So you can succeed as mortgage rates rise, here are a few things to keep in mind if you’re thinking of buying a home.
How Rising Mortgage Rates Impact You
Mortgage rates play a significant role in your home search. They impact how much you’ll pay in your monthly mortgage payment as rates increase. This directly affects how much you can comfortably afford. Here’s an example of how even a quarter-point increase can have a big impact on your monthly payment (see chart below):
With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Today’s rates should motivate you to purchase now before rates increase more. Don’t delay your plans to look for houses for sale in Moon Township PA. Use that motivation to energize your search and plan your next steps accordingly.
The best way to prepare is to work with a trusted Moon Township real estate agent. The Diane McConaghy Team with REMAX Select Realty will connect you with a trusted lender. They can also help you adjust your search based on your budget. The Diane McConaghy Team can also make sure you’re ready to act quickly when it’s time to make an offer.
Serious buyers looking for houses for sale in Moon Township PA should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Connect today with a top Moon Township Real Estate agent from the Diane McConaghy Team at REMAX Select Realty so you can better understand your budget and be prepared to buy your home even before rates climb higher.