Interest rates have gone up recently. However, they are still historically low.
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There seems to be a lot of people out there worried about interest rates right now. Yes they have gone up, but they are still historically low.
Back in the day, rates were in the mid to upper teens. Even when I started this blog, rates were around 8% or 9%. Right now, they are only around 4.25%. You may be tempted to wait and see if they go down, but I wouldn’t do that. It won’t save you a lot of money in the long run, anyhow. You’re better off locking in a rate now when you’re ready to buy.
By ready to buy, I mean once you have money saved up for a down payment, you can commit to living in your property long-term in order to see the appreciation.
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In the past 10 years, we have only had around 2.5% appreciation. In other parts of North Carolina, they’ve seen 20% or 30%. If you’re planning on buying a home in the near future, we suggest trying to finance the purchase in a short amount of time and pay off the loan. In 19 years of business, I have never done a short sale or foreclosure for someone with a 15-year loan. With rates so low and equity building so quickly with a 15-year loan, you could sell in a short period of time if you had to.
Waiting for rates to drop might not be the best strategy.
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I hope that tips helps you out. If you have any questions for us at all, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
