Mortgage Matters

Steph Noble

Loan Officer, Cross Country Mortgage

(503) 780-4924
steph@myccmortgage.com

You’ve probably heard that mortgage rates are soaring to a 20-year high. Before you start thinking this is yet another hurdle in a potential purchase, I’m here to tell you: there is a silver lining that can turn the frustration into satisfaction.

With high mortgage rates, there is some good news. First off, you’re not the only one feeling the sticker shock. With fewer people rushing to buy, we’re looking at a much more level playing field between buyers and sellers. Sellers are more likely to negotiate with buyers over price, repairs and other terms. One tactic which can benefit all parties is the option to have a seller purchase a temporary rate buydown for the buyer. Though these buydowns are temporary, 1-3 years, they are significant, and soften the blow of that mortgage payment until buyers can refinance.

So, while higher rates seem like a barrier initially, they can actually put buyers in the driver’s seat when buying their dream home. Remember, it’s not just about the roadblocks—it’s all about how you see them and how you work those to your advantage when buying your home.