Interest rates are still historically low. Some first time home buyers could hesitate, but now is the time to act. Do not fall into the trap of tracking daily rates and housing inventory. Have a winning strategy in place. Buying real estate can be a trying time, make sure to have someone on your side. Hire a full service realtor, like us. We can make buying real estate a better time.
After meeting with us, the next step is to get a loan pre-approval. Contact your bank, or a loan officer to complete this process. Be prepare to provide income, employment and asset documentation. During this process is when the interest rate, closing costs, and loan parameters are defined, ultimately a loan program is selected. Naturally the less documentation or down payment you want to provide the more costly the loan will be. Inversely, the larger the down payment, or the more documentation provided the less expensive the loan will be.
Mortgage interest rates have recently gone up over the last several weeks, as Freddie Mac reported. There are many organizations which agree that interest rates are on the rise for the long term.
Even if you aren't going to get the lowest rate ever offered, interest rates are still at historic lows. Do not let this opportunity pass you by. Interest rates are still better than then have been in a very loan time, take advantage.