You don’t have to let the rising interest rates keep you from buying a home now if you’re ready. You can take steps to make it easier to get an affordable loan. For example, make sure you have excellent credit to get the best interest rates. Come up with a larger down payment to reduce the interest rate on your mortgage. Because you’re assuming more risk, lenders are often willing to negotiate.
Fewer buyers are willing to waive real estate contingencies, such as not having a home inspection. Sellers also set up contingencies, such as having financing in place before putting in an offer. All these real estate contingencies limited the pool of buyers competing for the same property. With the loss of these contract contingencies, it has leveled the field for all buyers.
You also still have the option of paying mortgage points to lower the rate. Lenders often offer the option of paying these mortgage points to make loans more affordable. For each point you pay to the lender, the interest rate goes down by one percent. If you plan to live in the home for a long time, this extra cost may pay off in the long run.
If you’re a first-time buyer, you have access to various first-time buyer programs. These programs provide you with assistance for your down payment. Your real estate agent can point you toward local, state, and federal programs that will help make your home more affordable.
Home buyers can take advantage of the changes in the market if they are willing to adjust their expectations. You may need to consider living in another area or a smaller home if you want to buy now. Your real estate agent can help you find an affordable home that will suit your needs.
We're Here to Help
The key to buying is to be prepared and know which tools you want to utilize to make your home more affordable. We'd love to help you decide if now is the time to begin the home buying process.
For more details, Contact us today
Oyler Hines of Coldwell Banker
7813 Ted Gregory Lane, Montgomery OH 45242
513-547-2997 5135472997
https://www.oylerhines.com/
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