We’re suckers for clickbait, trust us. Dangle a salacious headline in front of us coupled with a questionable photo of a celebrity, and we’re biting! Big time.
Lately our feeds have been flooded with local realtors and lenders posting content that urges would-be buyers to BUY NOW because when prices go up (Will they go up? And when? And by how much?) and rates go down, their monthly payment will be much higher than it would be today. This sense of urgency feels super sales-ey and, quite frankly, misleading.
We don’t have a crystal ball (Well, we do; however, it’s not enchanted.), but we prefer to talk in concrete terms. It’s important to us that when we share numbers with you, they’re your numbers. It matters if you’re a first-time homebuyer with so-so credit and a modest down payment - this will impact your rate. It matters to us if you’re buying a second home with a conventional loan - this will impact your rate. The combinations and permutations of scenarios are endless and so they should be tailored to you and you alone.
For this reason, we get your profile as a buyer and then locate potential properties for you; then, we beckon our trusted mortgage partners to share payment scenarios based on TODAY’S rates, with your credit score, based on your down payment and type of loan.
We’re big fans of “buying down your rate” via seller concessions instead of offering a lower sales price. What does this mean? We will spell it out in a jazzy little infographic:
The bottom line is you need an expert or two to run the numbers for you based on your credit score, debts, down payment amount and what you’re looking to buy and for what purpose. We are more than happy to help you in this process and connect you with the lenders we know, trust, and use ourselves!