Monday, May 24, 2021 / by Capprice Kitchen
My name is Capprice Kitchen, Amelia Island Real Estate Associate. Today, let’s talk about how the increasing rates will impact your home buying power.
We’re already seeing rates slowly start to increase and it’s leaving a lot of potential buyers wondering “Can I still afford to buy a home, or did I miss my chance?” Here’s what you need to know:
Every time the mortgage rate increases, the loan amount must decrease to keep your monthly costs in your budget. This means that you may have to look for lower priced homes the longer you hold off.
At the end of the day, right now is the perfect time to lock in your rate while they are still low so you can afford to borrow more! This gives you way more purchasing power when you start house hunting!
Rates are rising and the numbers you’re seeing today mm ...