The Real Estate Browser Volume 10, Issue 6 - Page 10
10 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 10 Number 6
Interest Rates are Down Again! Don’t Miss Your Chance!
By Sherry Brady, Branch Manager, Apex Home Loans, Inc.
Were you discouraged a couple
Cell (434) 238-8984
of years ago when mortgage inter- and income. We’ll figure out how much home you
est rates started to rise? Maybe you can buy, what your monthly payment will be, whether
thought you’d lost your chance to
get a home loan at a historically low
interest rate. Take heart because the last few weeks
have been filled with good news for homebuyers!
More homes have been coming on the market as we
entered full spring housing market to help ease the
shortage of homes listed for sale. And even better:
interest rates have been declining and are currently at
the lowest levels we’ve seen in the last few years. For
anyone who thought they had missed the opportunity
to get a great, low rate, you’ve got another chance.
There is no way to predict how long this will last, of
course, so as the old saying goes… “there’s no time
like the present” to buy a home!
What do lower rates really mean to you though?
A lower rate can either mean a lower payment or
added buying power. The difference between 4.00%
and 5.00% on a $200,000 mortgage is $120 per
If you finance $200,000 at 4% for 30 years,
your principal and interest payment would be $954
per month. If you wait until rates are at 5%, that
same $200,000 loan payment will be $1,074! That
difference translates to nearly $25,000 in increased
buying power. By that I mean that you can finance a
$225,000 house at 4% for the same monthly payment
as $200,000 would cost you if financed at 5%.
If you want to be able to take advantage of these
low rates, the first step is to get pre-approved.
Getting pre-approved is a quick and painless process
and can be done in minutes!
When you meet with
us, we’ll discuss all the loan types available and deter-
mine which ones you qualify for based on your credit
you’ll have to make a down payment, what the clos-
ing costs are. Once we finish our first conversation,
you’ll know the answers to these questions and will
be able to shop for your home with confidence, and
This is a very competitive market right now; good
homes that are priced right are going under contract
within days in some cases. If you find a home you
love, having a pre-approval letter to accompany your
offer tells seller of the home you want to buy that you
are serious and capable: not only do you want to buy
their home, but you have the financial ability to do so.
And by getting pre-approved, we can begin your loan
underwriting process before you even find a home, so
that once you find the home you love you’ll be able to
close quickly! In today’s market, that will go a long
way toward making you a very attractive buyer.
Ready to get preapproved? We have virtually every
loan program to serve you. With Conventional, VA,
FHA, USDA, VHDA, Renovation & Construction
loan options, Apex’s highly qualified and experi-
enced team is ready to help you! Go online to www.
LynchburgLender.com and get to know our team;
or call us at 434-237-1027 and let us help you GET
Apex Home Loans, Inc. NMLS #2884,
nmlsconsumeraccess.org, Equal Housing