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Feb 14

Two Ways Rising Mortgage Rates Could Impact You

1 – If You’re Thinking of Buying a Home
It may be worthwhile for you to consider buying a home now instead of waiting. That’s because most economists anticipate that interest rates will continue to go up throughout this year due to:

  • Risk of higher inflation, which leads to higher interest rates
    A greater supply of bonds due to growing budget deficits
    Less demand for bonds due to the Fed winding down their bond-buying program
    It may benefit you to lock in today’s rates instead of waiting for interest rates and monthly payments to move higher.

2 – If You’re Thinking of Making Home Improvements
You may be able to fund your new project by using a “cash-out” mortgage refinance. That’s where you trade in your current home loan for a larger home loan, and use the “cash-out” for your new home improvement project. For the same reasons outlined above, it may be worthwhile for you to consider doing this now instead of waiting.

Contact me for more info or to explore your options!

PLEASE NOTE: This article is provided for illustrative purposes only. It is not an offer or commitment to lend you money, and it is not an advertisement for a specific mortgage or a specific interest rate. Payment examples don’t include property taxes and home insurance. Contact me to run the numbers for your situation.

Source: CMPS Institute

 

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