What to do about rising rates in 2022
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Video Description:
Even though it's stressful to see how mortgage rates have risen throughout 2022, it's still possible to purchase a home if you have the right strategy.
The first thing you need to remember is that you don't need to panic. Even though rates are higher than they were in 2020 and 2021, they're actually still relatively low, if you look back a little farther. Besides, what goes up must come down, so if you buy now, there's a good chance that you'll be able to refinance to a lower rate in a few years.
Next, you need to know what your buying power is. Basically, a higher rate usually means a larger mortgage payment. One way to lower this rate is by purchasing a less expensive home. This difference in price can offset your higher rate. The other way to lower your monthly mortgage payment is to SHOP AROUND for a lower rate. More than ever before, shopping lenders can make the difference in finding a mortgage you can afford.
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
