Highlands NC Real Estate, Mortgage Rates Rising
Anyone considering buying or selling Highlands NC real estate is aware of the fact that mortgage rates are rising. The rise is daunting for many. For buyers, this means a higher cost for buying a home. For sellers, this can mean that fewer people are looking to buy or will want to lower offers to offset the overall purchase cost. Ultimately, while mortgage rates are rising, real estate transactions will continue to occur.
Look for options
Anyone looking to purchase a Highlands NC home for sale should take time to shop around for a mortgage. Interest rates have a big effect on the overall cost of a home over time. As a result, when rates rise buyers look at more creative ways to finance real estate. Meeting with private lenders, banks, and mortgage companies can help buyers locate the best rate available while also examining different types of mortgages. A REALTOR will be able to recommend reputable local lenders. Interviewing as many lenders as possible will leave buyers with knowledge and options.
Adjustable rate mortgage
A buyer may consider an adjustable rate mortgage as opposed to locking in a 30-year traditional fixed rate loan. An adjustable-rate mortgage offers a lower rate for a certain time and then will ratchet up. Many buyers hope that by the time the low rate expires interest rates will have come down and they can refinance. An adjustable-rate mortgage is just one option for finding a lower rate.
Learn more about Highlands NC real estate
Contact me, Lynn Kimball, today to learn more about buying property in Highlands NC. I welcome the opportunity to update you on the market while answering all of your buying and selling questions. Additionally, I can connect you with reputable local lenders. Let my knowledge and experience serve as your guide to Highlands NC real estate.
Click here to read “Experts: Buyers Should Shop Around for a Mortgage as Rates Rise” from REALTOR Magazine.