Articles

Home buyers and Realtors alike have been concerned about the Federal Reserve raising it's interest rates this year.  Here are some important things to keep in mind:

• There is a purpose to these rates increases, which is to balance out the economy and fight inflation.  Also, when the Feds raise interest rates, it's important to remember that it doesn't affect mortgage rates directly.  A 3/4 of a point hike from the Feds won't result in a direct rise in interest rates of that much, but it may indirectly affect rising mortgage interest rates in the future.
• It's still a great time to buy a home and get a mortgage.  Even though mortgage rates are rising, they are nowhere near where they were in the past.  (Remember doing land contracts all the time in the 1980's when interest rates were over 16%?)
• Now is a great time to pay down debt.  Talk to a trusted mortgage lender - they can help you come up with a plan for yourself or your buyers to get rid of the high interest debt in order to make their future home purchase work for them.