The housing market can be overwhelming to say the very least. If the combination of the rising value of homes and increasing mortgage interest rates make you uneasy, you’re not alone. That’s why we talked with Julie Symes of Premium Mortgage Corporation: to get some clarity on the current market and to assure you that if you want to buy a home, you certainly can without jeopardizing your financial future.
Yes, mortgage interest rates are currently on the rise. It’s also true that experts expect this trend to continue through the rest of this year. At this moment, a 30-Year Mortgage Rate sits at about 5.90%, .21% lower than the 52-week high of 6.11%. Here’s a look at how that stacks up over the last 51 years.
Julie Symes of Premium Mortgage offered some valuable advice when our owner John Gatas sat down with her. “The best thing that clients can do to quell the concerns they have is to make sure when they get pre-approved for a mortgage, that they do so at an above-market interest rate. This way they’ll know that if rates continue to rise, they’ll still qualify, and that they’re comfortable with what they qualified for.”
Additionally, she recommended that homebuyers educate themselves on the most popular available mortgage programs. Some of those include FHA, USDA and VA loans, all of which have been outlined very well by our friends at Premium Mortgage Corporation below.
The best thing prospective homebuyers can do is educate themselves. Simply understanding how interest rates affect buying power and answering all the daunting questions they have can really calm the nerves of those wary of purchasing a home. And there are tons of tools available.
Many non-profit agencies offer monthly first-time homebuyer courses free of charge. These classes simply walk you through the homebuying process from start to finish. You’ll learn about grant opportunities, loan programs, and all of the information you need to comfortably take this next step in your life as a homeowner. But everything you find in one of those courses, you can learn from The Gatas Team as a part of our FREE buyer consultation.
That’s a complimentary service which we guide all of our buyers through. So if you want to learn more about the home buying process, we have your back! Just give us a call and we’ll be more than happy to prepare you for one of the most important decisions you’ll ever make: what house to make your first home! For a look at some of the knowledge we pass on to our clients, check out these tips for home buyers on our website!
The bottom line is that even though the housing market is intimidating, you have us in your corner. And that means you have our partners at Premium Mortgage Corporation on your side as well. Give either of us a call and we’ll be happy to assist you in becoming more knowledgeable about the current market and your options as you venture into it.
The Gatas Team
Call (716) 254-6130
Premium Mortgage Corporation
Call (716) 633-0501