Buying Highlands NC Real Estate, Adjustable Rate Loans Attractive
Adjustable rate loans are attractive for those considering buying Highlands NC real estate. At the end of October, rates surpassed 7%, the highest in years. As a result, many would-be buyers are worried about affordability. Buying a home is a big investment, as well as an expensive one. Additionally, high rates can make the cost of buying a Highlands NC home much more expensive. As a result, rising rates have buyers re-evaluating financing options.
Rising rates have buyers taking a pause, asking themselves if now is a good time to buy. However, there are people who need to buy a home, especially when rental markets are tight all over the nation. Whether relocating or simply buying a Highlands NC vacation home, considering how to finance the purchase is an important part of the process.
An adjustable-rate loan is an option
An adjustable-rate loan starts with a lower rate than a traditional 30-year mortgage. Ultimately, an adjustable rate loan comes with a defined time period for this low rate, after which the rate will start to increase. When the rate starts ratcheting up the lender can refinance or continue with the loan. There is no crystal ball for mortgage rates but many expect rates to hit a plateau and then head down at some point. An adjustable-rate mortgage can buy some time for a buyer.
Learn more about buying Highlands NC real estate
Contact our team at Berkshire Hathaway HomeServices Meadows Mountain Realty today to learn more about buying a home in Highlands NC. We welcome the opportunity to update you on market conditions while answering all of your questions. Additionally, we will recommend reputable local lenders for you to meet with. Let our knowledge and experience serve as your guide to buying Highlands NC real estate.
Click here to read “Buyers Embrace Adjustable Mortgages as Rates Surpass 7%” from REALTOR Magazine.