It no secret that mortgage rates have been rising steadily as of late. Many individuals are finding it more and more difficult to actually search for a home that falls within their price range due to these rising mortgage rates. The reality is that no one is able to gauge what their mortgage rates will be in the future, and this fact alone leaves many prospective home buyers in a panic and under extreme insecure conditions. Even if a sticker price on a home says one number, there is no way to tell what the monthly cost will become with rising mortgage rates, and this is becoming evidently problematic for many. May 1st is when there was a noticeable rise in mortgage rates and when the real estate market started to change drastically.
Previously, there was an obvious onslaught of low mortgage rates and many individuals found themselves easily purchasing a home and able to pay their monthly mortgage bill. But, now that has all changed. The rates are rising, even up to 4% and many people are finding what they qualified for in the past has drastically changed for the worst. Many people do not have the purchasing power that they use to have before. But, there is a silver lining to this rising mortgage crisis. There is a way for prospective home buyers to relieve themselves of, at least, some of the burden that this mortgage rise brings about as of late. And, that answer is a re-pre-approval. A re-pre-approval is something that can be done to alleviate some of the stress that rising mortgage rates seem to cause. A re-pre-approval is able to re-evaluate what a prospective or existing home owner is able to pay for their mortgage, giving them access to knowledge and the correct information that will help them financially in the short as well as the long term.
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