Mortgage Rates Just Jumped to the 7% Range – Why you should still purchase a home now

Mortgage rates just rose to the 7% level for the first time in recent years.  But that is no reason to delay purchasing a home now.  Let’s take a look at four scenarios and see what might happen:

SCENARIO 1: Mortgage rates drop significantly after you buy your home

This is actually a great scenario for Buyers.  You have already purchased the home your family needs and now you get to reduce the cost of owning that home by refinancing.  Boom – just like that your monthly mortgage payment can be reduced by hundreds of dollars.  AND you locked down the perfect home for your family while other buyers are scrambling to find a home in a much more competitive market. AND the value of your home probably increased.

SCENARIO 2: Mortgage rates increase significantly after you buy your home.

Congratulations!  You purchased a home while rates were much more affordable.  Your friends are going to have a significantly higher monthly loan payment for the same price house you bought when rates were lower. 

SCENARIO 3 You Buy a Home and Mortgage Rates Don’t change.

Winner.  Home prices are likely to increase over time.  Since you bought earlier you should have some equity building in your home as a financial asset.  AND your family gets to enjoy living in the perfect home. Even if rates don’t change the value of owning a home is working for you.

SCENARIO 4 You don’t buy a home

Your family doesn’t get to enjoy living in a home that better suits your lifestyle.  You are still stuck in an apartment, condo, or home that is just not right for you at this stage of your life.  Insert a sad face here because you missed an opportunity to make a move.

If you are even thinking about buying a home, we are here to help you.  NO question is too lame to ask.  Find out how you can purchase a home now. We promise you it is easier than you think!

Call or text Sally 404-229-2995

Call or text Kristen 770-500-6241