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Buying a home in Bucks County takes planning. Which neighborhood suits my family? How close will I be to work? How much can I afford?
If you are planning on buying a home this year, a big consideration is the interest rate you will pay. All eyes are on interest rates in 2018 and which way they will go.
Here’s are 3 points you need to know.
Interest Rates Are Probably Moving Up
After chilling out at historic lows, interest rates will most likely rise in 2018. If this happens, home buyers will end up paying a bit more for their monthly mortgage payments in Washington Crossing, PA.
Purchasing A Home Is Still Smart
If you save a solid down payment, have a stable job, and manage your credit wisely, you can probably still get a decent mortgage loan. This means you’ll be building equity into a home every month instead of paying rent, even if your interest rate is higher than the last few years. That’s still a savvy financial move.
Mortgage Loan Options Can Keep Your Interest Low
Mortgage companies in 2018 know they must work with borrowers to land them the best loan. Examine all the options. In some cases, you may be better off choosing a 15 year mortgage because it offers lower interest, or opting for an adjustable rate mortgage. Your lender can offer priceless guidance to help you secure the best interest rate.
Interest rates in 2018 shouldn’t hinder you from living in Washington Crossing PA as a homeowner. If they do end up rising, planning a bit more diligently and expecting more out of your lender will ensure you end up with a mortgage interest rate you can live with.