Beat Rising Interest Rates and Buy a Home in 2023
The Federal Reserve has raised interest rates several times in recent months, and there are more increases expected in the coming year. This is good news for savers, but it can be bad news for home buyers. Higher interest rates mean higher monthly mortgage payments, which can make it more difficult to afford a home.
But don't let rising interest rates discourage you from buying a home in 2023. There are still ways to beat rising rates and buy your dream home. Here are a few tips:
Shop around for the best interest rate. Get quotes from multiple lenders before you choose one. You may be surprised at how much your interest rate can vary from lender to lender.
Make a larger down payment. The more money you put down, the lower your monthly mortgage payment will be.
Consider an adjustable-rate mortgage (ARM). ARMs have lower interest rates than fixed-rate mortgages in the beginning, but the rate can go up after a certain period of time. If you think interest rates are going to stay low for the foreseeable future, an ARM could be a good option for you.
Get pre-approved for a mortgage. This will show sellers that you're serious about buying a home and that you're likely to be approved for a loan.
Be patient. The housing market is competitive right now, but it's not impossible to find a home that fits your budget. Don't get discouraged if you don't find your dream home right away. Keep looking and eventually you'll find the perfect place.
Rising interest rates can be a challenge, but they don't have to stop you from buying a home in 2023. By following these tips, you can still beat rising rates and buy your dream home.
For a complete PDF of my Guide to buying a home in 2023 with high interest rates just fill out the form below with your email!
Pam Corning is a local Real Estate Agent with HomeSmart First Class Realty in North Easton, Massachusetts serving the Plymouth County, Bristol County and Norfolk County areas. Pam has been licensed since 2014 and is a member of the Realtor Association of Southeastern Massachusetts. She is Certified through the National Association of Realtors as a Pricing Strategy Advisor and is endorsed through the National Association of Realtors as a C2EX Agent (Realtor Commitment to Excellence). Give Pam a call today for a free, confidential evaluation.
