Buyers make sure you are still preapproved!
With rising interest rates if you are a buyer who was preapproved several months ago or more you will want to make sure you still qualify for the loan, as well as make sure you are still comfortable with the monthly mortgage payment based upon a potentially higher rate.
If you are a buyer doing a conventional loan and were putting less than 20% down you know that you probably had monthly private mortgage insurance (PMI). As you will hear in this video there are options where you can roll in or finance a single premium mortgage insurance inot the loan where it may not affect the interest rate and only slightly affects the payment. Overall the monthly payment is less as we are financing the mortgage insurance premium in the loan vs. paying for it on a monthly basis. In some cases this can allows buyers to still qualify for the loan, perhaps qualify for a slightly higher purchase price, or just feel comfortable with the new payment based on the higher interest rate. In this market everything counts so wanted to share!
My motto as always is "to take the fear out of the home loan process through communication and education"
Make it a great day!
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