It certainly feels that housing prices are out of control. The market is quite hot, and prices are skyrocketing. For the buyers, this means that the process of getting a new abode is quite frustrating. For those going through it for the first time, it can actually be intimidating. Yet, getting a loan to purchase your home is still a wise financial decision. Despite the rise in bank rates, even when everything calms down the rates are expected in the zone where they are considered to be quite low.
Key Takeaways:
- If you compare your interest over the span of years, now is a good time as ever to buy.
- ARMS offer lower interest rates then traditional 30 year mortgages but are riskier.
- Overall debt and mortgage debt has risen by 5.4% and 7.6% respectively in the third quarter of 2021 from 2020.
“Hooper said that for those who have fixed rates that’s wonderful and luckily we don’t have the kind of mortgage products we had prior to the global financial crisis, where there was a resetting that went on after a few years and many couldn’t afford their mortgages.”
Read more: https://www.cnbc.com/2022/05/19/strategist-discusses-getting-a-mortgage-when-rates-are-rising.html
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