Are you concerned about rising mortgage rates?
It’s a question many people are pondering as they try to decide whether now is the time for them to buy a home. Mortgage rates are still low, but if you wait until rates go up, then it will cost more money. Basically, for every 1% increase in interest rate, the average buyer will see a $50,000 reduction in the amount of home they can qualify for. If you couple that with the increase in home values, waiting could really cost you.
According to Redfin, In April 2021, Dallas home prices were up 17.1% compared to last year, selling for a median price of $410K. On average, homes in Dallas sell after 24 days on the market compared to 38 days last year. There were 1,400 homes sold in April this year, up from 865 last year.
So let’s do the math. A $350,000 home at today’s value could cost you as much as $414,770 next year. Wow! This is a lot of money!
We want to help you save money, time and have a stress-free buying experience.
We are a direct lender and among the top 5 purchase money lenders of all lenders in the Dallas market. We are here to help you when offers and close quickly. The top local Realtors know us by our great reputation and are more willing to accept your offer when we have pre-qualified you. You are welcome to read our Google reviews here. We will also put our money behind our approvals with our 29 Day Guaranteed closing Program.
Introducing our Mortgage Rates Protection Plan
We get it. We know today’s housing market can be unpredictable. With our new Rate Protection Plan, you can buy with confidence that you’ll end up with the best possible rate! Purchase your new home today and if rates drop within 36 months of your closing, we’ll lower your rate with no lender fees. We will do this by providing you a no lender or appraisal fee refinance with our seamless electronic closings.