The Real Estate Browser Volume 12, Issue 7 | Page 12

12 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 12 Number 7 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 sbrady @ apexhomeloans . com
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 !
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 !
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
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