Mortgage Rates, the Economy & the Rules

First, there is uncertainty about the future of the economy. Please take a cautious approach to your decisions and protect against the possibility of future mortgage rate increases or significant changes in your loan’s structure.

Second, the rules that mortgage lenders have changed. Obtaining a mortgage can be confusing and can also lead to frustration because mortgage financing is complex. The good news is that this complexity provides home buyers choices in finding a loan suited to their needs.

Some buyers have large cash reserves for down payments while others may need to get into a home with little or no money down. Credit ratings vary from person to person, but it doesn’t stop there. Future plans vary from buyer to buyer. Some people plan on staying in their home for the rest of their lives while others only plan on staying for a few years. Perhaps you have a job that might relocate you at any time?

For these reasons, comparing your mortgage to someone else’s based on rate alone a is flawed endeavor. Everyone wants a good deal. Keep in mind that comparing rates is just one component of the entire mortgage. Other variables include the term, down payment requirements, income qualifications, credit ratings, reserve requirements, current debt, prepaid points, and more. A high quality, experienced mortgage professional will help with these variables finding the best mortgage loan that works best for their situation. The service they provide is time consuming and complex. However, the rewards of dealing with a true professional carry forward throughout a borrower’s life. Making wise financial decisions today helps to pave the way for a safe and secure future.

We suggest you work with a lender that is local to Raleigh and has extensive experience. We maintain a list of top professionals all with many years of experience that have access to multiple programs that can benefit you. Contact us for a list of suggested mortgage professionals to help you get started with your Raleigh, NC home purchase.