The Real Estate Browser Volume 11, Issue 7 | Page 8
8 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 11 Number 6 www.LynchburgRealEstateBrowser.com
Rates Remain Low and it’s a Great Time to Buy a Home!
By Sherry Brady, Branch Manager, Apex Home Loans, Inc.
Were you discouraged a couple
of years ago when mortgage interest
rates started to rise? Maybe
you thought you’d lost your chance
to get a home loan at a historically
low interest rate. Take heart
because there is good news for you!
NMLS #217258
Cell (434) 238-8984
[email protected]
While things cooled a bit when we were in full
shut-down mode with Covid-19, people continued to
buy and sell home, and now as we are starting to ease
restrictions and all the pent up demand is starting to
be unleashed, the number of home coming on the
market are increasing, and also the number of buyers
looking for those homes are increasing. And interest
rates? They have been holding steady at some
of 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
it can mean that you can buy a more expensive
home. The difference between 3.25% and 4.5% on
a $200,000 mortgage is $115 per month!! If you
finance $200,000 at 3.5% for 30 years, your principal
and interest payment would be $870 per month. If
you wait until rates are at 4.5%, that same $200,000
principal and interest payment will be $1,013! That
difference translates to nearly $33,000 in increased
buying power. By that I mean that you can finance
a $233,000 house at 3.25% for the same monthly payment
as $200,000 would cost you if financed at 4.5%!!
That’s a lot of extra buying power!
us, we’ll discuss all the loan types available and determine
which ones you qualify for based on your credit
and income. We’ll figure out how much home you
can buy, what your monthly payment will be, whether
you’ll have to make a down payment, what the closing
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 hours 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? At Apex Home
Loans, we have virtually every loan program to
serve you, including several NO MONEY DOWN
options. Apex’s highly qualified, local, and experienced
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
MOVING!
Apex Home Loans, Inc. NMLS #2884, nmlsconsumeraccess.org,
Equal Housing Opportunity.
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