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Today, Ramzi Faraj of Prime Lending joins us to discuss current rates in the mortgage industry!
The one thing that is constant about rates is they are always going to come and go in cycles; they go up and they go down like a roller coaster, they never stay the same. Right now, rates are historically low! The worst thing you can do when rates are low is wait for rates to get even better - because it's not going to happen!
At the moment, rates are in the high 3's, which is very, very low. A great thing that Prime Lending offers is a Free Float Down. Because no one knows what's going to happen with rates on a day-to-day basis, a Free Float Down lets you take advantage of the lowest rate that occurs in the 20 days before the closing date. Most lenders won't allow you to do this, and it's great because it allows you to lock-in a rate without having to second-guess whether rates will drop before closing.
If you plan on buying anytime soon, getting pre-approved is key. Often times, people go out looking for homes and end up wasting a bunch of time because they're unaware of what they can afford. Loans are more challenging to get now than they were 10 years ago, so the earlier in the process you talk to a lender, the better.
If you have any questions about mortgage rates, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you in any way possible and look forward to hearing from you soon!
