You’re eyeing the perfect home but are a little worried about high rates of mortgage? Do not let these numbers deter you! These are some clever tricks that will help you navigate through these rates. Consider them your secret weapon to get that dream house, even if rates are high.
Seven smart steps that can make the rates you’re paying seem reasonable.
- Sweeteners for Sellers: Have you heard about seller concessions before? Imagine sellers paying a portion of closing costs or throwing in an attractive home warranty. They may even leave behind some beautiful appliances. Sellers are more willing to bargain when rates rise.
- Closing cost cushion: Are you feeling the pinch from those upfront costs? Certain programs help with the closing costs. This is like an extra financial cushion that makes those first expenses easier to manage.
- Magic Rate Buydown: You can negotiate a buydown rate with your seller, or use the card of discount points. This could reduce that frightening interest rate temporarily.
- Flexibility Be flexible with your timeline for closing or show wiggle-room on repairs to your home. This might be enough to convince sellers of your offer.
- Home Repairs that arise during an inspection? You can negotiate for credit to pay for these repairs. You’re getting help with unexpected costs.
- Delight in Down Payments: Check out local and federal programs that offer assistance with down payments. They can save you a lot of money, particularly when the rates are high.
- Secure That Rate: Here’s an insider tip! A rate lock is available. You can think of it as a fence that protects you against future rate increases.
Each concession has its own charm and can affect the overall price. It’s important to work with both a mortgage expert like ourselves and a realtor. Our team will help you incorporate these concessions in a plan that is tailored to your needs.The availability of specific loan programs and their requirements can vary. For more information, please contact your mortgage adviser.
