For many dreaming of their own slice of real estate, the idea of waiting for those mortgage rates to dip into the dreamy 6% or even 5% range can feel like the ultimate money move.
But hold on a sec—does the waiting game really pay off when it comes to buying your own home?
Okay, let’s break it down. Sure, lower rates can mean big savings. Picture this: a 1% drop in rates on a typical home with a 20% down payment might drop your monthly payment by over $430. Sounds great, right?
But there's a potential challenge that may lie ahead: you won’t be the only one eyeing those lower rates.
Think of it like this—when rates drop, more buyers hitting the market means more competition for fewer houses. And when demand skyrockets and supply takes a nosedive, bidding wars erupt.
Suddenly, those lower rates might not save you as much as you’d hoped as prices shoot up.
Remember those wild times not long ago when everyone was scrambling for homes, and prices were sky-high? Well, that might just happen again.
So, if you’re ready to tackle homeownership, don’t get too caught up in waiting for rates to drop. Timing the market isn’t everything. It’s about being smart with your cash and being ready to handle the responsibilities that come with owning a home.
But if you’re in a good place financially, now might not be a bad time to start looking around the market.
And here’s a little secret: if you buy now and rates drop later, you can always consider refinancing your mortgage. It might cost a few bucks, but the potential savings could be worth it.
Regardless of when you make your move, preparing is key. Work on your finances, improve that credit score, trim down debts, and save some cash for that down payment.
Check out homes, neighborhoods, and get a feel for the market. And of course, get pre-approved for a home loan so you're ready to make an offer when the opportunity arrises.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1614643
For licensing Informmation go to:
www.nmlsconsumeraccess.org
State of Illinois, Division of Banking
Illinois Department of Financial and Professional Regulation (IDFPR)
555 West Monroe Street, 5th Floor
Chicago, IL 60661
Telephone Number: 1-888-473-4858
6515 Stanley Ave. Suite 2
BERWYN, Illinois 60402
Phone: (773) 720-4971
mauricio_echavarri@outlook.com
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this communnity, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encourage. You may obtain a copy of our evaluation once the Department completes our first evaluation. You may also submit a signed, written comments about our performance in meeting community financial services needs to the Department. We will update this notice when our first evaluation has been issue.
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