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Rates are going up...should I buy now?

I don't have the best financial portfolio yet, but I'm worried that rates are going up so fast...should I just take out a bigger loan and buy? by KellyMaynard from San Marcos, California. Jun 5th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,008 contributions

Your question is too generic for an accurate response.. In general, rates have gone up, but they are still considered very low in comparison to interest rates during a healthy market. During the Boom.. rates were between 5 to 6.5% for 30 year fixed rate mortgages.. today they are still in the high 3's to low 4's, depending on your loan product. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 5th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Kelly -- contact our San Diego branch of Bay Equity to get the answers to your specific situation questions. They are at Phone: 855-757-8797

Jun 5th 2013
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Joe Shamie (Joe Shamie)
#6 ranked lender in New Jersey - 1,412 contributions

If you are concerned that the recent spike in rates is going to impact the affordability of the home you want to buy you need to act now.

Jun 5th 2013
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Bartolomeo Castelli (BartCastelli)
#32 ranked lender in Missouri - 1,056 contributions

I would still be patient on what you want to buy than to hurry up and purchase something that you might regret later down the road. Yes, rates have increased from historical lows, but are still attractive now than they were as little as two years ago. Work with a lender you can trust - and be leary of anyone on this website as this is nothing but those who pay to get there name in front of you - look for recommendations!

Jun 5th 2013
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Andrew Alfonso (CashCow)
#44 ranked lender in Florida - 271 contributions

Kelly - You dont need a professional to answer this one Dear...........................YES YES Y ES.

Jun 5th 2013
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Peter Botros (PeterBotros)
#72 ranked lender in New York - 895 contributions

If you are qualified and were planning to buy, this may be your opprotunity to maximize your postion because rates and home prices seem to be on the rise.

Jun 5th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,560 contributions

While rates are an important factor, it is only one portion of the pie. People buy homes regardless of the rate because homeownership is right for so many people, for so many reaons. Don't let a little tick up in rates scare you. We are averaging about 4.00% as I write this... From a historical standpoint, mortgage interest rates are awesome!

Jun 5th 2013
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David Sanders (David_Sanders)
#781 ranked lender in California - 59 contributions

Hi Kelly,The answer lies within you. The window to buy has started to close. Rates will continue to rise for the most part and values will coincide. People who buy now will most likely benefit with equity increase due to values increasing. If you can afford another mortgage. Then by all means do so. Maybe even make it an investment and rent out. Just sell at the right time because the cycle will happen again will values decrease.

Jun 5th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

Yes, buy now. Home prices are going up again, rates have spiked and may come down, but all indicators are that we will not see them as low as they were.

Jun 5th 2013
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J.D. Peck (MortgageColoradoSprings)
#46 ranked lender in Colorado - 77 contributions

Rates are still good, but are going up. Even if you're not in the best position right now, there's not a tremendous difference between the interest rate for marginal credit between excellent credit. It's simple, the higher rates and sales prices go, the less you will qualify for.

Jun 6th 2013
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Stacey Nielsen (Unitywestlending)
#884 ranked lender in California - 123 contributions

K,Do your research and give us a call if we could help you with any information or questions you may have. Our website is very informative as well if that suits you better. http://www.unitywestlend.comJ

Jun 6th 2013
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Stacey Nielsen (Unitywestlending)
#884 ranked lender in California - 123 contributions

Rates dropped today!!

Jun 6th 2013
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Tim Howard (TimHoward)
#74 ranked lender in Ohio - 52 contributions

As rates increase affordability will decrease as your payment for the same loan amount now will be higher in the near future. And rates will continue to rise. If you can take advantage and get approved now, do so. Good luck!

Jun 5th 2013
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Jason Vondrak (jvondrak)
#186 ranked lender in California - 1,722 contributions

As rates and home prices are predicted to continue rising, taking advantage of them now is a great idea! If you are able to qualify for a loan now while home affordability remains high and interest rates are still at almost all-time lows, you should. We are CA licensed lender - feel free to give us a call at 858-605-0952 to go over you current financial portfolio and to determine how much you can qualify for now.

Jun 5th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, if you are concerned with rates rising

Jun 5th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

The short answer is yes. Rates are predicted to keep increasing thus payments will increase and demand will increase making it a sellers market. That will increase the purchase price. Recent reports show that housing prices are already on the rise.

Jun 5th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Home prices are going up in California. Buy now.

Jun 5th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#37 ranked lender in Massachusetts - 723 contributions

Hi Kelly! You need to weigh your options as with rising prices and rates, you will certainly see an increase in the monthly payment and affordability of a mortgage. Timing is key and working with someone who will be able to understand your goals and needs is crucial to help you make an informed decision! I'd be happy to work with you, so if you are interested, contact me offline! Good luck!

Jun 5th 2013
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

Obviously, you what to buy and own your own home. From how you word your question, I am assuming you are not just lookingfor a second home or an investment property. It is good that you acquire as much education about the current real estate market,and even more importantly understand what you feel you can afford to pay. Many of us have gotten monthly mortgage, property tax,and insurance payments higher than the rent we were use to paying on a first or second time (after not owning for awhile) home purchase. I know we have been able to get loans for people with 580 or so mid fico credit scores and they are always affordable becausewe do not allow them to go beyond what research and experience tell us is affordable for them. We view credit scores as important,but only 5th on the list of important criteria of our borrowers when they have lower scores.I would be delighted to be one of the perhaps 3 experienced mortgage bank consultants that answer questions and provide a goodfaith comparison for you. Please do inquire of us!

Jun 5th 2013
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Stacey Nielsen (Unitywestlending)
#884 ranked lender in California - 123 contributions

Buy now.

Jun 21st 2013
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Jimmy Vu (Jimmy.Vu)
#937 ranked lender in California - 90 contributions

Whatever you decide to do, just make sure that it makes sense and you can afford it. It's a great time to buy, but don't put yourself in a bind based on just that.

Jan 3rd 2014
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Ken Dunn (loanman)
#18 ranked lender in Idaho - 40 contributions

Dump your Landlord! Do you like renting? Buy a house it's the best tax break you can get and you also get to live there. Rates are low, "come on in the water is fine"

Dec 19th 2014
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