Now is the time to learn more about securing Your Next Mortgage!

Now is the time to learn more about securing Your Next Mortgage!

Now that lowest fixed mortgage rates are under 4%, and there is plenty of inventory on the market, it’s time to investigate buying a new home or refinancing your current one.

Lowest rates right now are in the 3.75-3.99% range and have buyers becoming more enthused about looking for homes. We are currently in a buyers market but we don’t know how long this cycle will last with some experts believing it will be short lived and others thinking things will delay a bit longer.

Good to know! The average interest rate from 1970 to today is estimated to be around 7.63% and we are much lower than the average 13.6% of the 1980s!

Encouraging news for Brant area with Ferrero Canada’s recent announcement in making a significant investment into our community. This type of long term commitment demonstrates the value of the Brantford Brant County areas.

1. It’s hard to nail down timing. Things can change very quickly, a simple announcement could cause a change in direction very quickly.

2. Do you have a fixed mortgage? When you have a fixed mortgage and discounted rates decrease, the posted rates usually follow suit. This decline in posted rates can lead to a significant increase in prepayment charges, potentially leading to a significant increase the penalty, which may outweigh any benefits from waiting for a lower interest rate.

3. Are you planning to buy a home? If you are planning to buy a home, now is good timing. Rates are low, prices are low and there is lots of good inventory. Bank owned homes are become more common leading to some great deals to be had. It’s a perfect time to investigate suitable homes on the market.

4. Is it time for you to move up to a bigger or better home? This is a good one to pay attention to if your move is intended to increase your living situation. Smart investors say buy when the market is down and few others are buying - now is that time. Once the market picks up, there will be a lot more competition!

5. Securing the Rate. If you get your application started now, you can secure the rate as it is now, and have the ability to take advantage of any rated drops the become available when you close on your new home. Our trusted mortgage brokers provide you a list of exactly what is needed and guide you along the process explaining things along the way to simplify the steps and be sure you are educated on the entire process.

6. Appraisal risk: This is a real risk, check out our blog here to read up on what happens if your appraisal comes in short. This can cause significant changes to your plans.

7. Is the right home for you out there? Buyers have a great selection right now, but things do change. The market heats up and becomes more competitive forcing buyers to make difficult decisions with very little time. Right now there is time to negotiate, include conditions and do your due diligence.

8. Are you planning to retire? If you are planning to make a move, but are also planning to retire, you may want to make your move while you are still employed to get the best rates and terms for you new mortgage.

Now that you have decide to investigate further, contact us and we will be happy to help you understand the in and outs of this process. There is no pressure or obligation to have a conversation and see how we can help you with your move. Remember, getting pre approved for a purchase or refinance is free and does not affect your credit rating.

See these resources to learn more.