The Real Estate Browser Volume 9, Issue 12 | Page 18

18 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 9 Number 12 How to Save $100 a Month on Your Home Loan! By Sherry Brady, Branch Manager, Summit Mortgage Corporation We’re coming into the holi- If you’re a prospective homebuyer, there’s still time days and maybe you’re wondering to really a great home loan with a great rate. While whether now is a good time to rates have been rising this year, they are still histori- buy a home? Let me tell you that the short answer cally low. The average 30-year mortgage rate over is yes! Why? Because if you’re in the market to the last 30 years has been about 6.5%, so we are still buy a home, time is money! Mortgage interest rates well beneath that, but given the current forecast of had been extremely low for several years, but in rising rates and the fact that we have somewhat of a December of 2017, they made the first real notice- shortage in housing supply in our area, if you want to able move upward, and have been on steady upward take advantage of the still great rates, you need to be trend ever since and have increased nearly a full per- ready and you need be pro-active. centage point over the course of 2018. For every 1% that interest rates rise, that will cost you nearly $100 more per month, based on the average mortgage loan amount for this area of $160,000. If you’ve been waiting, wondering if rates might If you’re hoping to buy a home this year, don’t wait; contact us to get pre-approved today! In this mar- ket, being pre-approved by your lender and having a qualified Realtor in your corner is absolutely neces- sary to your success. Right now, when a great house drop again, it’s very unlikely that will happen. In does hit the market, it’s going under contract within fact, it’s a pretty sure bet that they will only be going hours sometimes, and often with multiple offers in a up. There’s good news in that though! What that bidding war, so you need to be ready to make an offer means is that our economy is once again standing quickly when the right home comes along. on its’ own two feet: unemployment is at an all-time low, inflation is within the desired target range of a healthy economy, and as a result the Fed has been raising interest rates. They won’t raise mortgage rates directly – they will raise something called the Federal Funds rate, but that causes the prime rate, consumer credit card and loan rates, and even 30 years mortgage rates to go up. Why do they do this? For two reasons: to unwind the monetary easing measures that were put into place during the crisis, Summit’s highly qualified and experienced team is ready to help you! We have virtually every loan program available; whether you’re a first-time home- buyer with no money to put down, or you are selling your current home and buying another, we have a perfect loan solution for you. Let us help you get pre- pared to win the bid on home of your dreams! Go online to or call us at 434-237-1027 and let us help you GET MOVING! and to keep current inflation in check. Right now, it Sherry Brady, NMLS 217258, Summit Mortgage is expected that the Fed will raise rates in December Corporation NMLS #1041,, 2018 and three more times in 2019. Equal Housing Opportunity.