Many prospective buyers are expecting a significant drop in mortgage rates, but experts suggest only a slight decline might occur. So, what can you do to make buying a home more affordable now?
Experts predict that mortgage rates might settle at about 6.5% by the end of the year, instead of falling below 6%.
Here are three strategies to consider:
1. Mortgage Buydowns: Pay an upfront fee to temporarily lower your mortgage rate, reducing initial monthly payments.
2. Adjustable-Rate Mortgages (ARMs): Begin with a lower rate, with the potential to refinance later. Today’s ARMs are more secure, with lenders requiring thorough verification.
3. Assumable Mortgages: Take over a seller’s existing loan with a potentially lower rate, a viable option for many homes.
Instead of waiting for rates to drop significantly, consider these financing options to make homeownership more affordable. For further guidance, reach out to professionals in the field. I, Shirin Ramos, can help connect you with specific experts to assist you.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
