Navigating Current Interest Rates to Land a Dream Property
As interest rates on home mortgages continue to make headlines, it can be hard to know where to look. Are rates finally taking a dip? What does that mean for prospective homebuyers?
While every situation is different, it’s largely true that interest rates for home loans have fallen in recent months. However, there’s more than meets the eye when it comes to these declining interest rates. Here are a couple of things buyers should keep in mind.
Not all loans are created equal.
While many recent news articles and expert insights look at secondary market home loans, there are other kinds of interest rates to consider. In a portfolio home loan, a lender uses their own funding sources for a loan rather than selling it to a third party. These loans can cover a wider variety of properties.
Compeer Financial’s specialization in rural lending means their portfolio loans can be used for large acreages and income-producing properties – two things traditional lenders often shy away from.
For the Mumm family, who were turned down for a secondary market loan from another financial lender, Compeer’s rural living lending made it possible to get a loan on their dream home.
Don’t fixate on current rates
While interest rates are top of mind for many homeowners, they aren’t the only thing to consider. An interest rate is just a product of time and shouldn’t sway your timing. While you wait for rates to lower, you may lose your opportunity for your rural dreams.
For secondary market country home loans, refinancing down the line can be an option to secure a better rate. For a small fee, Compeer allows homeowners to get a new interest rate on their property when the market changes.* This benefit means you avoid a lengthy appraisal, paperwork and closing costs that can oftentimes be in the thousands.
Considering a move? We’re here to help.
People today have more choice and opportunity to live where they want than ever before. And for many, the peace and quiet of the country living is increasingly attractive.
As a leading rural home mortgage provider for people moving to the country, Compeer Financial has seen where the potential pitfalls lie – and we hope that by sharing some of them, your move to the rural lifestyle can be smoother.
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Connect with a Compeer Financial loan officer today.
*Borrowers must be current on loan obligations to qualify. Fees can vary by loan product. Terms, conditions and programs are subject to change.
For more Home Mortgage insights from the Compeer team visit our blog.