The great thing about a mortgage rate is that you can refinance in the future when rates go down. If you wait to buy until rates cool down, you’ll have to compete with more buyers and possibly pay a premium.
From 2020 to 2021, interest rates were at record lows. As a result, an alarming trend of buyers bid well over the asking price and still did not get their dream homes. Now that rates are climbing, bidding wars are no longer a major issue.
If you start house hunting when there’s less competition, the odds will be more in your favor. When rates drop, you can take advantage of First Option Mortgage’s Refinancing Services.
No matter how good the economy is, you can’t refinance your home loan balance. The only way to lower your balance faster is to pay more than the minimum payment. If you bought at the top of your budget, you might have trouble doing this.
There will always be some sort of trade off, regardless of when you buy. That’s why you shouldn’t wait for the market to be “just right”.
Having a place to call home opens up a new chapter in your life and creates memories that you just can’t put a price on. If you find the perfect house that fits your budget, call your favorite mortgage company in Indianapolis, and go for it!
