🏠 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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