Should I Wait For Rates To Drop
Should I wait for rates to go down before buying. At first glance it would seem like the answer is obvious. Wait and you will get a lower payment right? Just imagine you are waiting for months and finally rates drop and you call your real estate agent to start looking at houses. Finally, you can buy your home and move right?
Not neccessarily. When rates drop there will be a flood of buyers jumping into the market because they were waiting. The problem is that now you have more buyers competing for homes, which may drive up prices. Any benefit from the lower rates could get wiped out and then some. You realize that prices have gone up and you are competing with so many other buyers that it is extremely difficult to get your offer accepted.
What is a better strategy? If you buy before rates drop you could potentially buy the home at a lower price and then refinance when rates drop. Some people call this the date the rate and marry the home strategy. These are just general suggestions based on 30 years of experience as a lender. No one can predict the future but understanding these dynamics is crucial in having a successful game plan for your homeownership journey. Have more questions just call me anytime or visit my website at www.yourmortgagecoachforlife.com.
Embark on your homeownership journey with confidence. Contact me, Ramzi Faraj, at 248-613-9044 or ramzi@yourmortgagecoachforlife.com. Visit Your Mortgage Coach for Life to explore your loan options and find the perfect fit for your dream home in Michigan.
This article is for informational purposes only and is not an offer or solicitation to lend. Please contact me directly for more information and personalized advice.
Ramzi Faraj
Licensed Loan Officer
NMLS ID: 162269
Delmar Mortgage
Company NMLS ID: 30998
ramzi@yourmortgagecoachforlife.com
248-613-9044
We do business in accordance with Federal Fair Lending Laws. Under the Equal Credit Opportunity Act, we do not discriminate against any applicant on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of an applicant’s income derives from any public assistance program, or because an applicant has, in good faith, exercised any right under the Consumer Credit Protection Act.
About Ramzi
Ramzi has been a residential Loan Officer for 30 Years. He
specializes in helping first time home buyers develop a game plan to achieve
homeownership. He will work with you for as long as it takes and has the
expertise you need. NMLS: 162269
Transforming careers through life changing classes.
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Ramzi was so thorough with his communication of this process. As a first time home buyer, he has made this process painless and smooth. I wasn't left in the dark about anything and he always checked up on me to make sure I understood what was going on and to keep me in the loop on which step of the process we was on. He's definitely a cool guy and funny. Definitely has a way of lightening the mood.
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