Today’s mortgage rates can feel challenging, but there are smart strategies buyers can use to navigate the market:
- Shop around — rates vary by lender, and competition is strong with fewer mortgages issued.
- Improve your credit score to secure better rates; even good credit can often be boosted.
- Consider lowering your budget by exploring homes priced below your maximum.
- Focus on total monthly payments, including HOA fees, taxes, insurance, and maintenance — sometimes a higher-priced home costs less to own monthly.
- Look for negotiable sellers or properties with recent price reductions.
- Increase your down payment if possible; cash returns can sometimes outweigh borrowing costs.
- Don’t try to perfectly time the market — refinancing is an option when rates drop, though prices may rise.
- Adjust your living budget to allocate more toward mortgage payments if possible.
- Place offers — some long-term owners may be open to negotiations or creative financing.
- Explore seller financing opportunities, which may offer tax advantages.
- Consider fixer-uppers to build equity and value over time.
- Remember, paying rent builds no equity and doesn’t offer tax benefits; rent inflation typically tracks with overall inflation.
Navigating rates today takes creativity and knowledge — reach out to Amie Pisano if you want to strategize your next move.
📧 Email: [email protected]
📞 Phone: 914-715-2632
