? Interest rates are higher right now, but this doesn’t mean buying has to be completely out of the question. Here are some tips on navigating a high-interest environment:
⭐ Buy points or put a larger down payment to lower your overall mortgage:
– This requires more upfront investment but may be worth it Talk with your real estate agent or lender to figure out what combination of down payment + buying points leads to the best outcome.
⭐ Buy a cheaper property than initially planned:
– This may “feel like settling,” but you may be surprised. Make a list of things you can compromise on and expand your search. You may find a property you like more than the initial one you were thinking of.
⭐ Wait for interest rates to drop:
– Sometimes it may be worth waiting for interest rates to drop. Keep in mind that while interest rates may drop, housing prices may increase, which may lead to a negligible difference in mortgage payments.
⭐ Buy now with the intention of refinancing:
– You aren’t necessarily locked into your purchase interest rate forever. You can get the house you want now and refinance later.
⭐ Rethink your monthly budget:
– You may be spending more on monthly expenses than you need to. If dropping a few subscriptions leads to the property of your dreams, it may be something to consider.
⭐ Check with different lenders/loans:
– Explore different loan programs that may suit you better.
?The housing market will pretty much always go up over time, even if it fluctuates in the short term. If you have the needs and means, it is worth buying a home.
We are here to help. Call Stephen Haw to find out what possibilities are out there ?(310) 503-9886 DRE# 00808646 Keller Williams Palos Verdes Realty www.StephenHaw.com
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