-“Interest rates are just one factor to consider when buying or refinancing a home,” says Marc Coons, the Paso Robles home refinance professional. When interest rates start going up, sellers either become reluctant to sell hoping to hold out as they watch the real estate market or they become eager to sell before the next rate increase. Eager sellers are one factor in creating a buyers’ market. The right offer to a seller regardless of the seller’s reluctance or eagerness can clinch a good deal for a buyer.
Reasons for buying a home during rising interest rates, as long as the mortgage payment is manageable, include:
- Getting a home in the best school district to raise children.
- Getting a home that is ideally located to work, entertainment and necessary shopping.
- Getting a home that is basically move-in ready.
- Investing the money you’ve been saving as soon as possible.
- Getting a good deal on a fixer-upper that might be difficult to sell in its current condition.
The Paso Robles home refinance professional reports that there are also reasons for refinancing that might make the current interest rates less intimidating, including:
- Reducing monthly payments and overall interest on consumer debt.
- Getting access to cash for an emergency.
- Remodeling or adding an accessory dwelling unit for potential additional income.
- Taking advantage of an opportunity to buy a second home.
- Switching from an adjustable-rate to a fixed-rate mortgage to stabilize the mortgage payment.
- Changing the term of the mortgage.
In a time when interest rates are fluctuating, waiting for them to lower might mean a missed opportunity. Eventually, interest rates will decrease, but when is unpredictable. Rising interest rates also creates a double-edged sword for the real estate market because lenders are both interested in making new loans at higher interest rates and more restrictive about whom is going to qualify for a loan.
Mortgage interest can increase the monthly payment and lenders want to be sure the buyer can repay the loan. This being said, there are lenders with more flexible loan requirements than banks and traditional mortgage companies. Accessing the more flexible lenders is where Marc Coons, the Paso Robles home refinance comes in.
Whether seeking a new home loan or refinancing, Marc and his team of professional loan consultants are going to work for you to get the best loan for your situation. Backed by Certainty Home Lending, the team has access to hundred of lenders that are interested in helping and are not particularly intimidated by fluctuating interest rates.
Marc has lived on the Central Coast since 1990 and has been helping people get mortgages and refinancing for homes since 2004. Services include:
- Mortgage loans and financing
- Conventional, Jumbo, FHA, USDA, VA and 203(k)
- Construction loans
- Home purchase or refinancing
- Equity loans and HELOC (lines of credit)
Working with Marc and his team streamlines the entire refinancing process and helps you get the best deal for your circumstances, including:
- Access to hundreds of interested lenders.
- Exact amount you want.
- Negotiating the best interest rate and best terms for you.
- An easy one-time application process.
- Responding to questions from potential lenders and communicating with you.
- Answering all of your questions.
Want to learn more? Call today and get started!