US mortgage rates soar to 7.23%, a 22-year high

Many see the initial numbers that are floating around on many media outlets that create a frenzy and or fear, doom and gloom, however, when we all understand the numbers, it is not the end of the world.

Rates rising can be frightening but there was a time interest rates were well above 10 - 15%, and people were still buying homes in Philadelphia. Having a conversation with an educated real estate agent and mortgage broker that is in the know will help you in the long-run, but for starters, here are 5 basic steps to get you thinking while in the Philadelphia real estate market.

1. Refinance your Mortgage

2. Make additional payments

3. Make one additional payment per year

4. Round up your mortgage payment

5. Dollar a Month Plan ( ex: $1,300.00 next month $1,301.00, following $1,302.00... )

6. Use unexpected income

Once those payments are decreased and or mortgage is paid off, it is an opportunity for a savvy individual to re-invest those funds to create a nice nest egg.

To schedule an appointment with a  savvy mortgage broker click >>> HERE

To schedule an appointment to speak with a savvy REALTOR® click >>> HERE

***Article from CNN Business ***

Peter Lavelle RS282607 EXP Realty

Call /Text 215-965-4465 Office: 888-397-7352 X 1148

Not intended to solicit clients currently under contract with another broker.