Interest Rates are Still Low ! Don ’ t Miss Your Chance !
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 the last summer rates eased again , and have held at those lower levels creating great buying opportunities for homebuyers ! 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 help you buy a higher priced home . The difference between 3.5 % and 4.5 % on a $ 200,000 mortgage is $ 117 per month !! If you finance $ 200,000 at 3.5 % for 30 years , your principal and interest payment would be $ 914 per month . If you wait until rates are at 4.5 %, that same $ 200,000 loan payment will be $ 1,031 ! That difference translates to nearly $ 25,000 in increased buying power . By that I mean that you can finance $ 225,000 at 3.5 % for the same monthly payment as $ 200,000 would cost you if financed at 4.5 %.
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 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 !
It ’ s also important to be aware that we are in a very competitive market situation right now ; there is a shortage of homes listed for sale compared to what is typically desired for our area . That means that when a good home comes on the market that is priced right , it ’ s going under contract within days in many cases . So , if you ’ re actively looking for a home , you need to be pre-approved , so that if you find a home you love , you ’ ll be able to act quickly . Having a preapproval 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 too . In today ’ s market , that a competitive edge that can 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 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 .