13 - Buying a Home in a High Interest Rate Market

First Time Home Buyers - How To Buy a Home

It’s the end search is over. Stop even looking for a house. You’ll never be able to afford it, not with those interest rates.

Is that what you've been hearing or thinking? Is it even worth looking at homes anymore? Is your dream crushed? The reality is that, no, you aren't out of the running. It's just a different market now.
Today I've got Sarah back on the podcast, and one of the reasons I really wanted her back here is because she's been doing this for 20 years, and guess what, she's seen interest rates hit double digits. So she's gonna help us talk about what kinds of things we can do to buy a home in a high interest rate market.
Sarah's Contact Info:
Sarah Krasner: [phone]
NMLS #1272407
We cover five options:
1 - Buy down your rate, you may be surprised how much lower you can actually get.
2 - Work with a lender who will refinance you in the next year or two at no cost.
3 - Try different options from a financing standpoint. One of those can be a 2-1 buydown, an ARM loan, or other programs your lender might be offering.
4 - Start by looking at homes that have been on the market for over 30 days. If they haven't had any price reductions, you may be able to offer below ask and still get your offer accepted.
5 - Similar to the homes on the market over 30 days, but have your real estate agent look at homes that are offering seller concessions. These can be used to help pay for closing costs including rate buy downs.
We look at each of these in more detail, to give you an idea of how this can impact the purchase of a home.
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Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
[phone]
[e-mail]
First Community Mortgage
NMLS# 2141541
DRE# 02141890
FCM NMLS ID 629700
Loan Application: Apply Online
Monica Mastroianni – Real Estate Agent
[phone]
[e-mail]
DRE# 02099257
Legacy Homes Realty