If You Hope To Buy a Home and Have Not Talked To Your Lender Lately, Do So NOW!


If You Hope To Buy a Home and Have Not Talked To Your Lender Lately, Do So NOW!
By Scott Rogers • April 25, 2022
So, you've been planning to and trying to buy a home for the past four months... but despite having made multiple offers, nothing has worked out yet. This is not as uncommon as you might think -- there still seem to be many more buyers in the market as compared to sellers -- and thus, plenty of would be buyers haven't been able to convert themselves into actual real life buyers yet. As a conscientious and responsible buyer you likely talked to your lender before you started your home search -- four months ago -- and you became pre-approved for a loan. Good work! But... wait.... if you haven't talked to your lender since then... connect with them again ASAP! Why, you might ask? Because interest rates have increased quite a bit over the past four months! Buying a $400K house four months ago with 20% down... Interest Rate = 3.05% Mortgage Payment = $1,358 (before taxes and insurance) Buying a $400K house today with 20% down... Interest Rate = 5.11% Mortgage Payment = $1,739 (before taxes and insurance) As you can see, this fictional buyers would now be paying $381 a month more than anticipated because interest rates have risen quite a bit over the past four months. The buyer very likely can still afford the new mortgage payment and will still be pre-approved to buy the house of his or her dreams... but the payment will be higher than expected, and nobody likes surprises. So, if you are in the market to buy and haven't talked to your lender lately to get an updated estimate of your mortgage payment with today's rates... do so NOW! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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