Take Advantage of Low Interest Rates Today!
2.20.18
The prevailing topic in mortgage news these days is increasing rates – they’re as high as they’ve been in four years and experts believe they will continue to rise. Mortgage Options, Inc. is dedicated to helping you find the best rates and mortgages for your budget and lifestyle, helping you come closer to the home you want. Call us about your mortgage loan options today.
Current Rates
Interest rates are constantly changing by increments as small as an eighth of a percent. Prices peaked around 18% in the 1980s, after which they slowly declined, reaching 10% in 1990. We are currently at an unprecedented low with rates fluctuating between 3.5% and 5% since 2010. (All numbers from ValuePenguin.com based on Fannie Mae data.) While we're not forecasting the rates to go up to the teens, they will and are going up in the near future. As inflation and the stock market rises, so do interest rates. Low rates are not a constant and can be expected to rise.
If you're considering buying a home, now is the time to find that home and lock in a mortgage with a low interest rate.
What are your options?
From popular fixed-rate mortgages, to options for first-time buyers, Mortgage Options, Inc. has a range of mortgage loan options to meet your requirements. We will work with you to make sure your home financing experience is a success. Here are some of the more popular mortgage loan options available with Mortgage Options, Inc.:
Fixed Rate Mortgage – Conventional fixed rate mortgages have a fixed interest rate for the life of the loan so payments will remain the same. With interest rates currently so low, this is a good idea. This type of mortgage is great for people with steady budgets. Most fixed rate mortgages are available in 15 and 30 year options.
Adjustable Rate Mortgage – These ARM mortgages provide home buyers with low starting interest rates that adjust yearly after a pre-set period. This means you would begin with low rates, potentially even lower than a Fixed Rate Mortgage. But this number will go up after the agreed upon number of years has passed. If you believe you can pay off your loan quickly or expect your income to increase, this can be a doable option for you. It is not as popular as a fixed rate mortgage.
USDA Rural Housing Loans – Over 90% of South Carolina, North Carolina, Tennessee and Georgia are deemed “rural” by the USDA and qualify for rural housing loans. These no-money-down loans are a great option for first time homebuyers or those who do not have the money for a down payment but do have a steady income.
VA Loan (Veterans Administration) – VA mortgage loans allow qualified veterans, active duty personnel, military reserves and National Guard personnel to purchase an owner-occupied home. This is also a no-money-down loan so if you are active duty or a veteran, it is definitely worth investigating your options with a VA loan.
Low Down Payment and First Time Homebuyer Mortgages - There are a range of loans available to help first time home buyers and buyers with poor credit to realize the dream of home ownership.
Call Mortgage Options, Inc
Take advantage of the low interest rates and discover your future home today. Talk to Mortgage Options, Inc. and schedule your free consultation to discuss your options and what would work best for you. We will take the time to answer your questions and look at your unique situation and budget. For a free mortgage consultation, call 803-732-5787.