Do You Feel Frozen Out of the Housing Market?
3 Ways to “Unfreeze” Your Housing Situation
The housing market can feel like an icy roadblock, but don’t let today’s mortgage rates keep you from moving forward! Whether you’re a current homeowner, a first-time buyer, or struggling to find the perfect home, there are smart ways to “unfreeze” your situation. Let’s dive in!
1. Already Own a Home? Use Your Equity to Soften the Blow
Home values have risen in recent years, which means you likely have more equity than you think. Instead of letting high mortgage rates freeze your plans, consider using that equity to buy down your interest rate on a new home.
👉 Options to Lower Your Payment:
✅ Pay for a temporary rate buydown to reduce your monthly payment now, then refinance when rates drop.
✅ Consider paying discount points to lock in a lower rate.
✅ Explore an interest-only loan for lower initial payments.
If you wait for rates to drop, home prices might soar—so acting now could actually save you money in the long run.
2. First-Time Buyer? Get Creative with Your Financing
Think homeownership is out of reach? Think again! You might not need as much money upfront as you think.
🔹 Ways to Afford a Home Sooner:
💰 Use gift funds from family.
🏡 Take advantage of down payment assistance programs.
📉 Negotiate with the seller to pay for an interest rate buydown (many sellers are more willing now than in past years).
If you’re waiting for lower interest rates before buying, be careful—when rates drop, demand could skyrocket and push home prices even higher!
3. Can’t Find the Perfect Home? Create It!
If today’s listings aren’t inspiring you, why not customize your dream home? A renovation loan allows you to buy a home that needs work and roll the cost of upgrades into your mortgage.
🔨 Why Consider a Renovation Loan?
✔️ You can finance home improvements and pay over time.
✔️ Your loan amount is based on the future value of the home (after renovations).
✔️ Less competition—many buyers overlook fixer-uppers!
With the right strategy, you don’t have to feel stuck. The key is thinking outside the box and making the market work for you!
🏡 Number of the Week: 18.63%
Did you know mortgage rates hit 18.63% in 1981? (Yes, really!) Yet, people still bought homes. Today’s rates may feel high, but history proves that smart buyers find ways to make it work. 💡
Ready to explore your options? Let’s chat! 📩