{"id":7004,"date":"2022-06-13T01:04:25","date_gmt":"2022-06-13T05:04:25","guid":{"rendered":"https:\/\/migonline.com\/blog\/?p=7004"},"modified":"2022-05-26T19:07:58","modified_gmt":"2022-05-26T23:07:58","slug":"7-cant-miss-tips-for-buying-a-home-with-rising-mortgage-interest-rates","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2022\/06\/13\/7-cant-miss-tips-for-buying-a-home-with-rising-mortgage-interest-rates\/","title":{"rendered":"7 Can’t-Miss Tips for Buying a Home With Rising Mortgage Interest Rates"},"content":{"rendered":"

You may have heard that mortgage interest rates are going up and wondered how that will affect your ability to afford a home. You might even be thinking about calling off your home search. Stay the course! It’s still a great time to buy a house.<\/p>\n

Follow these tips for buying a house when mortgage interest rates are on the rise.<\/p>\n

Decide How Much You Can Afford<\/p>\n

Maybe you have already settled on the price range of home you could afford. With rates rising, you might need to revisit that. In times like these, an online mortgage calculator<\/a> i<\/a>s your new BFF.<\/p>\n

Run some calculations with the higher interest rate and see if the price range you were previously shopping in still makes sense for your budget. If not, consider lowering your budget a few thousand dollars to keep your future mortgage payments in line with what you can handle.<\/p>\n

\"\"<\/p>\n

Get Preapproved<\/p>\n

It’s never been more important to proactively get preapproved for a mortgage loan than now. The market is still hot and rates are rising, making it necessary to not lose out on a home once you find one you want that’s within your budget. Talk to an experienced loan officer and agree for them to pull your credit and look at your financial information. You can quickly receive preapproval, which gives you more power during negotiations.<\/p>\n

Look at the Big Picture<\/p>\n

Yes, rising interest rates are going to cost you more money. However, think about the cost of paying rent for one, four or seven more years. You will eventually recoup your investment in your new home, while you’ll never get a cent of return on investment from the rent you’re paying.<\/p>\n

Over time, even with a higher interest rate than you would have paid last year, you’ll build equity and the home will most likely increase in value. Both of these increase your wealth and financial stability.<\/p>\n

With interest rates on the rise, it’s important to make your loan application as strong as possible, so you land the best interest rates you can. The next two points help you do that.<\/p>\n

Improve Your Credit Score<\/p>\n

An excellent credit score can get you into a mortgage loan that offers a dramatically lower interest rate than programs for fair or bad credit.<\/p>\n

Pull your credit and dispute any errors on it. If you’ve been late on payments, catch them up and stay current on them. Pay down your credit cards (we’ll discuss this in the next point) and avoid making any purchases on credit. Just say “no” to new credit cards or other offers of credit. You don’t need any new credit inquiries showing up on your credit history.<\/p>\n

Pay Down Your Debt<\/p>\n

High credit card debt can throw off mortgage ratios like the debt-to-income<\/a> and debt-to-equity. These play a big part in getting a mortgage with the lowest interest rate.<\/p>\n

Do what you can (because we know you’re already saving for a down payment) to pay down your credit cards. If you can’t scrape much cash together to do this, at least stop charging on them. Lowering your credit card debt is one of the biggest ways to improve your credit score and your mortgage ratios. These moves help get you into a mortgage program with the best interest rates possible.<\/p>\n

Don’t Feel Rushed<\/p>\n

If you’re stressing out thinking you need to buy before mortgage rates increase again, take a breath. Buying a house is probably going to be the biggest single purchase of your life, and you don’t need to hurriedly make the decision. Think calmly and rationally about your choices and, when you make an offer, do it from a place of confidence and power. You are in control.<\/p>\n

\"\"<\/p>\n

Work With an Experienced Real Estate Agent and Mortgage Loan Officer<\/p>\n

Building a strong team of experts to help you navigate your homebuying journey is always a good idea, and it’s especially vital with rising interest rates. Your real estate agent is integral in guiding you toward finding the right property, skillfully negotiating, and getting ready to close. Your loan officer is critical in laying out your loan options and securing one that meets your needs and budget.<\/p>\n

Your loan officer can also recommend rate-lock programs. For example, at Mortgage Investors Group, we offer a \u201cLock, Shop & Save\u201d program that provides interest rate reservations for up to 90 days, with no upfront costs.* This is a great program that saves you money while you continue to house shop, since you can lock in your interest rate before you have even have a signed contract.<\/p>\n

Carefully choose both by finding Realtors and loan officers that you trust and connect with, and who seem knowledgeable and helpful.<\/p>\n

Buying a house is a smart idea, even during periods when interest rates are rising. You may need to make some adjustments to your budget and expectations, but take a breath and stay the course. Once you’re in your dream home, it will all be worth it.<\/p>\n

*Qualification based on subject property.<\/p>\n","protected":false},"excerpt":{"rendered":"

You may have heard that mortgage interest rates are going up and wondered how that will affect your ability to afford a home. You might even be thinking about calling off your home search. Stay the course! It’s still a great time to buy a house. 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