Marry the House and Date the Interest Rate
Mortgage rates are on the rise -which is no surprise to all. What do you do if you want to buy a home now? According MarketWatch home prices have risen more than 20% year-over-year, causing affordability challenges if you’re looking to purchase a home. Let’s address the things you should know if you want to buy a house now. We asked our Dalton Wade Mortgage Team, powered by MiMutual Mortgage for their thoughts and insights on the subject.
Daniel Maciel provides insight on how the market is showing positive signs for buyers: “Rates have moved up and fast but the market is showing positive signs for buyers. There is more and more inventory entering the market and prices are stabilizing (not necessarily declining but not rising at the pace they were ) This creates more options for buyers who must always consider purchasing when rents are higher than mortgage payments .” Jeff Pinheiro adds, “If you can afford the payment It’s a good time to buy. You can always refinance when rates go down.”
Have you heard of the expression “Marry the house and date the interest rate?” well, that is exactly the sentiment to follow now. Dimitry Shamootin suggests all borrowers that have been pre-approved for more than 60 days should reach out to their loan officers and update their pre-approvals to make sure they still qualify for the amounts that they were originally pre-approved for. Shamootin adds, “Historically rates are still relatively low. If someone is short on cash to close, ask the sellers to contribute to buyer’s closing costs. Yes, I believe with many buyers on the fence we are fast approaching seller contribution territory again. Instead of asking for price reduction this approach could be more prudent (and possibly more likely that a seller agrees to).“
Learn more about the Dalton Wade Mortgage Team, powered by MiMutual Mortgage, here: https://daltonwade.mimutual.com
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