waiting, with less of a jump in your monthly payment. Then, you can refinance the home loan on your new home if/when rates drop. You could also consider paying points or even using an adjustable rate mortgage on the new home as a way of "unfreezing" your housing situation in the current market.
*If you're a first-time homebuyer:
Why not use gift funds, down payment assistance funds, or some of your own down payment funds to pay for a temporary interest-rate buydown on the new home? There are several affordable lending programs that have recently come on the market that may be worth your consideration. Keep in mind that if you wait for interest rates to drop to buy a home you may get priced out of the market... again. That's because all the buyers who have been waiting on the sidelines will Ilkely jump back into the market if interest rates drop. Housing demand and house prices will likely skyrocket, which may negate whatever savings you had hoped to gain by waiting.
For more information and a plan to beat today's market, let us know.
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