An interest-rate silver lining

If there’s one thing that has taken on new relevance and a deeper meaning in the time of the coronavirus, it’s the place we call home. 

While you’re hunkered down, as we all are … working remotely, homeschooling, and collectively getting through these extraordinary circumstances, perhaps it’s time to think about your next home. 

A good time to buy a home may now be an even better time to buy a home, thanks to favorable interest rates and changing market conditions. 

As a result of the economy being in a sort of holding pattern, interest rates have dropped from one historic low to another. NerdWallet.com is reporting 3.5-percent on a 30-year-fixed loan, as of March 23, 2020.

And rates may be poised to drop a bit more thanks to recent actions by the federal government. Because of this, banks are seeing a lot of demand right now, which in some cases means slightly higher mortgage interest rates, so you’ll want to shop carefully.

Of course, a lower mortgage rate means a lower payment. Or it could mean more home. That is to say, a buyer can qualify for a bigger loan with the same monthly payment.

Maybe that translates to a bigger home or one with more high-end finishes and a gourmet kitchen. Or perhaps the home you thought you’d been priced out of in the neighborhood you loved is now within reach. 

But where do you start in order to take advantage of low rates? Talk to a few lenders and see who’s offering the best rate, with the lowest fees, and who might even be willing to waive closing costs. And when you find a great rate, think about locking it in right away.

Armed with the power of a pre-qualified, low-rate loan you’ll be well equipped to find your next home. One where you can sink your roots, and when you look back on this time, see a true silver lining. See what you qualify for