The Real Estate Browser Volume 10, Issue 11 | Page 8
8 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 10 Number 11
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Interest Rates are Still Low!
Don’t Miss Your Chance!
By Sherry Brady, Branch Manager, Apex Home Loans, Inc.
Were you discouraged
a couple of years ago
when mortgage interest
rates started to rise? Maybe you thought you’d lost
your chance to get a home loan at a historically
low interest rate. Take heart because the last
few weeks have been filled with good news for
homebuyers! More homes have been coming on
the market as we entered full spring housing market
to help ease the shortage of homes listed for sale.
And even better: interest rates have been declining
and are currently at some of lowest levels we’ve
seen in the last few years. For anyone who thought
they had missed the opportunity to get a great, low
rate, you’ve got another chance. There is no way to
predict how long this will last, of course, so as the
old saying goes… “there’s no time like the present”
to buy a home!
What do lower rates really mean to you though?
A lower rate can either mean a lower payment
or added buying power. The difference between
4.00% and 5.00% on a $200,000 mortgage is $120
per month!! If you finance $200,000 at 4% for 30
years, your principal and interest payment would
be $954 per month. If you wait until rates are
at 5%, that same $200,000 loan payment will be
$1,074! That difference translates to nearly $25,000
in increased buying power. By that I mean that you
can finance a $225,000 house at 4% for the same
monthly payment as $200,000 would cost you if
financed at 5%.
If you want to be able to take advantage of these low
rates, the first step is to get pre-approved. Getting
pre-approved is a quick and painless process and
can be done in minutes! When you meet with
us, we’ll discuss all the loan types available and
determine which ones you qualify for based on
your credit and income. We’ll figure out how much
home you can buy, what your monthly payment will
be, whether you’ll have to make a down payment,
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what the closing costs are. Once we finish our
first conversation, you’ll know the answers to these
questions and will be able to shop for your home
with confidence, and less stress!
This is a very competitive market right now;
good homes that are priced right are going under
contract within days in some cases. If you find
a home you love, having a pre-approval letter to
accompany your offer tells seller of the home you
want to buy that you are serious and capable: not
only do you want to buy their home, but you have
the financial ability to do so. And by getting pre-
approved, we can begin your loan underwriting
process before you even find a home, so that once
you find the home you love you’ll be able to close
quickly! In today’s market, that will go a long way
toward making you a very attractive buyer.
Ready to get preapproved? At Apex Home Loans,
we have virtually every loan program to serve you,
including several NO MONEY DOWN options.
Apex’s highly qualified, local, and experienced team
is ready to help you!
Go online to www.LynchburgLender.com and get
to know our team; or call us at 434-237-1027 and let
us help you GET MOVING!
Sherry Brady, NMLS 217258
Cell (434) 238-8984
[email protected]
Apex Home Loans, NMLS #2884, nmlsconsumeraccess.org, Equal Housing Opportunity.
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