Are You Planning a Move? Don't Wait Until Rates Rise Even Higher

How will recent trends in the mortgage industry impact your buying or selling experience? We discussed the answer to this and other important questions during our recent interview with mortgage expert Randy Brown.

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Randy Brown, owner and CEO of Mortgage Options, joined me recently for a very informative interview about real estate financing. We work with Randy all the time, and we’ve always found his insight into the lending world to be very valuable.

The first point we touched on in our interview was the current state of mortgage lending. According to Randy, rates have been going up since November of 2016 and aren’t showing signs of stopping. Right now, rates are nearly a point higher than where they were prior to the last presidential election.

On a $200,000 home, which is the average price point in our market today, this 1% increase amounts to about $100 more each month for someone who purchased such a property with a down payment between 5% and 10%.

Those looking to buy a home in today’s market must get pre-qualified with a local lender in order to be successful.

With rates and home values both on the rise, buyers and sellers should adjust their real estate goals accordingly. Move-up buyers, specifically, should make their move as soon as possible. And the current lack of inventory means sellers should consider making their move, too.

The bottom line is this: Those looking to buy a home in today’s market must get pre-qualified with a local lender in order to be successful. Having the guidance of a mortgage professional (and a strong real estate agent) will be essential as you navigate your move.

If you’d like to get in touch with Randy, you can give him a call at (803) 732-5787 or visit his company’s website: www.scmortgageoptions.com.

And, as always, if you have any other questions or would like more information, feel free to give we a call or send us an email. We look forward to hearing from you soon.