Two methods to beat the rising mortgage interest rates in 2023.
What’s happened to interest rates in 2022, and how can home buyers buy despite the rate hikes? Higher interest rates mean that the cost to buy a home is also higher. Here are two solutions that you want to ask your real estate agent or mortgage lender about:
1. Ask if an adjustable-rate mortgage might make sense for you. This depends on how long you plan to stay in the home before you sell. In this environment, if you’re not going to stay in the home for 10 years, this option makes great sense for you.
2. Ask the seller to buy down your rate. If homes are sitting on the market for a little bit longer because the market has softened, getting a seller’s assistance to buy down your rate is helpful. That’s something that we’re starting to see a little bit more of, and it might be an option for you to get a better rate for you and your family.
If you have any other questions about the homebuying process, or want to do a free homebuyer consultation, reach out to us at (717) 216-0860 or email dave@davehooketeam.com. I look forward to hearing from you.
