Interest Rate Buy-Down to Buy a Home

Did you know the average renter spends approximately $25,000 in rent per year? That's $25,000 in your landlord's pocket to build their equity when you could be building yours!

Linda goes on to say that temporary rate buy-downs are a hot trend for mortgages right now as borrowers are facing higher costs for home loans. Some buyers are looking at other options than a traditional mortgage in this period of rising interest rates that some experts expect to continue through this year.

You may be in a situation where you think you can't afford a house due to interest rates. Well, the good news is, there's helpful options out there for you. 

Renting a home can be a costly decision, with rents on the rise in recent years. According to realtor.com, three out of four renters who have moved in the past 12 months have reported an increase in rent. Additionally, the 2023 Housing Forecast from realtor.com predicts that rents will continue to climb, increasing by 6.3% this year. These rising costs may make homeownership an attractive option for those looking for more stability in their monthly housing expenses. With a fixed-rate mortgage, you can lock in your monthly payments for the duration of your loan, and have the added benefit of building home equity over time. If you're considering renting in the near future, it's important to weigh the potential costs and consider the benefits of homeownership.

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