Mortgage rates on a 30-year fixed loan are now approaching 8%. Higher interest rates make borrowing for a home loan more expensive, pushing many buyers out of the housing market. If you’re in the market for a house, you might notice that prices in your neighborhood are still high. The supply of homes that are available for sale right now is the lowest in more than 25 years. Overall, experts don’t foresee another spike in home prices over the next year or two, which should be good news for potential buyers.
Did you know that you can purchase today and refinance the loan with no lender fees?* While it is impossible to predict when interest rates will change, almost all lenders expect rates to eventually go down. If you’re buying in an area where home prices are still rising, this approach could be worth considering, especially if you are renting and not building equity. Don’t wait to buy your dream home, apply today.
Buy now and then refinance later. Follow these steps to refinance your loan with no lender fees*:
Use Core Bank Mortgage as your lender to purchase your home. After making at least your first seven scheduled monthly payments on your mortgage on or before the payment due date, you can apply to refinance the loan with Core Bank. You can refinance the loan with Core Bank within 36 months of the closing date and enjoy zero lender fees.
The questions can feel difficult to figure out, but with Core Bank, we make the process simple. We work with each client on an individual level, determining what’s right for your needs and not someone else’s. If you need an FHA Loan, a VA Loan, or you’re looking for a more typical fixed-rate mortgage, Core Bank is here to help!
Your home is an important investment, so take the time to make sure it’s right. Trust in your advocates and they will ensure that you have an exciting and fun experience buying your first home. The Core Bank mortgage team looks forward to assisting you.
* Assumptions: Conditions and restrictions apply. Lender fees (ie. Administration, applications, closing commitment, processing, underwriting and wire fees) will be waived when borrower closes on a refinance of a qualifying loan with Core Bank Mortgage. All other 3rd party fees apply. Refinanced loan must meet agency and investor guidelines (seasoning requirements, net tangible benefit). Limited to the initial refinance of the qualifying loan. Subject to credit approval.