How to Get a Lower Mortgage Rate Even When Rates Are High!

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They actually went over 7% a couple of days ago before dropping slightly again.

Who wants to pay this much interest on top of their home costs? With rates being so dang high, lenders are shifting gears and offering up programs they haven’t in years at this level. They want to stay in business and know buyers want to save money and still take advantage of dropping prices; but how? Like this:

Adjustable Rate Mortgages give you a savings up front without buying down points and can be easier to get than a fixed rate loan for some.

Here’s how they work, based off indexes in the future to determine what interest rates you will pay and those will determine your new adjusted bill.

They’re not for everyone so please work with a lender who really compares all options first.

What if rates get better before my next adjustment period and I want to take advantage but my loan doesn’t adjust for a while?

Notice the last paragraph notes you can refinance to a fixed rate if rates improve! That’s the key to saving long term.

What about buy downs? Generally speaking, their up front cost is about the same as their overall savings, or a little better, but the monthly payments being cheaper and equity growing faster is what’s important to most people. They also don’t ever raise in cost so they’re a relief for buyers using an ARM loan worrying about potential rate and mortgage payment increases over the years.