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Don't Delay! The #1 Reason to Buy Today!

by Jane Fischer and Associates

Thinking of buying a new home but not ready to make the big move? Do not delay! The number one reason why you should buy a home before the end of the year is interest rates are expected to rise in 2019!

 

When you begin your home search it is important to understand where interest rates are expected to head. Interest rates have a direct impact on the amount you will be paying monthly so the higher the rate the larger your payment. Save money by locking in a lower interest rate today!

 

Need some data? Here are the actual interest rates from this year and where they are projected to go next year. As the data from Freddie Mac shows, rates are expected to rise steadily throughout the course of 2019.



 

Along with these increased interest rates, CoreLogic’s latest Home Price Index shows a 6.2% appreciation of national home prices over the current year and predicts that home prices will be 5.1% higher in 2019. With increased home prices and higher interest rates, your monthly payments will likely be significantly higher if you wait to purchase your home in the new year. Keep more money in your pocket by buying today!

 

If you are ready to buy your dream North Iowa home before the end of the year, search our Homes for Sale. Give our experienced Team a call today at 641-425-4900 or visit our website at http://www.janefischer.com/.

 

What's your mortgage rate? Not knowing could cost you thousands of dollars!

by Jane Fischer and Associates

What is your mortgage rate?  It may seem like a simple question, but often times individuals cannot readily give an answer!  Almost 3 out of every 10 mortgage holders don't know this answer, and that could spell trouble for you!

Interest Rates are continuing to climb, so lock in now!

Do you have an adjustable rate mortgage (ARM)? If so, you need to contact your lender immediately and lock in your interest rates.

Interest rates will continue to rise, so this could be your last chance to lock in a low rate for years to come. The average 30-year fixed rate is now 4.70%, up from 4.13% one year ago. This is a $119 increase monthly from the 4.13% rate and a $1,428 increase annually!

Have you been considering a refinance?

Did you know that when you refinance you actually pay-off your initial mortgage and get a new one?  That means you are starting from the beginning and can get a new rate and new terms.  You can also get a 'cash-out' refinance where you are getting cash for equity in your home or you could pay money in and get a lower mortgage.  Here are some examples of individuals who opt for the 'refinancing option:  They currently have an adjustable rate mortgage (ARM), the current interest rate is higher than the standard 30, 15 or 10-year rate.  Should you refinance?  Here are things you need to consider;  how much do you owe? What is the appraised value of your home? Do you have a good credit score?  Debt to income ratio at this time?  

Who takes the cash-out option in refinancing?  Most people opting for the cash-out option are using it for the following;  pay-off high-interest credit cards, higher rate consumer debt overall, sending a child to college and get a new mortgage with a lower interest rate.

What costs would you incur if you were to refinance your North Iowa home?  It's important to note that refinancing fees vary by state and lender, so it's important to work with a mortgage lender directly in determining your actual costs.  For example purposes, here are possible items that would incur costs with a home refinance:

 

  • Application Fee
  • Loan Origination Fee
  • Points on the Loan
  • Appraisal Fee
  • Title/Insurance Search
  • Homeowners Insurance
  • Home Inspection
  • Surveys
  • Attorney costs
Some of the time these fees can be rolled into your new mortgage. So check with your agent on what would apply to you and if it can be rolled into your new mortgage.

Have more questions on home buying or refinancing?  Contact us at 641-424-4663 today.

 

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Jane Fischer
Real Estate Consultants
641-424-HOME (4663)

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