Depending On How Long You Plan To Be In Your Home, A Rate Buy Down May Make Lots Of Sense!


Depending On How Long You Plan To Be In Your Home, A Rate Buy Down May Make Lots Of Sense!
By Scott Rogers • January 29, 2024
One option you will have when finalizing your loan terms with your lender will be buying down your mortgage interest rate. Current mortgage interest rates are right around 6.7% -- but you very likely will have the option to pay some extra closing costs to buy down that mortgage interest rate. The more you pay, the lower that rate will go - and the that lower rate will last for the life of your loan. Of note, if you think you might be selling your home within two to three years, it might not make sense to pay thousands of dollars up front to secure a lower than market interest rate -- but your lender can help you determine the length of time you would need to be in your home to make the cost of the rate buy down make sense. If you know (or believe) you will be in your home for many (many!) years to come, you may very well want to go ahead and buy down that interest rate. There are lots of options to consider when securing a mortgage, and if you have questions about the many different options, feel free to run them by me. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? 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
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 24, 2024 (unless otherwise noted).
Comments (0) or Subscribe