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Mortgage Rate Changes & Moving During A Pandemic

Where Are Mortgage Interest Rates?

In case you haven’t heard, mortgage rates are at the lowest point in history. For the best qualified borrower rates and firmly below 3%. If your interest rate is in the mid 3’s or higher, it is worth reaching out to us to see if refinancing might make sense. Remember there are many factors that impact the rate you may be offered, including your credit score, how much equity you have in the property, the size of your loan etc.…. Make sure you work with us to show you side by side comparison to ensure that it makes sense depending on your goals and objectives and your time horizon for your home. You always want to understand your break-even point when you are paying any closing costs. We are assisting many of our clients with cash out refinancing’s to consolidate debt or renovate their homes. The low rates make this a very attractive option. Many folks have asked whether rates might be headed lower. While that is always possible, they are not likely to drop much further mainly because of supply and demand constraints. Lenders have very little incentive right now to offer better rates, even if they were available, because they can’t keep up with the existing demand. Give us a call today for a free evaluation!!

Strategies for Making a Transition from one Property to Another

One of the more surprising results of the whole COVID nightmare for us has been the strength of the housing market. Yes, it came to a screeching halt from late March to late April but since then it has come roaring back. Many factors are driving this including our ability to work remotely, the need for more space for home offices, and the desire to leave the city for more remote locations, just to name a few. The challenge can be figuring out how to logistically move from one house to the another if you need/or want to sell your existing home. It is a fantastic time to sell but finding the right home to buy is difficult with limited inventory out there. There are many creative ways we have found to allow our clients to buy a new home prior to selling their existing. Even if we find that your only option is to sell prior to buying a new home, we can offer some great advice on how to position yourself to have to best chance of getting your offer accepted when you have to make an offer contingent on the sale of your place. Reach out to us if you are thinking about moving so we can strategize the best financing alternatives and help position you for the best chance of making a smooth move!!

“To be an ideal guest, stay at home.” – E.W. Howe