Date Posted: December 5, 2022
Although rates are high and it’s a tough time to beat that qualifying process; it is still a great time to buy. If you can stomach 1-2 years of higher mortgage payments, you will be able to take advantage of lower rates when they drop. If you take a 1–2-year variable rate, this will give you an opportunity to renew at a lower rate when your renewal comes up.
When looking to purchase a home in a time like this, it is best to get as much information you can for your mortgage. Talk to multiple brokers and make some calls to find out what all your options are. It would not be the best idea to take a 5-year fixed rate right now because rates are so high. This means if rates do come down in 1 or 2 years, you are stuck with your high interest rate for 5 years.
On the other hand – if you are looking to sell your home, you are going to want to make it stand out on the market. Gone are the times of the pandemic where you could list your house as is and it would sell almost instantly. There are simple things you can do such as decluttering and de-personalizing; but there are also small upgrades you can make to boost your homes value.
Check out our article on the top home projects to boost home value.
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Contact your Mortgage Broker today for trusted advice.