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 NMLS #217258 Cell (434) 238-8984 [email protected] 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 month!! 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 less stress! 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. and get to know our team; or call us at 434-237-1027 and let us help you GET MOVING! Apex Home Loans, Inc. NMLS #2884,, Equal Housing Opportunity.