Home > Blogs > Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI > Jeffrey Masich's Blog

Yes, Higher Mortgage Rates But Help For Home Buyers

By Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI

Real Estate Agent with HomeSmart Real Estate BR632450000

October 28, 2022 09:59 PM

Well the 7% mortgage rates are not good for home buyers. However, there is currently some help for Home Buyers to consider in helping with their purchase. We are moving to a Buyer's Market so help in the form of Home Buyer's relief can come from these sources. (Help photo- Gerd Altmann from Pixabay)

Mortgage Help

Home Buyers Relief

1. Graduated Mortgage- Ask lenders for the formerly popular graduated mortgage with lower payments in the early years of a mortgage with a stepping up in monthly payments later on when a buyer's income may be higher or when the opportunity for a refinance at hopefully a lower future mortgage rate presents itself

2. Mortgage Rate Buy Downs- Consider buying down a mortgage rate to a lower amount. In this Buyers Market ask your Realtor to negotiate a Seller contribution towards the Buy Down or for the entire amount.

3. Short Term Mortgage rates reductions- A local lender and others are offering a 3-2-1 Mortgage with lower mortgage rates during the first 3 years of the mortgage as follows:

Year 1: Reduction of Mortgage rate 3 points (example: 7-3= 4%)

Year 2: Reduction of Mortgage rate 3 points (example: 7-2= 5%)

Year 3: Reduction of Mortgage rate 1 point (example: 7-1= 6%)

Year 4: Regular 7% mortgage rate for remainder of term

4. Home prices have dropped from earlier in 2022 and Sellers are now negotiating on home price, Seller contributions to Buyer closing costs, home warranties, closing dates, repairs and more. Ask your Realtor for advice.

Ask Jeff Masich About Buying a Home in Phoenix Arizona Metro including Scottsdale

Jeff Masich, REALTOR® HomeSmart discusses Scottsdale and other sister cities like Gilbert living and real estate

Looking to move to Arizona, Jeff Masich is pleased to help you find the right home at the right price at Arizona Homes and Land Group.

Meet Jeff Masich, Phoenix Metro including Scottsdale Buyer's REALTOR®

For more Phoenix metro homes or Arizona Homes and Land for sale just ask Jeff Masich

Buy a home in Phoenix, Scottsdale or elsewhere in Arizona

Here is a FREE MLS Search for homes for sale in Arizona. Jeff Masich would be pleased to help you find Arizona Homes For Sale and the right home at the right price!