ArticleDetailSimple

If you’re shopping for a home today, you know it’s kind of hard work. You might not find something right away and it’s easy to get fatigued. Sometimes buyers get discouraged and say, “Let me take off a few months, maybe I’ll come back 6 months later.” Here’s the thing: while you can take some time off, the market isn’t taking time off! And it’s hot right now in Hillsborough County. The forecasted appreciation is 3.2% in just the next 6 months; let’s quantify that. A home worth $303,000 today would be worth $9,700 more in 6 months. Additionally, if you were planning on putting the same percentage down, you would have to borrow more because the home is more expensive. And how about interest rates? Even though rates are at very attractive levels, does it make sense to wait for rates to go down further? No, the monthly savings with a lower rate are nice but are dwarfed by the missed appreciation and amortization, and it would take many, many years to recoup what you would have lost. Should rates drop significantly, we can always refinance you in the future. Stick with it, keep shopping, and you will find something! <div class="se-component se-image-container __se__float-" contenteditable="false"><figure style="margin: 0px; width: 740px;"><img src="https://static.wixstatic.com/media/nsplsh_5863554a554f3241715641~mv2_d_4608_3456_s_4_2.jpg/v1/fill/w_740,h_555,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/nsplsh_5863554a554f3241715641~mv2_d_4608_3456_s_4_2.jpg" alt="" data-origin="740,555" data-proportion="true" data-size="740px,555px" data-align="" data-index="0" data-file-name="nsplsh_5863554a554f3241715641~mv2_d_4608_3456_s_4_2.jpg" data-file-size="0" style="width: 740px; height: 555px;"></figure></div><div> </div><a href="https://www.themortgagehotline.com/blog/hashtags/costs" target="_self">#costs</a> <a href="https://www.themortgagehotline.com/blog/hashtags/mortgages" target="_self" class="on">#mortgages</a>

The Cost of Waiting

Rates have been trending lower and there's a lot of speculation that the Fed will cut rates further. It's important to remember that the Fed does not control mortgage rates, they control the Fed Funds Rate…and the two don't always correlate. So even if rates do drop a bit more, is it wise to wait for that potential drop or refinance now? A recent report from Black Night says that over 9.7 million homeowners would currently benefit from a refinance with significant savings. If it makes sense to refinance now, it may be wise to take the sure thing because there is never a guarantee on where rates are headed. If the refinance is done with very little closing costs, there could be a lot of benefit without much investment. And we could always refinance in the future, with little cost. Even if rates do drop at some point in the future, what about all the money that could have been saved in the meantime? It would take a very long time to recapture that lost savings with the small incremental benefit from a slightly lower rate. But each individual refinance has different individual needs and objectives, including some potential debt consolidation. Let me know if you would like to talk about what options and savings are possible, and if it might make sense for you to consider refinancing. <div class="se-component se-image-container __se__float-" contenteditable="false"><figure style="margin: 0px; width: 740px;"><img src="https://static.wixstatic.com/media/nsplsh_44666a4a4d566877485f38~mv2_d_5652_3780_s_4_2.jpg/v1/fill/w_740,h_495,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/nsplsh_44666a4a4d566877485f38~mv2_d_5652_3780_s_4_2.jpg" alt="" data-origin="740,495" data-proportion="true" data-size="740px,495px" data-align="" data-index="0" data-file-name="nsplsh_44666a4a4d566877485f38~mv2_d_5652_3780_s_4_2.jpg" data-file-size="0" style="width: 740px; height: 495px;"></figure></div><div> </div><div style="text-align: left !important"> </div>

Should I Wait for Rates to Drop Before Refinancing?

Now, many people ask about pre-approvals or pre-qualifications - and most of the time people don’t know if there’s a difference. But you know what? There’s a big difference! For a pre-qualification – we look at your credit and take a look at some of the basics. While that’s an important first step, it’s nowhere near as powerful as a pre-approval. A pre-approval is where we dive in a little bit deeper and check your income, check your assets, and make sure that you can actually purchase a home. When you go to visit a seller with a pre-approval, you may be able to save thousands of dollars. This is because that seller will now have more confidence in your offer, over someone else’s. Also, you may even be able to negotiate a better price for yourself! This is important in a tight, competitive market. So next time, take a look at getting that pre-approval! If you have any questions, please contact me. Look forward to seeing you soon.<div class="se-component se-image-container __se__float-" contenteditable="false"><figure style="margin: 0px; width: 740px;"><img src="https://static.wixstatic.com/media/20d96b8914684d518f06a78461f89cca.jpg/v1/fill/w_740,h_501,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/20d96b8914684d518f06a78461f89cca.jpg" alt="" data-origin="740,501" data-proportion="true" data-size="740px,501px" data-align="" data-index="0" data-file-name="20d96b8914684d518f06a78461f89cca.jpg" data-file-size="0" style="width: 740px; height: 501px;"></figure></div><div> </div> <a href="https://www.themortgagehotline.com/blog/hashtags/loan" target="_self">#loan</a> <a href="https://www.themortgagehotline.com/blog/hashtags/home" target="_self">#home</a> <a href="https://www.themortgagehotline.com/blog/hashtags/satisfaction" target="_self">#satisfaction</a>

PreQual vs PreApproval

ArticleSliderSimple

<h2>Related Articles</h2>Keep reading other bits of knowledge from our team.

FormSimple

<h3>Request Info</h3>Have a question about this article or want to learn more?

<h4>Sign Up Now</h4>Kombucha tacos lo-fi vinyl shabby chic.

Articles Detail

Real Estate Fact vs. Fiction | The Mortgage Hotline LLC

It’s amazing to me, but, right here in Hillsborough County, there are over 30000 residents who are currently renting but can afford to purchase a home. They are qualified to buy a home, so why wouldn’t they? Some people think that the housing market isn’t stable, but home prices in Hillsborough County are forecasted to appreciate by 6.4% over the next year, and 29.2% over the next 5 years. Do you know what that means in dollars and cents? If you purchased a home at the median price of $303,000, you would gain $88,000. This is a very strong market; however, here is the biggest misconception: in a national survey, the number one reason why people are still renting even though they are qualified to purchase a home is that they think they need 20% down. It’s hard to believe that people in 2019 still think they need 20% down. That couldn’t be further from the truth! You can purchase a home with as little as 5%, or even 3% down, based upon the programs that are available. Contact me – I’ll show you how you can create wealth for yourself through real estate. <div class="se-component se-image-container __se__float-" contenteditable="false"><figure style="margin: 0px; width: 740px;"><img src="https://static.wixstatic.com/media/ff6af0e32be14c2a9d2677aff5238ed7.jpg/v1/fill/w_740,h_493,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/ff6af0e32be14c2a9d2677aff5238ed7.jpg" alt="" data-origin="740,493" data-proportion="true" data-size="740px,493px" data-align="" data-index="0" data-file-name="ff6af0e32be14c2a9d2677aff5238ed7.jpg" data-file-size="0" style="width: 740px; height: 493px;"></figure></div><div> </div><a href="https://www.themortgagehotline.com/blog/hashtags/family" target="_self">#family </a><a href="https://www.themortgagehotline.com/blog/hashtags/saving" target="_self">#saving</a>

Company

Account

(603) 664-3998