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Many of you may be questioning whether it’s the right time to continue your home search or wait until the storm clears, with the average 30-year fixed mortgage rate inching up to 5% from Freddie Mac. We’re here to tell you the truth of the matter is timing is everything.
You may be tempted to put your plans on hold hoping rates will drop but waiting will only cost you more. Mortgage rates are forecasted to continue to rise for the rest of the year.
As rates increase, your monthly mortgage payment is impacted and directly affects what you can afford.
Rising mortgage rates play a significant role and impact your home search in a huge way. Expect to see your monthly mortgage increase as rates go up which determines what you can comfortably afford. Even with a quarter-point increase, you can see how your mortgage payment based on your home loan amount is affected.
As mortgage rates rise expect to see your purchasing power impacted. It might be just the right time to stop delaying your plans and use the increase in rates as motivation to purchase your new home before they rise further. Get strategic with your search and plan your next steps accordingly. We always recommend meeting with our team for a prequalification and getting advice on the best ways to get prepared, how to adjust your home search based on your budget, and make sure you act quickly to make an offer.
Rising rates should act as a motivating factor to buy sooner rather than later if it will save you money in the long run. Connecting with our team will help you better understand your budget and how to be prepared to pull the trigger on a home before rates climb even more.
We’re here to tell you although it’s difficult to stick with the home purchase journey in this current climate, you’ll be glad you did. The decision to buy a home now will be worth the effort in the end as you’ll be able to take advantage of the benefits that come with it. Here are a few reasons to stick with your search and focus on the outcome:
“Money paid to your landlord for rent is money that you’ll never see again, but mortgage payments let you build equity . . . Building equity in your home is a ready-made savings plan.”
The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”
Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Let’s connect today so you can better understand your budget and be prepared to buy your home even before rates climb higher.
In no event will Total Quality Lending be liable for any loss or damage including and without limitation to indirect or consequential loss or damage, or any loss or damage whatsoever arising out of, or in connection with, the use of this website. This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms and conditions subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will qualify.
Total Quality Lending NMLS # 1933377. Licensed by the Department of Financial Protection and Innovation under the California Financing Law.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Equal Housing Lender. Licensed by the Department of Financial Protection and Innovation under the California Financing Law, License No 60DBO-108369, Licensed by the Department of Financial Protection and Innovation under the California Financing Law, NMLS #1933377. Loans made or arranged pursuant to the Department of Financial Protection and Innovation under the California Financing Law.
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