Here’s how buyers can get a handle on rising mortgage rates.
Interest rates are fluctuating like crazy, and it’s having a big impact on our market. What does this mean for you? If you’re looking to buy, what options do you have?
Before we answer those questions, it’s time for our fun fact of the day. Did you know that in 1997, Pepsi and Fox ran a contest where the winner would receive an extremely accurate life-sized replica of the Simpsons’ house? It even had the correct furniture! Tons of experts poured countless hours into getting the home right, but the winner decided to take a cash prize of $75,000 instead of the property.
Now back to interest rates. The first thing you should do is talk to your lender to see if higher rates are affecting your loan. There’s a chance you may need to budget for your new rate.
Also, check to see if you can lock in your rate. This way, your rate will be capped from rising any further, but it can still go down. No matter what you decide to do, talk to your lender. They’ll inform you about your options so you can make the best decision for you.
If you have questions about today’s topic or anything else, please call or email us. We are always willing to help!