The news is everywhere! Freddie Mac, Fannie Mae, The Mortgage Bankers Association are all forecasting Mortgage rates to increase in 2018. With the forecast to 4.9% by the fourth quarter of 2018 by Freddie Mac from the low of 4.1% in the first quarter.
So you might be asking…”So Sandy what does that mean to me…?” It means a couple things:
1. The amount of your monthly payment for the exact same house in December of 2018 could cost you more! (on a purchase price of $399,000 with 5 % down, $230.00 more a month)
2. The amount you can borrow will be LESS because the payment is higher.
This is what I do know, that buying a home and getting a mortgage is a VERY personal decision and it cannot be answered by an article! It is assessed through a full conversation and consultation. Thinking you can do that with an online 4 question website is CRAZY!
Get into a complete conversation and make sure you get your questions answered.
Have questions about a mortgage, just know we are here to help. Need a referral to an amazing Realtor anywhere in the United States (and Canada) just let me know.
Your Loan Lady,
Sandy Krestan
602-820-5166 Mobile/Text
480-420-7107 Team Hotline