Interest Rate woes? There are options!!

Many of us are watching the interest rates and trying to determine the best time to buy or sell. The fact is, there is never a bad time to buy real estate. As the market has stabilized over the last few months, we are dealing with fewer multi offer situations. This is good for buyers allowing time to think before having to make a quick decision which also lowers the buyers remorse that occurs when someone makes a quick decision. Therefore, it is a great time to buy and sell. Yes, the rates are a bit higher, but many lenders are offering some great programs to help with the additional costs such as temporary buy downs as in 2-1 or 1-1. What does this mean? This gives you options to have a lower interest rate and payment for your first year by 2% and then the next year by 1% and the 3rd year you would be back at the current rate. How does this help? It allows your payments to be lower during the first 2 years in hopes that rates will come down enough to allow you to refinance within those first 2 years. Many lenders are offering free refi options as well so that is a good question to ask your lender. Another option is a permanent rate buy down. This option allows you to buy down your rate from the beginning making it the same fixed rate. Most importantly is to ask your lender for credits towards a rate buydown as well as finding out if the seller is offering concessions with a reasonable offer that could be used towards the rate buy downs. Just like a realtor, its really important to make sure you choose a good local lender who will give you all of the options! If you need recommendations, I am happy to assist.