The Real Estate Browser Volume 11, Issue 1 | Page 14

14 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 11 Number 1 www.LynchburgRealEstateBrowser.com 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 inter- est rates started to rise? Maybe you NMLS #217258 Cell [phone] thought you’d lost your chance to [email protected] get a home loan at a historically low interest rate. Take heart because the last summer rates eased again, and have held at those lower levels creating great buying opportunities for homebuyers! For anyone who thought they had missed the oppor- tunity 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! you’ll know the answers to these questions and will What do lower rates really mean to you though? A lower rate can either mean a lower payment or it can help you buy a higher priced home. The differ- ence between 3.5% and 4.5% on a $200,000 mortgage is $117 per month!! If you finance $200,000 at 3.5% for 30 years, your principal and interest payment would be $914 per month. If you wait until rates are at 4.5%, that same $200,000 loan payment will be $1,031! That difference translates to nearly $25,000 in increased buying power. By that I mean that you can finance $225,000 at 3.5% for the same monthly payment as $200,000 would cost you if financed at 4.5%. approval letter to accompany your offer tells seller of 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 deter- mine 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, what the clos- ing costs are. Once we finish our first conversation, Usah.co/LREB2 be able to shop for your home with confidence, and less stress! It’s also important to be aware that we are in a very competitive market situation right now; there is a shortage of homes listed for sale compared to what is typically desired for our area. That means that when a good home comes on the market that is priced right, it’s going under contract within days in many cases. So, if you’re actively looking for a home, you need to be pre-approved, so that if you find a home you love, you’ll be able to act quickly. Having a pre- 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 under- writing process before you even find a home, so that once you find the home you love you’ll be able to close quickly too. In today’s market, that a competi- tive edge that can go a long way toward making you a very attractive buyer. Ready to get preapproved? We have virtually every loan program to serve you. With Conventional, VA, FHA, USDA, VHDA, Renovation & Construction loan options, Apex’s highly qualified and experi- enced 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! Apex Home Loans, Inc. NMLS #2884, nmlscon- sumeraccess.org, Equal Housing Opportunity. Usah.co/LREB1