We can help you navigate the often confusing world of mortgage rates.
In the real estate market, mortgage rates are crucial because they affect everything from credit availability to the affordability of homes. Understanding mortgage rates and their wider consequences is essential for potential homebuyers, but the ins and outs can be confusing. This is where our team at Steve Owens Home Loans – MIG comes in, helping you understand rates and ensuring you get the best possible financing options for your needs.
Annual percentage rates (APRs), or mortgage rates, are the interest rates associated with home loans. These rates vary depending on a number of variables, including the state of the economy, inflation, and monetary policy decisions made by the federal reserve. Your own credit score and income also affect the rate you can qualify for.
Consumer demand—meaning the supply and demand in the housing market—will affect the price of available homes. While an overabundance of Greensboro, North Carolina homes could result in reduced home prices to encourage borrowing, a high demand for homes could raise prices. When looking to purchase or refinance a home, it is important to keep in mind both the total price of the home (or amount of the loan) and the interest rate. Over the life of a mortgage, you will end up paying significantly more than the purchase price because of the interest included in your monthly payments.
Helping First Time Home Buyers!
As such, mortgage rates have a significant influence on both lending activity and homeownership rates. Mortgage rates combined with current housing prices directly affect homeownership affordability.
It can be challenging to navigate the complexities of mortgage rates independently, but our team can assist by clarifying the intricacies and offering guidance, such as monitoring market trends and considering your long-term objectives. Our support and resources help increase your confidence as you step closer to home ownership or refinancing. Not only that, but we want to forge a trusting relationship with you by offering tailored advice and helping you obtain the best terms possible considering your financial circumstances.
Contact our team today to learn more.
