Why Buy Now?

Everyone is talking about it.

It’s higher than EVER! (Not really.)

It’s STILL going up! (Yes!)

NO ONE is selling because of it. (Nope.)

It’s our friend, the interest rate.

Walk with me down memory lane…

In 1973 (ahem, before I was born), interest rates were about 8%.

In 1983 (around my first birthday!), interest rates were 13.46%.

In 1993 (when The Food Network first premiered on TV), interest rates were back to around 8%.

In 2003 (the year Michael Jordan retired), interest rates were 5.85%.

In 2013 (the year “selfie” was added to the dictionary), interest rates were 3.34%.

Today, we’re sitting around 6.5 to 6.75%.

Here’s the good news. There are loan programs for EVERYONE, including those with medical debt, first-time home buyers, non-occupants, move-up buyers, doctors, retirees, and more!

Some banks offer “buy-down” programs where you can buy down your rate for the first year or two of the mortgage to give yourself some breathing room and flexibility in your monthly household budget. As we always say, “Date the rate, marry the house!” The hope is that rates will trend down enough that you can refinance to a permanent lower rate. You might refinance if you can lower your monthly payment, reduce your loan term, or get rid of mortgage insurance.

So, what does it take to buy now?

1. Patience. This is not a fast process!
2. Transparency. You’ll need to be prepared to divulge all of your financials to your lender of choice.

Considering buying now? I’d love to talk through the process with you!!