Rising Interest Rates – What Homebuyers Need to Know
If you are in the market for a new home, all the discussion surrounding rising interest rates is a big deal. After all, buying a home is one of the biggest purchases you will make in your lifetime and the small increases are adding up to a big chunk of change. But why are rates increasing? In short, the economy is growing, the job market is healthy, and wages are rising. For prospective homebuyers, you may want to start your home search sooner than later.
Why Buy Now?
Simply, lower interest rates mean lower monthly payments. As interest rates rise, you will be able to afford less home than previously. The difference between a rate of 4.5% and 5.5% on an average loan in Myrtle Beach is roughly $120 per month. For instance, if your maximum approval is at $250,000, the higher interest rate actually limits you to $225,000. Wait, don’t panic! If you haven’t found your dream home yet, there’s a great opportunity waiting for you…
Lock Your Rate With Gateway Mortgage
There’s good news for active homebuyers! Gateway Mortgage is currently offering a product that can help you lock in today’s rate while you continue to search for your new home. With Gateway’s Lock-n-Shop, you will have 30 days to shop around the area for your dream home and, once you have found it, the program allows another 45 days to close. Your rate will be secure and you can focus on the task at hand. But what if suddenly the interest rates decrease and you’ve already locked in? That’s okay too! Gateway Mortgage will honor the lower rate once you find your home.
CONTACT COLE TODAY
Cole is a seasoned lender who knows the ins and outs of relocating to the area as well as helping all buyers maximize their investment with a loan that fits their personal needs.
Cole Williams, Loan Originator
NMLS 1458144
Cell 843.267.7009
cole.williams
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Cole Williams of Gateway Mortgage a CRG Companies preferred lender who was featured in Issue 2 of The TIDES. His article, Making the Most of Your Move, helps guide those relocating to the Myrtle Beach area on getting the top benefits as a new resident.
Find An Agent
The CRG Real Estate team is here to help provide the resources you need to make your relocation successful and as stress free as possible. Find your agent today or get started online with your property search.
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