If you are looking to purchase your first home, or a new home, in the Charleston, South Carolina area, now is the time! Why do we say this? Because mortgage rates are closing in on near record lows! That is great news for homebuyers in today’s market. When rates are low, potential homebuyers are presented with a stupendous opportunity to gain more house for their dollars spent. But why is receiving a low mortgage rate so important?
What is a Mortgage Rate?
A mortgage rate is the interest rate built into the loan on your house. In order to obtain lower monthly mortgage payments, you will want to receive a lower interest rate. This will also reduce the amount of money that you spend over the lifespan of your mortgage, which typically averages around 30 years.
Why Purchase Now Rather than Later?
Today’s lower rates are urging potential homebuyers to purchase now rather than later because experts are expecting that interest rates will increase in the upcoming months, during Autumn & Winter. As we discussed above, higher interest rates will mean increased monthly payments & more dollars spent throughout the length of your loan. The rates we are seeing today are worth taking advantage of!
How Can You Find the Best Mortgage Rate?
Buying a home is one of the biggest financial decisions a person can make within their life. So choosing the most sensible loan for you is one of the most important parts of the homebuying process. A few questions a potential homebuyer will want to ask themselves beforehand are: what is my credit score? How much debt do I currently have? Are there any assistance programs that can help me with the homebuying process? How much can I afford to offer as a down payment? How long do I want the length of my loan to be? Having the answers to these questions will not only prepare you, & make you feel more confident during the homebuying process, but they could end up saving you thousands of dollars!
Don’t Wait Until It’s Too Late, Call Team Lail-Chambers Today!
Waiting could cost you, so reach out to Team Lail-Chambers today & determine if now is the time for you to buy! The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston & the Lowcountry, & are happy to help you decide on the best neighborhood for you & your family. We work hard to match you with a home you'll love. Contact us today! We are ready & waiting to help you find your perfect Charleston home!