Mortgage rates have passed 7% and lending fees are climbing higher and higher. When purchasing a $400,000 home this time last year (Nov. 2021) with a 3% rate would have cost you $1646/mo., with today’s rate of 7% that number is more like a whopping $2600/mo. and remember that is just principle and interest. You still need to factor in taxes, insurance and HOA fees. For you and I, this means that we will need to show a net income closer to $5,200 rather than $3,300 per month.

So the question stands, what do we do? Unfortunately, the answer you and I come to will be different than the answer I will come to with another client as to buy now or wait. Are mortgages more difficult to be approved for? Absolutely, however in all likelihood these are short-term pains. Mortgage rates move in cycles, although we may never see 2.5% rates again, we will surely see 4%. Until then, contact me and we will customize a plan for you and your needs:

A few considerations for timing your purchase:

• When do you need to move?
• How long will you be staying in the area?
• Are you planning to change the size of your family?
• Do you qualify for a VA Loan? Should you use it right now, why or why not?

There are hundreds of factors to consider with making these decisions.

If we have decided you should wait, we will determine the criteria that needs to be met so you can be ready to purchase at the right time. From there the work that I do on the back end is similar to the work that I do on the back end for those who are purchasing now or have already purchased and have enlisted my help through Mortgage Monitoring: I create the profile of the mortgage solution you need and alert you as soon as the markets are able to meet your needs.

Is now the right time for you to purchase? It very well might be, but it very well could be time for you to wait, let’s work together on figuring that out so you are well prepared either way. Call me or email me to get started.