Published: November 09, 2022
So, are you in despair over higher interest rates? Well, as they say in any firestorm, Stop, drop and roll….. in this case, with the punches! LOL and keep working towards your goal of homeownership. Read on to find out what some of my fav lenders say about combatting the interest rate hikes!: When you see one you like, go to the Lender tag on this web site and pull all their info and give them a call! Here are two that have given us some great programs they offer!
Hamilton Morgan with MNET says:
“When choosing a mortgage for your home, you should carefully consider the advantages and disadvantages of adjustable-rate mortgages. A home loan known as an adjustable – rate mortgage , or ARM, begins with a low fixed interest rate for three to ten years before undergoing periodic rate adjustments. ARMs are distinct from fixed-rate mortgages, which maintain the same interest rate throughout the loan’s term. When compared to conventional 30 year fixed rates, these ARMs typically have an initial interest rate that is one to two percent lower. An ARM has two distinct time periods: initial phase and transition phase. The interest rate does not change during the initial fixed-rate period. The initial period of time can last anywhere from three to ten years. There are five, seven, and ten year initial periods for the most common ARM products. The adjustment period follows the initial period. The interest rate will be determined based on the terms of the loan and the current market during the various adjustment periods that are included in each ARM product. When interest rates are high, or you intend to sell your home prior to the loan’s adjustment period; an ARM is the best option.”
Jason Cook with Waterstone Mortgage writes:
“Currently to navigate these challenging times, we at Waterstone have portfolio products to assist buyers purchasing a primary or secondary home at a significantly discounted cost as it relates to what the market requires and lower than average market rates. We can still do 10% down on a second home, and second home condo’s as well. For certain buyers via our community heroes and community professional’s program, we can offer 1% down financing on a primary home purchase for those that qualify. I view our product features as safe harbors to help buyers navigate the current market. In addition to these features, we also offer your traditional FHA, VA, USDA and Conventional financing options as well. There are still many different options available for those who are looking to buy or refinance.”