Renters... What is YOUR interest Rate?

Hey Renters!

Now may be the best time in the next year to get into your mortgage! I've been saying this for a bit, but now that FHA costs will go up for loans with higher debt to income rations, lender incentives are an excellent way to get into a home! Keeping in mind that interest rates are higher now than they were a year ago, they certainly are not high compared to 10%, 12% ... or 100%!

ONE HUNDRED PERCENT is what you are paying each month, if you are renting. Generally speaking, the homes that are being rented are mortgaged, and the owner/landlord pays an interest rate. However, if they are doing their homework, that owner/landlord is not paying one single dollar of interest, because your rent covers that. At the end, when the home is owned by the landlord, renters have paid the interest, the principle, taxes and insurance! If you are renting, YOUR interest rate is 100%!

It used to be that renting could be cheaper per month than a mortgage. After Covid, the risk went through the roof and the cost of renting is now competing with mortgages. There are several great programs for homebuyers for down payment assistance, that are really awesome. However, if have a down payment, one of my lenders is offering a program where they will buy down 1% of the interest rate for one year. Check out the flyer, but it significantly brings down mortgage payments, helping more people get in the door of their own home!

This buy down is temporary. The lender puts money up front to be able to 'buy down' the rate. Once the year is up, the loan will have the interest rate that was locked in. The gold is in the fact that we can refinance, and lock into something more permanent! It's a really exciting offering from Nova, to be able to move forward, into a mortgage situation, and OUT of renting. This means that, each month, you are investing in YOU and your dreams, instead of your landlord and THEIR dreams!

NOW IS YOUR TIME! Let's get you started on your journey!

Stay safe.... keep hydrated.... and make it a great day!