Hi Prospects & Friends!
Mortgage interest rates are still currently much higher than they were awhile back. This doesn't mean if you're currently still sitting on the sidelines to still sit there. If you're concerned about the interest right now, try buying down points technique and get your rate to what you want. If you can afford to buy down your points, and the costs you pay are worth it in the long run, versus sitting on the sidelines hoping the mortgage rates will come down, then you should proceed with this technique. The lower your mortgage interest rate, the lower your loan will be in interest, as well as your mortgage payment. When you buy down points you can have;
- Good credit
- Bad credit
- No credit
- Cosigner
- Partner
It doesn't matter, since you're paying to buy down your rate anyways. The buying down your mortgage interest rate isn't for everyone, so do your due diligence in advance on this unique real estate loan option. Sitting on the sidelines hoping mortgage interest rates will come down, could actually be costing you hidden jewel opportunities in the real estate industry.
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